Trust as an intangible asset

In the face of rapid changes in technology and markets - from digital transformation and supply chain restructuring to rising demands for transparency and governance - many businesses are being forced to reassess their long-term development foundations. What role does corporate culture play in this context?

When the business environment becomes increasingly uncertain, familiar advantages such as capital, technology, or scale can be quickly leveled. At that point, corporate culture becomes the foundation that helps an organization sustain its competitive edge through consistency in both thinking and action.

A strong culture enables businesses to make decisions not merely based on short-term pressures, but on the long-term values they pursue, thereby creating stability amid volatility.

Culture also plays a decisive role in how businesses build and maintain trust with the market. As companies must continuously adjust their decisions to adapt to market fluctuations, culture serves as an anchor of trust - ensuring that commitments to customers, partners, and employees are upheld. In other words, culture is the foundation upon which corporate trust is formed and preserved in a highly volatile environment.

You mentioned trust, and in reality many businesses are struggling with this concept amid increasing uncertainty, deepfake technology, and misinformation. In your view, what role does trust play?

I believe trust is increasingly becoming a strategic and long-term competitive advantage. Especially in VUCA (volatility, uncertainty, complexity, ambiguity) environments and BANI (brittleness, anxiety, non-linearity, incomprehensibility) contexts, trust functions like an invisible pillar that helps businesses maintain direction, confidence, and stability amid constant change.

Trust is not merely a moral attribute; it is also a form of intangible asset - a type of “social capital” within organizations and in the marketplace. When technical factors such as technology, capital, or business models can be easily copied or replaced, consistency between words and actions- namely trust - becomes the hardest element to replicate. It forms the foundation for building a distinct identity, strengthening team cohesion, and earning the confidence of customers and partners.

Could you elaborate on trust from the perspective of Vietnamese corporate culture?

In East Asian culture, trust is one of the Five Cardinal Virtues, alongside benevolence, righteousness, propriety, and wisdom - representing the fundamental principles guiding human conduct. Trust is not only about keeping promises, but also about loyalty, behavioral consistency, and the reliability of an individual or an organization.

In a corporate context, trust is not only outward-facing; it is also the foundation of internal culture. A company cannot expect its employees to honor commitments to customers if it fails to respect commitments made to its own people.

Trust does not emerge “naturally”

In a volatile business environment with intense short-term pressures, how can companies preserve trust?

This is a very real and difficult challenge. Many businesses are swept into a vortex of short-term results, cost optimization, and rapid reactions, leading to frequent adjustments of commitments or even breaches of original promises to customers and employees.

To preserve trust under such conditions, businesses need three foundational layers. At the strategic level, they must clearly define their brand promise and identify core commitments that must not be violated - establishing a clear boundary between what can be adjusted and what must be protected at all costs.

At the systems level, processes, KPIs, and control mechanisms must support trust-building rather than encourage dishonesty, blame-shifting, or avoidance of responsibility. Most importantly, at the cultural and human level, trust must be translated into behavioral standards, communicated repeatedly, and continuously reviewed and refined.

In short, trust does not arise “naturally.” It is the result of strategic steadfastness, operational consistency, and integrity in corporate behavior.

You described trust as a form of “intangible capital.” How does this manifest, more specifically?

In a context where many things can be measured through data - revenue, costs, growth - trust remains one of the few values that must be “felt” through accumulated experience. This does not diminish its strategic importance.

Trust allows businesses to accumulate what is known as “organizational social capital” - a form of capital that enables an organization to be forgiven when it makes mistakes, supported when in need, and prioritized when opportunities arise.

Turning trust into a “living culture”

Can trust be measured? How can a business know whether it is truly upholding trust?

Trust can be measured through various indicators such as on-time delivery rates, internal commitment fulfillment ratios, transparency and responsiveness of information, levels of trust between departments and between employees and leadership, as well as eNPS (Employee Net Promoter Score), and customer satisfaction metrics (CSAT, NPS). Trust is not an abstract concept; it can be translated into data and tracked over time.

Where should businesses begin in building trust?

I advise businesses to start from within - specifically, from the core beliefs inside the organization and from the words and actions of leadership. If an organization fails to build shared belief, its resources will become fragmented, and cohesion and coordination will weaken. If leaders themselves do not genuinely live by trust, it becomes extremely difficult to lead and inspire others.

Next, clearly define the specific behaviors that embody trust within the organizational context. For example: “keeping promises to customers,” “responding internally within 24 hours,” or “being honest with data.” These behaviors should then be integrated into evaluation processes, KPIs, training, and communications.

Finally, businesses must maintain continuous feedback and dialogue mechanisms - because trust is not a static state, but an ongoing process. Every small daily action either accumulates or erodes trust. Nurturing trust requires persistence and endurance, much like caring for a long-lived tree.

Core values cannot survive without corresponding behaviors. Once behaviors are clearly defined, businesses can more easily train, communicate, and measure them. That is how trust becomes a “living culture,” rather than just a slogan.

From an investor’s perspective, how does trust influence capital allocation or long-term partnership decisions?

For investors - especially long-term funds or institutional investors - trust is a measure of risk and sustainability. A company with transparent governance, consistent commitments, and principled conduct creates a stronger sense of safety and confidence.

Trust here goes beyond words - it is reflected in truthful financial reporting, candid responses during crises, and transparency with shareholders and the public. Such businesses attract investors not only because of profit potential, but because investors feel they can be long-term partners.