Speaking at the opening ceremony in Ho Chi Minh City, Mr. Ho Hong Hai - Deputy Director of the Department of Legal Affairs, Ministry of Information and Communications said that according to the definition of the United Nations Development Program UNDP (2023), responsible business is a business activity that complies with the law and implements measures to assess, prevent, minimize and overcome adverse impacts of business activities on people, the environment and society.
“Responsible business practices are an important part of achieving the dual goals of economic growth and sustainable development. This is an inevitable trend and requirement for businesses,” said Mr. Ho Hong Hai.
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 objective of the Program is to raise awareness and capacity; review and improve policies and laws and improve the effectiveness of policy and law enforcement to promote responsible business practices in Vietnam in the period of 2023-2027 to promote positive aspects and minimize negative aspects of economic and business development activities on society and the environment.
In order for businesses to operate responsibly, Dr. Luu Huong Ly - Head of the Civil Law Department, Department of Civil and Economic Law, Ministry of Justice said that although there are many advantages, the implementation of the program also faces many difficulties and challenges. That is the limited awareness of state agencies, businesses and society.
On the other hand, in the short term, engaging in responsible business practices will create additional costs for businesses, which is a burden for small and medium-sized enterprises.
To overcome the above shortcomings, according to Dr. Luu Huong Ly, it is necessary to strengthen training to raise awareness and capacity for relevant agencies and organizations on policies and laws on responsible business practices; research, review and propose amendments, supplements or promulgation of new legal documents guiding businesses to practice responsible business.
