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Some business ethics need an uplift, conference told
The lack of corporate social responsibility in Viet Nam was highlighted at a conference on ethical business in Hanoi Friday.
The forum, entitled Corporate Social Responsibility in Asia, attracted both domestic and foreign researchers, who heard speakers discuss corporate responsibility in the context of recent price hikes.
"The drastic increases in the price of rice in late April were an unbelievable surprise," said Bui Nhat Quang from the Institute for European Studies under the Vietnamese Academy of Social Sciences.
"In just a few days, the rice price doubled. Viet Nam is still a leading rice exporter in the world so the country can not be short of rice. It is clear that the fever was caused by speculation."
The corporate responsibility and business ethics of some enterprises during the rice fever were questioned, with unscrupulous businesses spotlighted for their role in further fuelling rice hoarding.
Some distributors had stopped selling rice, in order to save their stocks for later sale at a higher price. The resulting rush to buy rice caused further price hikes and distorted the market.
"Seeing the price of rice increase rapidly day by day, I went to some rice stores to buy rice but they all stopped selling," said Nguyen Thi Tam, a worker in Cau Giay District.
"When I went to supermarkets to buy rice, I was allowed to buy the maximum of 10kg."
Only when authorities stepped in with determined methods could the rice fever be soothed.
A recent boom in gold transactions benefited from the introduction of a gold trading floor. In the first quarter of 2008, local retail investment in gold amounted to 31.5 tonnes, making Viet Nam the biggest gold consumer in the world.
Institute for European Studies’ Quang said corporate social responsibility was not taken into consideration when gold enterprises encouraged people to put their money into gold speculation.
In the context of a country integrating into the global economy, exercising corporate responsibility will help local businesses increase their competitiveness.
Forum participants heard about examples of good corporate social responsibility in Viet Nam. Hoguom Garment Joint Stock Company (Hogarco) for example, gained trust and boosted co-operation with many world giants such as Wal-Mart and Kmart thanks to its implementation of social corporate responsibility.
Quang said good corporate responsibility not only profits society and workers but also enterprises themselves, particularly in their labour relationship and in improving their brand names and reputation.
However, it was still unpopular in Viet Nam and a better understanding of corporate responsibility would have to be promoted as soon as possible, he said.
VNS
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