Business integrity index to help firms grow sustainably

HANOI: A new tool has been launched to assess the business integrity of enterprises in Vietnam, helping them grow and develop in a sustainable fashion.

The Vietnam Chamber of Commerce and Industry (VCCI) and the United Nations Development Programme (UNDP), for the first time, introduced the Vietnam Business Integrity Index (VBII), a tool to evaluate integrity in the business activities of enterprises.

The index was created based on seven elements – culture (commitment from the top, management, employees, training), code of conduct, control, communication (employee and gender andinclusion, community, social, environment and sustainable development), compliance, and certification.

It is recommended for any company that is interested in business integrity and sees business integrity as a bedrock principle for their growth.

Transparency, accountability, and integrity are key elements that define good governance and the existence of a fair business environment in any country. In the context of the Covid recovery, good governance has gained greater attention from investors and consumers.

Sustainable development is no longer a choice but a matter of survival for enterprises to exist and develop at present and in the future, Nguyen Quang Vinh, vice-chairman of VCCI, stated in his opening remarks.

Thereby, “VBII developed and launched today by VCCI and UNDP is a new step to bringing Vietnamese businesses closer to international standards of transparency and integrity as well as helping businesses overcome difficulties in integrating integrity into their production and business activities,” he added.

In fact, businesses are increasingly realising the value and benefits of business integrity.

The experience of many businesses that have put business integrity first shows that they have benefited from the attention and appreciation of investors, suppliers, buyers, and customers. This is a clear, proven advantage for those companies wanting to access international markets and participate in global supply chains.

For Vietnam to continue attracting quality investments, low levels of corruption and higher levels of transparency are very important. Businesses’ conduct can be a good or bad contributor to the level of corruption in the country.