The impact of media on investment
The impact of media on investment
Vietnam’s business press has been making contributions to the successful performance of enterprises and experts in the country. However, improvements are needed to meet the growing demands of readers.
Strong relations between the press and foreign companies can help the latter expand their presence
Habitually, Dang Huu Cu begins his new day with the newspapers, from which he can learn much information and prepare notes for briefing his manager.
Cu began his work as a communications specialist at the United Nations Development Programme (UNDP) where he worked from 1997-2008. Since then, he has been at the Vietnam Resident Mission of the Asian Development Bank (ADB). His work means he frequently meets with journalists.
“In our work, the press plays an important role, as it closely follows and reflects up-to-date news on socioeconomic developments, providing outstanding issues in life for policymakers to consider and offer effective solutions,” Cu said.
These articles also report on the new policies of the Vietnamese government, and supplement data for reference and use in multi-sectoral research, especially the ADB’s work related to Vietnam.
“We read many types of newspapers, including VIR. The domestic press frequently publishes interviews and articles by ADB experts, which encourage discussions about challenges and opportunities in Vietnam’s development process,” Cu said.
“These opinion-sharing articles or policy recommendations give readers a more comprehensive view. This positively contributes to the country’s policy development, creating public consensus on new policy.”
Meanwhile, the press closely follows the ADB’s work in Vietnam. There are many articles about the impact of ADB-financed projects. There are also many trenchant news articles that point out mistakes and weaknesses in project implementation.
“These stories not only help agencies to promptly handle the violations, but also help sponsors spot errors and coordinate with executing agencies to strengthen measures and management tools, and boost monitoring,” Cu said. “This aims to ensure transparency and effectiveness in ADB projects.”
Living in Vietnam for more than 20 years, Hong Sun, chairman of the Korea Chamber of Business in Vietnam, reads newspapers every day.
“I need to read all relevant updated information every day as it is greatly useful to my work,” Sun said. “The press can provide me with information about the Vietnamese market and where our company’s projects are going well. I am also interested in macroeconomic reporting as it has a big impact on investor decisions.”
Strength of the media
According to the Ministry of Information and Communications, Vietnam has about 850 press agencies employing about 50,000 people, including 20,000 reporters.
There are dozens of printed newspapers exclusively featuring economic and investment news, including some in English like VIR, Vietnam Economic Times, and Vietnam News, in addition to many online English newspapers.
These English-language newspapers play a crucial role in conveying the Party and state’s policies and law, and help foreign businesses and readers have up-to-date on Vietnam’s economy, as well as proper investment policies in Vietnam.
Neermal Shunmugam, former counsellor at the Malaysian Embassy to Vietnam, believes that no matter who you are, information gives you more power.
“The more we know, the more we can effect change, both on a personal and societal level. One way we acquire knowledge is through the media, whereby it disseminates information to audiences and empowers them. The mass media cannot exist without an audience,” Shunmugam said.
According to Shunmugam, newspapers, magazines, television, and radio stations with large audiences are considered successful and powerful. Due to this relationship, media members or journalists have massive power in their hands. However, they have a great responsibility to educate and inform honestly.
Ramla Khalidi, resident representative in Vietnam at the UNDP, also highlighted the role and strength of the media. The media’s broad coverage of the Vietnamese government’s work on socioeconomic development and pandemic response and recovery provides an important platform for exchange and opportunities towards global sustainable development goals.
“As a weekly newspaper that provides up-to-date information covering the country’s progress on topics such as the economy, business, investment, industry, technology and the environment, VIR has consistently been a valued resource and strong supporter of our work and discussions with our Vietnamese partners,” Khadili said.
“I am very pleased to see VIR championing green and low carbon sustainable development and resilience building by serving as a reliable source of information for the public on renewable energy, energy efficiency, green transportation, the circular economy, environmental protection, climate change, and disaster risk management.”
Over recent years, the European Chamber of Commerce in Vietnam (EuroCham) has annually released its Whitebook, a special publication featuring the chamber’s policy proposals to the Vietnamese government, ministries, and central agencies. It aims to help Vietnam ameliorate its business and investment climate, and protect investors and enterprises.
To make such proposals, EuroCham has sourced different information not only from its hundreds of member companies, but also from other sources, such as reports from relevant authorities. However, one of the most important sources is the media.
VIR is also among the newspapers that EuroCham and many other domestic and foreign business associations have consistently read and sought information from before making policies, regulations, and proposals to Vietnamese agencies.
Staying with the times
At present, there are also some worries about the quality of the information transmitted by the media to the public.
“Inaccurate information can badly affect the prestige of those cited by the reporters. Moreover, rectifications are not often issued,” said Cu of the ADB.
Nguyen Hong Ngan, senior external relations officer at the World Bank in Vietnam, said that the press has been playing a huge role in Vietnam. However, some improvements are needed on local newspapers, especially economic newspapers, to enhance their quality.
“Vietnam is entering a new phase of development this year, and so is the media. The public demands higher quality publications, from content to cover, and to deliver timely information,” Ngan said.
“There are many opportunities for newspapers to gain a strong foothold with a new generation of readers. Catering to the information needs of the growing middle class, for example, will be challenging but also rewarding.”
According to Shunmugam of the Malaysian Embassy, dissemination of information is a form of education, which can often be unfair, violate confidentiality, and be out of step with international norms.
“We believe that the responsibility of a good media practitioner is to educate and enlighten. Because of this, the media and media professionals should abide by following golden rules. Firstly, they should base their work on objective facts and truth. Secondly, they should spread friendship, kindness, solidarity, and cooperation. Finally, the media agency and practitioners should bear corresponding social responsibilities, just like in other professions,” she said.
