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Business Integrity Toolkit – for Investors and Startups
28.03.2021
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One of the top criteria for investors to consider is business integrity. Only when doing business with integrity can businesses create transparency for partners, shareholders, investors and customers. That is a commitment to sustainable development, building trust with partners and investors. In Vietnam, SMEs and startups are thriving, but investors have no tools to evaluate transparency and sustainability to make investment decisions. Realizing this problem, UNDP, with the funding of the British Prosperity Fund, supported VCCI to implement the Integrity Business Toolkit for Investors. This is a part of the National Startup Program 2020 and the project “Promoting a Fair Business Environment in Viet Nam”.   The Toolkit is intended for all investors who are currently investing in Vietnam or are interested in start-ups and SMEs in Vietnam. This toolkit helps investors at early stage investment and angel investors. The toolkit provides investors with information on the business environment in Vietnam and enable them to approach businesses and projects that are still primitive but still ensure necessary information for investment decisions. Besides, as the development of startups in Vietnam is happening strongly, incubators, start-up accelerators, and training institutions who deliver training and prepare startups for fund-raising should also refer to and use this Toolkit.   The Business Integrity Toolkit is based on the four main elements: 1) The company and its shareholders; 2) Reputation with business partners; 3) Legal compliance; 4) Internal control system. Although business integrity has a much broader scope, this toolkit mainly focuses on topics commonly considered as “anti-corruption”. For startups, business integrity should be based on the three drives: 1) Personal moral compass; 2) Quality of the management system; 3) Understanding and compliance to Vietnam’s law. Those are the foundation for the project to develop this Toolkit.   (Compiled)

Events

Internal control in business help prevent and minimize risks in relating corruption, thus to protect rights of enterprises, build the foundation for sustainable development, promote business integrity.  Today, July 3rd in Ho Chi Minh City, The Food and Foodstuff Association of Ho Chi Minh City (FFA) coordinated with VCCI, UNDP Vietnam and Bristish Embassy in Hanoi to organize the workshop “Enhancing internal control for businesses in food and foodstuff industry”. The workshop aimed to support the businesses in enhancing the efficiency in corporate governance through development, application and improvement of internal control which helps prevent and minimize business risks in relating corruption, ensure the company’s interest, build the foundation for sustainable development and promote business integrity.     The speakers are experts from Deloitte Vietnam, the Academy of Finance and representatives from two big enterprises as Acecook Vietnam and Vinamilk who have deep knowledge and solid experience in internal control mechanism. The representatives of FFA, UNDP, VCCI and FFA’s members also attended the workshop. Through presentations of the speakers and the vigorous debates on the real-world cases, the participants have better understood the importance of risk management and internal control mechanism in the business development, better aware the approach and experience in building this mechanism. As a result, enterprises are able to identify the common risks in business operations, components of Internal Control and have an idea and plan to choose an appropriate internal control framework for the business in food industry. The workshop “Enhancing internal control for businesses in food and foodstuff industry” is an activity of “Government – Business Integrity Initiative – GBII” carried out by VCCI within the regional project “Promoting a Fair Business Environment in ASEAN” implemented by UNDP and and UK Prosperity Fund to facilitate transparent mechanism in both public and private sector, enhance the rule law and fight against corruption, build up typical examples of responsible business. This is the first project supported by UK Prosperity Fund to ASEAN under the Economic Reform Programme. The project is implemented by UNDP in cooperation with UK Government from 2018-2021. In 2019, UNDP closely collaborated with VCCI to develop “Business integrity pledge”. This pledge aims to uphold the core values of integrity, ethical behavior, and accountability, call for collective actions in promoting business integrity in Vietnam. 14 business associations have signed the pledge. Ho Chi Minh City Food and Foodstuff Associations (FFA) is one of those first movers has signed the pledge. The project for building capacity and raising awareness on business integrity was proposed by this association and has been approved by UNDP, VCCI and UK Embassy. The workshop “Enhancing internal control for businesses in food and foodstuff industry” is made in great effort of FFA and highly appreciated by UNDP, VCCI and Bristish Embassy in Hanoi.  Mrs. Do Thuy Van, UNDP program officer emphasized in her speech: “UNDP, VCCI and the British Embassy in Hanoi are willing to support businesses / business associations in Vietnam to build a culture of business integrity for sustainable development and global inclusion” and “To bring the fight against corruption to a new higher level, we need more efforts from the Government and business community”.  

