Firms urged to focus on corporate culture
Firms urged to focus on corporate culture
Deputy Prime Minister Truong Hoa Binh has urged businesses to focus on improving corporate culture to promote operational efficiency and contribute to economic reconstruction.
Binh was speaking at a forum held by the Viet Nam Association of Business Culture Development on Sunday and said that corporate culture contributed up to 30 per cent of companies’ operational efficiency.
Stressing the importance of the business community for the country’s socio-economic development, Binh said it was necessary to identify core values of companies, encourage the creation of human-focused values, build an open working environment and promote the application of technology to adapt to all circumstances.
During the past two decades, Viet Nam’s business community had seen breakthrough developments and made a significant contribution to the country’s socio-economic development, Binh said.
There were more than 800,000 firms operating in the country, most small and medium-sized. Non-State businesses contributed 42 per cent of the country’s gross domestic product and created more than 50 per cent of the country’s total jobs.
Binh also stressed that the private sector was an important driver of the Vietnamese economy.
Amid the COVID-19 pandemic and its unprecedented impacts on socio-economic development, firms should focus on improving corporate culture which would help accelerate economic recovery, Binh said.
The pandemic was also affecting factors related to corporate culture such as business philosophy and ethics, behavioural culture, consumer culture, corporate social responsibility, social innovation and entrepreneurship spirit towards more sustainable development.
He said building corporate culture was among core values for sustainable development of business, besides clearly identifying business strategies and targets, developing modern corporate governance system, building brand, enhancing competitiveness, improving productivity and promoting innovation.
Binh also said the Government would create the legal framework and policies to support businesses’ development and promote their contribution to the country’s development.
According to Ho Anh Tuan, head of the organisation board of the business culture development campaign, the COVID-19 pandemic was significantly changing State and corporate management which raised the pressing need for digital transformation, developing digital economy, e-Government and innovations in business governance.
Tuan said this created not only challenges but also opportunities for businesses to renovate and make breakthrough development, adding that corporate culture would be the factor for sustainable development and the impetus for these renovations.
Than Duc Viet, general director of Garment 10 Corporation, said corporate culture helped the company cope with the impacts of the pandemic.
Tran Uyen Phuong, deputy director of Tan Hiep Phat Beverage Group, said that innovation together with corporate culture would help firms to grow and create uniqueness.
