Business ethics on the rise: Vietnam's path to sustainable trust!

Business ethics on the rise: Vietnam's path to sustainable trust!

In today's business world, especially in Vietnam, there is a lot of focus on the role of ethics and corporate culture. It is often assumed that profit is the priority and ethical principles play a secondary role. But how vietnam.vn reports, developed economies show that a strong corporate culture can be the key to long-term success.

Traditional Vietnamese values ​​are reflected in the desire to promote ethical standards in business. The sayings “Buy with friends, sell with partners” and “Trust is more valuable than gold” illustrate the importance of relationships and integrity. However, there are dark spots in the Vietnamese business world, with some entrepreneurs violating laws and collaborating with corrupt officials, seriously threatening the public's trust.

Increasing company dissolutions

The first months of 2024 paint a worrying picture of Vietnam's economy as the number of company liquidations has risen sharply. This is a clear indicator of the lack of sustainability in the private sector. In response, the Ministry of Culture, Sports and Tourism has launched a project aimed at strengthening ethical and cultural standards in the Vietnamese economy. This project is in line with Resolution No. 138/NQ-CP on promoting the private sector.

A key aspect of the project is the review of training programs in the education sector to support entrepreneurship and business start-ups. Comprehensive propaganda should help raise awareness of ethical business behavior in society.

The three cornerstones of corporate culture

The cultural standards to be promoted under the new project are based on three key pillars: strict compliance with the law, professional ethics and a positive corporate culture. The term “cultural entrepreneur” is highlighted as someone who not only achieves economic success but also serves as a role model within their community.

The importance of corporate culture extends to individual and collective behavior within companies. The norms of corporate culture and corporate ethics influence not only leadership behavior, but also the learning processes of employees. Springer emphasizes that companies, as social entities, must pursue common goals and adapt to their external world. Responsibility for one's own actions is a central aspect that shapes the ethics of action.

Long-term perspectives

With the intention of creating a “portrait of a cultural entrepreneur”, the project was intended to help increase confidence in business. At a time when companies are facing more challenges than ever, it becomes crucial that they not only strive for profit, but also assume social and cultural responsibility. This is the only way they can be successful in the current integration phase and at the same time gain the trust of their customers.

Promoting ethical standards to strengthen corporate culture is not only a challenge, but also an opportunity. In a competitive market, companies must understand that sustainable brands must start with the personality of the entrepreneurs.