Economic Sector

Last updated: Tuesday, April 23, 2019


The Press in Productive Partnership with Business

Posted: Thursday, June 21, 2018

The press and business always have a close and mutual relationship. Quick and reliable information from the press significantly helps business development, while the business is also a partner, customer and reader of the press. The press and the business, however, have not yet established a strong, effective connectivity.

Mutual relationship
The press has always played its informative and communicative role since its inception. In the doi moi (renovation) period as digital technology booms, the press has promoted its power and influence in social life, especially becoming a bridge bringing together enterprises and customers; enterprises, authorities and policymakers; and enterprises with other enterprises, thus contributing to national development.

The press is a rapid and effective communication channel as it timely informs business plans, strategies and projects in need of partners and investors from which companies come closer to each other. Besides, the relationship between the press and business is reflected by the press’ role in assisting companies to develop brands, promote products and get closer to customers, thus helping the latter expand business operations.
In addition, the press reflects an effective interaction between business, authorities and policymakers. Via media agencies, authorities better know enterprises to have better support policies. Furthermore, the press is also an effective and timely information channel for the business to access State policies.

In the meantime, enterprises and entrepreneurs are the source of rich and diverse topics for reporters and a source of inspiration for highly creative works for the press. Topics on investment, business, capital, technology, market and products, among other things, are always attractive to readers and audience. Besides, the press also points out lessons learned, failures and negative aspects of business to eliminate bad implications to help shape a clean and healthy business environment.

Remarking on the relationship between the press and business, journalist Ho Quang Loi, Standing Vice President of the Vietnam Journalists Association, said, “The relationship between the press and the economy is cooperative for shared purposes of serving the cause of national construction and defence. Companies need the press to provide information which helps them improve business performance, enhance competitiveness, build brands, promote products and expand cooperation. That is accurate information about the business. If information is inaccurate, companies want to the press to make it right to protect their reputation. At the same time, the press is tasked to inform the country’s economic life where important information is business activity, investment, cooperation and new policies that help them work out accurate and effective operation directions.”

More mutuality needed
The relationship between the press and the business is so intimate, but it still in fact has persistent gaps and dark corners caused by falsified information, sometimes resulting in their worsening relationship, even falling in crisis.

Historically, in many cases, press agencies provided inaccurate, falsified and even misleading information because of insufficient verification, causing considerable impacts on enterprises, corroding their trust in the press and fuelling their hesitation to engage with the press.

Furthermore, some wrongdoing businesses feared and avoided the press, thus making it hard for the press to verify information and giving rise to inaccurate, one-sided information about their wrongdoings that caused damage to both sides.

Mr Do Thanh Nam, Chairman of the Board of Directors of Win-Win Company, said: "In my opinion, the press in particular and the media in general are now at a certain distance from the business. Some companies in Vietnam are still reluctant to communicate with the press. But for me, business should actively provide information for the press to reflect the right things."

It is quite certain that the lack of confidence and interaction between the press and business will lead to unpredictable consequences, especially with the quick popularity and speed of internet-based media at present.
For this reason, in order to overcome existing matters, enterprises and the press need to have appropriate changes. The former should actively cooperate and provide accurate information for the press. The latter needs to verify information before making it public to avoid giving wrong information that causes damage to business and badly affects the prestige of the press.

In addition, the press necessarily has more specific activities to support enterprises to boost their images, products, project introductions and investment information to better facilitate business development.

Ms Vu Thi Thuan, Chairwoman of the Board of Directors of Traphaco Joint Stock Company, said: "We used to have crises. Especially in the Fourth Industrial Revolution and strong social networking boom, we expect to reflect on our true issues and journalists must address them thoroughly. Enterprises should not be shy of admitting their failures and weaknesses, but how the press reports each failure or weakness is very important, because bad communication may completely spoil the repute of enterprises that might have taken years to make."

In a nutshell, the press has a great influence on the operation and the development of a business. However, in news reporting, the press needs to convey not only the true and timely information, but also the nature and degree to harmonise interests of consumers and workers with those of the business.

In the context of economic crisis, Vietnamese enterprises are facing more difficulties and challenges than ever before and the press needs to stand side by side with them and accompany them to encourage, share and assist them tackle hardships.

Giang Tu

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