Social Responsibility: Basic Ethics of Entrepreneurs

8:09:37 AM | 12/27/2022

One of the basic contents of Resolution 09-NQ/TW on building and fostering the roles of Vietnamese entrepreneurs in the period of accelerating industrialization, modernization and international integration is to enhance the entrepreneurial responsibility of entrepreneurs during national construction and development.

Compliance with ethical standards ensures sustainability and huge profit in the long run

According to Dr. Dang Quang Dinh, Institute of Philosophy, Ho Chi Minh National Academy of Politics, social responsibility is understood as the duty of individuals and the social community to take decisions and actions to increase the obligations and rights of each member of society. Social responsibility is also considered the moral responsibility of each individual in solving common concerns, expressed through various factors such as respect for the law, responsibility to the living environment and responsibility to member-to-member relations in the community.

However, “as the downsides of the market economy, people may only care about their own benefits and forget their responsibilities to those around them and to society. Personal interests and desires to get rich at any cost trigger many economic actors to disdain laws and commit fraud, embezzlement and corruption. Hence, raising awareness of responsibility and exercising social responsibility need to be made an indispensable requirement for all citizens, all organizations and the whole society, including entrepreneurs. Once entrepreneurs know how to care about true values, respect for trust, respect for people and the natural environment, their activities will be successful and supported by the social community,” he analyzed.

The doi moi (reform) in Vietnam has unveiled successful persons and enterprises in the market; their activities are always respected for their code of conduct and regulatory compliance. That is the sense of responsibility of each individual and each citizen in the new development stage of the country, the expression of a positive political attitude and civilized behavior in the new era. This is also the strength of each individual and society, a factor that creates effective competitiveness in the market economy in the context of regional and international integration and exchange. In this day and age, progressive humanity has become aware that values, ethical standards and ethical responsibility requirements are still very important for any society and era. Development level and social progress are always associated with value standards and ethical requirements because they are the spiritual foundation and internal force for social development and progress.

Resolution 09-NQ/TW clearly states that entrepreneurs in the State-owned business sector have become increasingly mature and qualified to better meet the doi moi requirements and improve State-owned business performance. Businesspeople are growing in number, as demonstrated by their dynamism and business performance. The entrepreneur force has promoted national spirit and a sense of responsibility to society, gradually raised prestige, product brand and corporate brand, and elevated the country’s position in the international arena. Many entrepreneurs have actively taken part in social programs, hunger eradication and poverty reduction programs, gratitude programs and community programs, and established closer ties with the working class, farmers and intellectuals to help strengthen the great unity of the nation.

Before the new requirements of industrialization, modernization and international integration, Vietnamese entrepreneurs are showing certain shortcomings, especially in knowledge, legal understanding, business capacity, management experience, competitiveness and integration, said Dr. Dinh. Some even lack business culture and social responsibility, lack respect for law, take advantage of loopholes to take personal interests and collude with corrupt elements in the state apparatus for localized interests and group interests while exacerbating social evils. Therefore, one of the determined guiding views of the State is building a strong business force, both in number and quality, improving the level and comprehensive knowledge of entrepreneurs, improving ethical qualities, civic consciousness, social responsibility and national spirit of the entrepreneur force, contributing to the cause of industrialization, modernization and international integration, and developing the socialist-oriented market economy.

More appropriate policies needed

To facilitate entrepreneurs to fulfill their social responsibility, the State needs to have more appropriate policies and laws for entrepreneurs in order to realize their aspirations in the new era, he added.

In particular, more attention should be paid to equal treatment to the private economy. The 5th Plenary Congress of the 12th Central Committee, which took place on June 3, 2019, adopted Resolution 10-NQ/TU on “Developing the private economy into an important driving force of the socialist-oriented market economy”, empowering the private economy to get equal treatment, strong cooperation and fair competition to become a driving force of the economy and make a bigger contribution to the cause of socioeconomic reform and development.

In addition, it is necessary to effectively carry out perfect policies to encourage entrepreneurs to make wholehearted contributions to national development. It is imperative to thoroughly, seriously, creatively and effectively implement Resolution 39-NQ/TW dated January 15, 2019 of the Politburo on the increased effect of economic resource management, exploitation and utilization. It is important to adopt policies and implement measures to facilitate entrepreneurs to invest in technological research and innovation, product and service quality improvement, new product and service research, design and testing. There is a need to focus business investment and development in high-tech parks; effectively promote industrial zones, craft industry villages and specialized farming areas for agricultural, forestry and aquacultural production and processing; adopt policies to encourage and support entrepreneurial development in agriculture and rural areas; improve entrepreneurs’ access to finance, technology and market information; and harmonize interests of entrepreneurs and farmers.

In addition, according to Dr. Dinh, it is necessary to step up administrative reform, especially administrative procedures for entrepreneurs and enterprises, highlight the responsibility of governmental agencies, and facilitate entrepreneurs and enterprises to do successful business; and encourage and take measures to protect entrepreneurs in the fight against corruption and waste. Enterprises need to have innovative perspectives to promote Vietnamese cultural and human values, elevating political positivity, labor capacity and patriotism, dedication and responsibility of Vietnamese people, including entrepreneurs.

By Quynh Anh, Vietnam Business Forum