Practicing responsible business practices still faces many challenges.

DNVN - To enhance the capacity for communicating policies and laws on responsible business practices, it is necessary to improve and integrate mechanisms for monitoring, receiving, and processing feedback from citizens and businesses. This will lead to the formation of databases containing information on responsible business practices.

Speaking at the conference "Training to enhance communication capacity on policies and laws regarding responsible business practices" on the morning of November 13th, Dr. Luu Huong Ly – Department of Civil and Economic Law ( Ministry of Justice ) stated that responsible business practices require businesses not only to comply with the law but also to implement risk assessment measures for human, social, and environmental factors.

Simultaneously, address potential risks such as preventing, mitigating, or implementing appropriate corrective measures when violations occur. The key to balancing economic growth and sustainable development is promoting responsible business practices.

The documents of the 13th National Congress of the Party also emphasized the need to build a corporate culture, promote entrepreneurship and business practices; and encourage businesses to enrich themselves legally while enhancing social responsibility. Vietnam has committed to incorporating minimum standards for responsible business practices into domestic laws as well as into trade agreements with many countries and regions.

Promoting responsible business practices for sustainable growth.

However, the implementation of responsible business practices in Vietnam still faces many challenges related to the awareness of state agencies, businesses, and society. Along with that are challenges regarding the legal framework for responsible business practices and the effectiveness of law enforcement related to responsible business practices.

This situation necessitates the development of a National Action Program, outlining a specific roadmap. This roadmap should prioritize promoting responsible business practices in five key areas: attracting high-quality foreign investment; environmental protection; labor relations and labor standards; ensuring the civil rights of vulnerable groups; and protecting consumer rights.

On July 14, 2023, Deputy Prime Minister Tran Luu Quang signed Decision No. 843/QD-TTg promulgating the National Action Program to improve policies and laws to promote responsible business practices in Vietnam for the period 2023-2027. The program's focus areas include attracting high-quality foreign investment; labor relations and labor standards; protecting the rights of vulnerable groups; environmental protection; and consumer rights protection.

To enhance the capacity for communicating policies and laws on responsible business practices, Ms. Ly recommended that relevant agencies research, develop, refine, disseminate, and recommend the application of a project screening toolkit suitable to the context and priorities of each locality.

"It is necessary to improve and integrate mechanisms for monitoring, receiving, and processing feedback from citizens and businesses at state management agencies (such as hotlines, mailboxes, dialogue activities, etc.) regarding responsible business practices in the fields of labor, environment, consumer protection, or vulnerable groups. This will help to create databases of information on responsible business practices," Ms. Ly emphasized.

At the same time, Ms. Ly suggested that it is necessary to guide businesses in practicing responsible business practices; encourage the development of self-correcting and preventive regulations within businesses; provide legal support to businesses in the field of responsible business practices; and organize dialogue activities with relevant state agencies, business associations, and socio-political organizations.

Ha Anh

Source: https://doanhnghiepvn.vn/kinh-te/chinh-sach/thuc-hanh-kinh-doanh-co-trach-nhiem-con-nhieu-thach-thuc/20241113111916217