Only half of domestic firms recognise importance of internal control
Only 50-60 percent of businesses in Vietnam are aware of the significant role of internal control and codes of conduct towards sustainable development.
Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc (Photo: VNA)Hanoi (VNA) – Only 50-60 percent of businesses in Vietnam are aware of the significant role of internal control and codes of conduct towards sustainable development.
This was the outcome of a survey on 239 businesses that was revealed at a consultation workshop held by the Vietnam Chamber of Commerce and Industry (VCCI) and the United Nations Development Programme (UNDP) in Hanoi on March 5.
The event aims to help finalise the draft research report on “Companies’ use of internal control mechanisms and codes of conduct in Vietnam: Key findings of the research and recommendations.”
The report is part of activities run by the Government-Business Integrity Initiative (GBII) under Project 12 – Enhancing Integrity Initiative in Business, which is sponsored by the UNDP’s regional “Promoting a Fair Business Environment in ASEAN” project and primarily funded by the UK-based Prosperity Fund.
According to VCCI Chairman Vu Tien Loc, the judicious leadership and the appliance of anti-corruption risk control systems are important factors to enhance integrity in businesses.
Caitlin Wiesen, UNDP Vietnam Resident Representative a.i, underlined the importance of codes of conduct and internal control systems in promoting corporate integrity.
The application of these instruments is the responsibility of businesses and economic organisations, according to the law on preventing and combating corruption, she said.
The UNDP will support businesses by building a guideline on applying codes of conduct and internal control mechanisms, as well as providing them with training courses and technical assistance, she added.
UK Ambassador to Vietnam Gareth Ward said promoting business integrity will be one of the UK’s top priorities in Vietnam. –VNA
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