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Economic Sector

Last updated: Saturday, April 21, 2018

 

Higher Productivity Requires Better Corporate Social Responsibility

Posted: Wednesday, March 28, 2018


Labour productivity is still a limitation of Vietnamese enterprises. Therefore, in the recently announced BP500 survey or Top 500 Vietnam Business Prosperity Survey 2018 conducted by Vietnam Report Joint Stock Company, increasing productivity is the second strategy among three top strategies (with nearly 60 per cent of respondents), surpassing the target of “cutting costs” as in 2016.

It is clear that enterprises have affirmed the increasing importance of better productivity. In addition, they continue to press on the role of revenue/profit growth as a strategic task that helps them move closer to prosperity.

One of the most important solutions that experts and enterprises in the Vietnam Report's survey agree to enhance productivity growth and create momentum for sustainable development and prosperity is promoting full awareness of corporate social responsibility (CSR) and technological development. This is the goal that they will put forth in the coming time to combine the workforce and technology to achieve optimal effects. 62.9 per cent of businesses said they are automating certain tasks and 48.6 per cent said that their workforce has been trained on how to use data.

In addition, enterprises pursuing sustainable development not only need to achieve productivity and growth goals but also need to comply with regulations and standards on environmental protection and labour safety. Without doubt, corporate social responsibility is now like a secure asset and a commitment to product quality for consumers. Nearly 90 per cent of respondents thought that corporate prestige is a driving force for them to carry out CSR. In other words, social responsibility is the ladder for them to convince consumers and the whole community.

Effectively exercising corporate social responsibility will not only help them achieve business successes but also help them address strategic issues related to business and social issues.

Respondents also said that CSR exercise in Vietnam still faces some difficulties, with three most notable being: CSR is thought to mean only sponsorship; there are not enough incentives and supports from the Government; and CSR is thought not to be beneficiary to businesses.

In fact, before the threshold of full integration, compliance with corporate social responsibility commitments has not been promoted and paid due attention. Over the past years, there have been a lot of reports on frauds, business corruption or misconduct in financial reports, labour safety, environmental pollution. Carrying out social responsibility is not just promotional or charitable activities but also must start from the sense of protecting the environment, ensuring the life for workers, and complying with business laws. At the same time, executing social responsibility is not merely individual funding but requires continuity and long-term commitments throughout the course of operation in the direction and vision of enterprises.

The survey concluded that to facilitate enterprises to perform their social responsibility in a more comprehensive and orderly manner, the government is also an indispensable factor, acting as a bridge between enterprises and the society through business support programmes.

Quynh Anh








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