HCMCity (VNA) – A code of corporate conduct and ethics for Vietnamesefirms was launched during a forum on corporate culture in HCM City on October15.

Theevent was held by the Vietnam Association for Business Culture Development(VNABC) and the HCM City Association for Women Executives and Entrepreneurswith Deputy Prime Minister Truong Hoa Binh and local senior officials inattendance.

Thecode of corporate conduct and ethics includes six standards regardingleadership culture, corporate culture building and enforcement, law compliance,business ethics, social responsibility and healthy competition.

Inhis remarks at the forum, Deputy PM Binh said corporate culture gives a brand asoul so it must be seen as key for sustainable development for each enterprise,and in a broader view, the entire economy during global integration.

Binhlauded the forum, saying it is an important event to promote the government’scampaign to improve Vietnamese corporate culture.

Thebusiness community in Vietnam has made efforts to develop their cultures toinclude law obedience, social responsibility and healthy competition.

Butbusiness ethics have been largely neglected, causing many problems, he stated.Many enterprises aim to maximize profits regardless of the law, producing anddistributing counterfeits and low-quality goods, as well as violating foodsafety standards, he added.

TheDeputy PM urged firms to be consistent in developing their corporate cultureand vowed that the government will work with them by improving regulations, thebusiness climate and accelerating public administrative reforms.

Chairmanof the HCM City People’s Committee Nguyen Thanh Phong said the city has faced severalchallenges in developing corporate culture. He cited the fact that more than 98percent of the 323,000 businesses operating in the city are of micro-, small-and medium-size. Their operation is often unsustainable and they lack acorporate culture.

Manyshipments of foods have been returned by importers due to failure to meet foodsafety standards, causing economic losses and harming consumer confidence andthe image of the brand and the city, Phong added.

Throughthe forum, he said he would like to learn more about the businesses’difficulties in building corporate culture, so practical solutions can bedesigned to aid them.-VNA