3:14:28 PM | 5/1/2023
As the first auditing company in the independent audit market in Vietnam, the establishment and development of Deloitte Vietnam was linked with the formation and growth of the independent audit industry. Looking back on the more than 30-year journey of development, Deloitte Vietnam has always been one of the pioneering firms on the development path of the independent audit market in Vietnam. These successes are significantly contributed by Madame Ha Thi Thu Thanh, Chairperson of the Board of Directors of Deloitte Vietnam. Our reporter has an interview with about Deloitte's development journey, as well as her contributions to the development of the Vietnamese business community as a member of the Executive Committee and head of the Inspection Committee of the Vietnam Chamber of Commerce and Industry (VCCI).
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Could you please introduce Deloitte Vietnam?
Since the 1990s, Deloitte Vietnam had the opportunity to support the Ministry of Finance and state agencies to build and develop the independent audit industry in Vietnam. The journey has been challenging, starting from building the foundation of the industry while Vietnam welcomed the first wave of investment, to continuing to develop the profession and other related services. Deloitte has dedicated the knowledge, insights values, and aspirations for the profession and has always maintained a pioneering position in the independent audit industry.
In 2023, Deloitte continues to be among the world's strongest and most valuable commercial services brands for the fifth time in a row, according to Brand Finance's newly released Global 500 report. In Vietnam, Deloitte has contributed to increasing the publicity and transparency of financial information and corporate governance, building confidence for foreign investments in the Vietnamese market by consulting state agencies in formulating and updating policies.
To keep up with the updated global trends and better serve businesses, Deloitte Vietnam also expands its service portfolio. Recently, the Sustainability & Climate service has been officially launched, as part of Deloitte Vietnam’s sustainability efforts of Deloitte Vietnam to contribute to the net zero emissions target by 2050.
With the purpose of "making an impact that matters", Deloitte Vietnam has left pioneering imprints not only in the business community but also in society. One of the most significant strategies is the WorldClass program. In Vietnam, WorldClass is committed to influencing 575,000 futures by 2030 through education, and skills development, to be ready to access opportunities, focusing on groups of disadvantaged in society such as children, adolescents, and women.
Not only supporting business performance, Deloitte Vietnam also helps raise awareness of transparency, business ethics, and corporate culture. Could you share about how the Vietnamese business community works to improve corporate culture and toward sustainable development?
When the business culture is embedded into operations, the business will not gain benefits at all costs, but needs to comply with the moral & regular obligations. Business culture needs to be reflected in the public and transparent data & information which provides stakeholders the ESG snapshot of the business’s sustainability progress.
According to Deloitte’s survey, 54% of global investors consider sustainable investing fundamental to investment processes and outcomes; 77% of fund selectors surveyed consider Sustainability & Climate factor analysis an integral part of sound investing. Changes in consumers’ behaviors and expectations, investors’ increasing oversight, the implication of updated/new regulations/policies put businesses under pressure to think about how to disclose and improve the information/data related to sustainability.
Living the motto “staying connected with clients and markets”, Deloitte has employed numerous activities to highlight the importance of business culture, and promote sustainability amongst business communities, focusing on three pillars: Environmental, Social and Governance (ESG).
Enterprises should embed the commitment to protecting the environment and climate actions into the culture & strategy, as climate change is not an issue of a single business, but a global alarming challenge. Commitment to climate must be an integral part of business culture that entrepreneurs must undertake to drive sustainability efforts.
In addition, social capital is one of the pillars of sustainability. Depending on the context, “social” can be defined as employees when it comes to business scale or the broader society. When it comes to S-pillar in ESG, businesses need to build a working environment of diversity & inclusion, focusing on developing female laborers, and fostering equity. Businesses also need to promote the development of society with the engagement from other stakeholders such as partners, suppliers, clients/customers.
Undertaking corporate social responsibilities (CSR) activities demonstrates businesses’ commitment to community development – it can be considered a factor to measure the contribution of businesses to the community, ensuring that economic growth coupled with compliance with business ethics, the safety of the social community and reduction of impact on the environment. These are vivid proofs that corporate social responsibilities are one of the highlights of entrepreneurs’ culture and business culture, contributing to the economy’s sustainable development.
Madame Ha Thi Thu Thanh makes a speech at the scientific conference "Business ethics and Vietnamese business culture in the new context" organized by VCCI
As a member of VCCI through four terms, and Head of VCCI Inspection Committee, what’s your insight on the contribution of VCCI toward the development of the business community?
I joined the VCCI Executive Committee in 2000, and have been elected as the Head of Inspection for VCCI throughout three terms. I have been delighted to join VCCI and have witnessed significant milestones in the development of VCCI. During the 2000s, VCCI focused on the SOE members, and later on, expanded to a large group of members that were associations, big corporations in different industries. The diversified members are clear proof of VCCI’s expansion in terms of quality and quantity. VCCI is the voice of the business community, to recommend and conduct suitable policies to support the business community in particular, and the business environment in general.
When VCCI officially released the PCI Index as a driver of reform, it had a great impact on the Government and local authorities. After years of operation, the PCI Index has created an open and friendly environment for local companies, private companies and even FDI companies.
The professional role of VCCI has been represented through the connection with both local and international associations and organizations. VCCI welcomed a variety of the largest industry associations and international organizations such as AmCham, EuroCham, JCCI, KoCham and SBG, in order to promote trade and investment into Vietnam.
As a professional organization with specific responsibilities, VCCI has affirmed its significant position in economic diplomacy, strongly connecting the economy with the development and integration of large economies. VCCI is an active member of the APEC Business Advisory Council (APEC BAC), and the network of the ASEAN community, therefore, promoting investment and presenting a beautiful image of Vietnam in the international arena.
Can you share some recommendations for young entrepreneurs?
As the representative for the new generation of intelligence and high technology, young Vietnamese entrepreneurs are those with the desire and passion in building a strong business community and affirm the position for the business, for the industry, and for the country to enter the world.
Young Vietnamese entrepreneurs are those willing to promote the fast and comprehensive integration with the international economy. In the current context of sustainable development, where we promote social responsibility, environmental protection, and the living ecosystem, young entrepreneurs have recognized their ability in solving challenges and committing to fulfilling Vietnam's long-term development. Once we have identified the three pillars of ESG, along with the technology, I believe young Vietnamese entrepreneurs will create the necessary boost for the business and the country to develop dramatically in the long term.
Thank you very much!
Source: Vietnam Business Forum)
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