03.07.2020
17 Views
Events

For successful application of internal control and code of conduct in business, the commitment and determination of business leaders, the active participation of managers and staffs are essential. Hanoi, June 19th 2020 – Today, VCCI cooperated with UNDP Vietnam and Bristish Embassy in Hanoi co-organized the training course “Guiding application of internal control and code of conduct in business” to enhance effective governance through dissemination and development of internal control and code of conduct, to facilitate businesses in compliance with the Anti-Corruption Law (2018). The training course is provided by experts from Deloitte Vietnam and Academy of Finance. The representative from British Embassy and UNDP, VCCI attended with participants from businesses, middle level managers, legal officers, HR, internal audit, account-finance officers…          The training course “Guiding application of internal control and code of conduct in business” is an activity of “Government – Business Integrity Initiative – GIBE” carried out by VCCI within the regional project “Promoting a Fair Business Environment in ASEAN” implemented by UNDP and and UK Prosperity Fund to facilitate transparent mechanism in both public and private sector, enhance the rule law and fight against corruption, build up typical examples of responsible business. This is the first project supported by UK Prosperity Fund to ASEAN under the Economic Reform Programme. The project is implemented by UNDP in cooperation with UK Government from 2018-2021. Recently, UNDP closely cooperated with VCCI to develop the Manual guiding businesses in application of internal control and code of conduct. More than 150 participants have been provided training on this manual to apply internal control and code of conduct in business. With the internal control mechanism and code of conduct, business leaders easily find out the shortcoming, loopholes in the institutional system thus to make prompt solutions for adjusting and prevent risks. Those tools are helpful for managers to make appropriate decisions to improve reputation and image of the business.   Mr. Nguyen Quang Vinh, VCCI Secretary General cum Director of VCCI SDforB emphasized in the opening speech: “In order to successfully implement the internal control mechanism and code of conduct in enterprises, the strong commitment and determination of business leaders in addition to the active participation of managers at all levels and entire officers and staff are essential”. Ms. Sitara Syed, UNDP’s Deputy Representative in Vietnam affirmed: “The benefits that an enterprise gains in developing and operating anti-corruption policies will be much greater than the benefit that company get from the business with corruption”. She also recommended: “Business integrity must be at the core of all value systems of the company”.

19.06.2020
23 Views
Events

Corruption existed in business transactions where a company could be a victim and also a culprit in this matter. Therefore, business plays a very important role and participate in positive changes towards greater integrity, transparency and accountability in all aspects of life. Hanoi, June 12th 2020 – Today, Vietnam Association of Consumer Goods Development (VACOD) collaborated with VCCI, UNDP Việt Nam, Bristish Embassy in Hanoi have organized the training course “How to resist corruption in business transaction”. The training course guided the members of business associations to prevent and minimize risks in relation with corruption, ensured the rights of businesses, promoted sustainable development, contributed to business integrity. The participant are the members of VACOD.  The training course “How to resist corruption in business” is an activity of “Government – Business Integrity Initiative – GBII” carried out by VCCI within the regional project “Promoting a Fair Business Environment in ASEAN” implemented by UNDP and and UK Prosperity Fund to facilitate transparent mechanism in both public and private sector, enhance the rule law and fight against corruption, build up typical examples of responsible business. This is the first project supported by UK Prosperity Fund to ASEAN under the Economic Reform Programme. The project is implemented by UNDP in cooperation with UK Government from 2018-2021. In 2019, UNDP closely collaborated with VCCI to develop “Business integrity pledge”. This pledge aims to uphold the core values of integrity, ethical behavior, and accountability, call for collective actions in promoting business integrity in Vietnam. 13 business associations have signed the pledge. Vietnam Consumer Goods Development (VACOD) is one of those first movers to facilitate. The project for building capacity and raising awareness on business integrity was proposed by this association and has been approved by UNDP, VCCI and British Embassy in Hanoi. With the training course “How to resist corruption in business”, VACOD’s effort is highly appreciated by UNDP, VCCI and Bristish Embassy in Hanoi. 

