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The challenge of Corporate Social Responsibility in Vietnam

Today Corporate Social Responsibility is a topic becoming integrated into the concern of international integration. Companies are evolving in a fast moving socio-economic environment. Given the increased globalization of industrial organizations and interdependencies among nations, firms have to rethink their governance systems.

CSR in Vietnam

In a dynamic economy such as Vietnam the economic and industrial importance of SMES has become considerable. They are facing new challenges regarding the impact they deliver on society. Transnational NGOs managed to raise general awareness in terms of ethical issues. Companies must take into consideration their responsibility to the market and consumers, their environmental impact, their responsibility to employees and their overall responsibility for the community. In Vietnam international and transnational actors such as development agencies or westerns donor countries have been drivers of CSR. For over the past few years the Government of Vietnam demonstrated a willingness to enhance CSR through laws, such as the labor code or the reform of union law. CSR governance in Vietnam involves various actors and has a transnational dimension. As a matter of facts attention given to CSR is increasing in Vietnam at political, legal and economic levels. CSR values are understood by companies’s owners but they must be integrated to the corporate culture.

How CSR will benefit your company?

Integrating CSR values into the organization enables a company to look at its long term interest. CSR must be applied in all aspects of business operations and in all stakeholders’ relationships. Choosing a minimal strategy such as donations or branding is not relevant on the long run. Companies must fully embed CSR into the corporate culture in order to increase their effectiveness.

A business creates value when taking into account its impact on environment, ensuring the respect of its employees’ rights and working conditions and getting involved in the development of communities. Embracing a CSR strategy will contribute to a better employee commitment but also create a good image to customers, civil society and governments. Not only social and environmental concerns will make the company become more ethically responsible but it will represent a growth opportunity. Performance and sustainability are close friends! By developing and promoting CSR activities, companies are taking the opportunity to increase their financial and commercial performance but also to reduce costs and risks. Having a sustainable vision is a way to gain a competitive advantage. Embedding CSR into your corporate value will ensure the well-being and the prosperity of your company. In 2017, it is time to make a move!

 

More information about the CCIFV CSR Program

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