Abstract
Private economy development in Vietnam is currently considered an important driving force of the socialist-oriented market economy. This is a board topic and involves a lot of content that can be discussed. In particular, increasing enterprise efficiency through the corporate social responsibility performance is considered as a main issue of private economy development in Vietnam. This paper aims to study the theoretical and legal issues of private economy development in Vietnam and the role of corporate social responsibility implementation in private economy development. Thereby, this article clarifies the implementation of corporate social responsibility in Vietnam today, assesses the limitations and thus proposing solutions to increase the business efficiency through corporate social responsibility performance.
Highlights
Corporate social responsibility is the commitment of the corporate to contribute to sustainable economic development, through activities to improve the quality of life of employees and their family members, the community and the whole society, in a way that benefits both the business and the overall society development
CSR in Vietnam started to be applied mainly in foreign direct investment enterprises or organizations related to international development cooperation
Corporate social responsibility is widely recognized from the view of the World Business Council for Sustainable Development: “Corporate social responsibility is the commitment of the enterprise in contribution to sustainable economy development, through compliance with environmental protection standards, gender equality, labor safety, labor rights, fair wages, staff training and development, community development, product quality assurance and so on in a way that benefits both businesses as well as the general development of society” [14]
Summary
Corporate social responsibility (hereinafter referred to as CSR) is the commitment of the corporate to contribute to sustainable economic development, through activities to improve the quality of life of employees and their family members, the community and the whole society, in a way that benefits both the business and the overall society development. Recognizing the existing problems and their causes, many solutions have been proposed to promote and enhance the synchronous implementation of CSR by Vietnamese enterprises, especially the group of Small and medium enterprises which are accounting for nearly 97% of the number of Vietnamese enterprises These recommendations and solutions include: improvement of policy and legislation in the implementation of CSR; Strengthening the management role of the state; strengthening the role of the agencies and organizations involved; Strengthening the role of civil society; Develop mechanisms to ensure compliance with the rules of conduct or unilateral commitments DN; Increase the public transparency of businesses by requiring businesses to provide CSR reports or other similar social reports and some other measures to support CSR implementation. From that point of view, perhaps it is necessary to consider starting to apply compulsory CSR in certain groups of businesses depending on their fields of investment and business and from to replicate and deploy more synchronously in the entire companies in the country when eligible
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