Promoting a business environment of integrity

by NDO31 January 2023 Last updated at 14:00 PM

Loading and unloading goods at Tan Cang - Can Tho Port.
Loading and unloading goods at Tan Cang - Can Tho Port.

According to the 2021 Provincial Competitiveness Index published by the Vietnam Chamber of Commerce and Industry (VCCI) in 2022, the proportion of enterprises paying informal expenses decreased to 41.4% (down 3.5% from the 44.9% recorded in 2020).

Although this rate decreased, nearly 60% of enterprises said that the phenomenon of corruption when handling procedures for businesses is still common. Therefore, according to many experts, in order to build a fairer and more transparent business environment, business integrity should be promoted.

Because business integrity has become a global standard, it acts as a “green passport” for businesses to access international markets and global supply chains. The practice of business integrity must be seen as an inherent need of enterprises.

It can be said that the concept of business integrity is that businesses are forced to comply with the provisions of the law by good and sustainable business practices without the supervision of state agencies.

It is also viewed as an interaction platform between businesses and a “passport” to participate in international economic integration, expand cooperation with genuine investors, and make a significant contribution to international economic integration for the national economic development.

Only when a fair and transparent business environment is created, can resources of the private sector be mobilised and optimised in order to avoid losses and waste. On that basis, enterprises can put their trust and focus their resources into production, business and long-term investment, contributing to the goal of sustainable socio-economic development, improving competitiveness and enhancing international integration.

This is even more important when Vietnam has participated in a number of new generation Free Trade Agreements (FTAs) such as the EVFTA, CPTPP, RCEP, etc. These FTAs all focus on and promote business integrity and sustainable development and there is a whole chapter dealing with this issue with many contents.

Therefore, in order to create a fairer and more transparent business environment, in addition to the direction and administration of the Government and authorities at all levels, the initiative, cooperation, and collective action of the business community must be taken into account, to help save time and resources and accelerate systemic change.

Business integrity will not become an inevitable part of corporate culture if it is not within the mindset and determination of a business’ top management. Business integrity also requires a comprehensive approach, thereby creating a “self-made vaccine” that protects the business itself against business risks in the context of the many current crises and challenges.

To go fast, businesses can go alone, but to go far, they must go together, and take action to build a fair business environment for all businesses. Businesses are forced to do this for their own future sustainable development as well as to create an impressive image of a reputable, transparent and professional Vietnamese business community in the eyes of international friends.


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