Business standards have long gone beyond the mere framework of administrative and financial issues and have been considered an integral part of corporate culture. The business culture of integrity is also the culture of the leader, where the business ethics is discipline, compliance, and integrity that need special attention.

The importance of business culture

The elements of transparency and business integrity are not a new topic. In fact, this is the immutable standard of business as well as business ethics. Transparent information and reports not only show the health of the business but also reflect the management and operation capabilities, in order to bring value to stakeholders (authorities, investment funds, investors, banks, customers, employees) have a basis for evaluation and belief.

In documents approved by the Party, Government and National Assembly, business ethics standards are also considered an integral part of economic development. The document of the 13th National Congress of Deputies has determined: “Building and implementing cultural standards in leadership and management. Focus on building a healthy, democratic, united and humane office culture environment; repel bureaucracy, factionalism, disunity, opportunism and pragmatism. Building corporate, entrepreneurial and entrepreneurial culture”.

Accompanying the management agency, over the past 12 months, representatives of businesses and associations have also constantly promoted and brought domestic business standards closer to world standards. Vietnam Business Integrity Index (VBII), 6 Codes of Business Ethics in Vietnam, or most recently the scientific conference "Business ethics and Vietnamese business culture in the new context" of VCCI are typical examples illustrate the importance of transparency and integrity elements in the standards of Vietnamese entrepreneurs.

Business culture in the new context

In the period of economic recovery, the problem of improving business health and competitiveness of enterprises is constantly mentioned, but in a new context, it is placed under the sustainable development mindset. From here, ESG (Environment - Society - Governance) factors are developed, becoming an indispensable piece in the corporate governance process.

In the sustainable business development strategy of enterprises in the coming time, human resource management, risk management and crisis management play a very important role. When owning a good governance system, enterprises can have many financial advantages such as improving business performance and access to capital markets, reducing costs; improve the reputation of the company, the Board of Directors and the Executive Board; towards the ultimate goal of sustainable development.

Symposium "Transforming thinking and systems to optimize sustainable corporate governance" organized by Vietnam Chamber of Commerce and Industry, Vietnam Business Council for Sustainable Development (VCCI-VBCSD) organization with a focus on sustainable corporate governance and business assessment practices based on the ESG (Environment - Society - Governance) framework.

Looking internationally, the OECD has built the Principles of Corporate Governance since 1999, ASEAN has launched the ASEAN Corporate Governance Scorecard since 2013. In Vietnam, it was not until 2019, the new business community has a set of standards to help raise the standard of corporate governance practices is the CG Code, a document for public and listed companies in Vietnam.

Despite the differences in context and time, the principles have similarities when recognizing the important role of the head in the face of the requirement to build an effective corporate governance framework and maintain the responsibilities of the Board of Directors. and maintain transparency in development strategy, governance, also known as corporate culture.

The business culture of the enterprise must come from the leadership culture in which the leader is the leader, the members of the Board of Directors and the executive board. Business culture is the core element of competitiveness, created by discipline, compliance and integrity. This is also an obligation and responsibility that the business owner must pioneer and perform, not authorized under any circumstances.

Building and developing corporate culture is a long but necessary journey that every entrepreneur is fortunate and proud to be responsible for. Whether the business is sustainable over the years, stable in all contexts must rely on the leader - an entrepreneur with a leadership culture and business ethics of transparency and integrity.