12.06.2020
22 Views
Events

Sign MoU between VCCI and VIMC to provide TA on development of internal control system in compliance with international standards February 21st 2020, in Hanoi, VCCI and VIMC have signed a MoU of providing technical assistance for VIMC to develop internal control system in compliance with international standards. This is an an activity of the Government and Business Integrity Initiative (GBII) implemented by VCCI under the UNDP’s Regional “Promoting A Fair Business Environment in ASEAN” project. The ceremony was attended and witnessed by Mr. Nguyen Canh Tinh, Acting General Director of VIMC and the Board Members as well as Advisory Board, Mr. Nguyễn Quang Vinh, VCCI Secretary General cum Director of SDforB, Mr. Jon Lambe, British Ambassador in ASEAN, Mr. Stephan Taylor, Head of Politics, Bristish Embassy in Hanoi, Mr. Matthew Doidge in charge of ASEAN. Mrs. Sitara Syed, Deputy Chief Representative of UNDP in Vietnam. The technical assistance program for VIMC to build the internal control system according to international standards helped VIMC conduct overview assessment and evaluate the status of the internal control system which included control environment and risk evaluation. This TA is supportive to standardize internal control systems (review of regulations, internal control strategies and policies, operational guidelines. internal audit …). In 2020, VIMC restructured to be joint-stock company.  Along with the change in the management and administration organization, many corporate governance solutions will be implemented. In particular, building an effective internal control mechanism is an indispensable requirement to prevent, detect and handle risks in the operation process and ensure the rights and interests of shareholders. at VIMC.

24.02.2020
29 Views
Events

The workshop “Enhancing business sector engagement through integrity pledge cooperation” co-organized by VCCI, UNDP Bristish Embassy in Hanoi Eleven business associations in Vietnam have officially signed the Business Integrity Pledge to uphold the core values of integrity, ethical behavior, and accountability (click here tại đây) “The workshop today recognizes the important pledges made by eleven business associations committed to promoting business integrity in Vietnam,” Mr. Stephen Taylor, Head of Political Division at the British Embassy in Hanoi, said in his opening address: “We congratulate them for leading the way in promoting Vietnam’s future success by seeking to make it a better place to do business in and hope that many other businesses will follow their example.” This is the result of a campaign implemented by VCCI calling on business associations in Hanoi and Ho Chi Minh City to sign the Business Integrity Pledge which uphold the core values of integrity, ethical behavior, and accountability in businesses toward collective actions in promoting business integrity.   “The professionalism, ethical behavior, and integrity of employees, customers, and the supply chain are an integral part of any business activities,” Dr. Vu Tien Loc, Chairman of VCCI, told the gathering. “So after this workshop, business associations are expected to be an active partner and vigorously push the cause of business integrity in sectors where they are present. This calls for collective action to create a solid defense to minimize and prevent risks related to bribery and corruption in all forms of business transactions.” In her opening address, Ms. Caitlin Wiesen, UNDP Resident Representative in Vietnam, welcomed the government’s recent efforts through the adoption of the Anti-Corruption Law 2018. “As change takes time, it is key to set up clear milestones and benchmarks to track progress, so that the Pledge is not only a promise but also an effective instrument of collective action to build a more transparent and fair business environment in Vietnam,” she said. The workshop was attended by more than 70 participants from government agencies, enterprises, business associations, and social organizations. It is one of the key activities of the Government and Business Integrity Initiative (GBII) implemented by VCCI under the UNDP’s Regional “Promoting A Fair Business Environment in ASEAN” project. This project aims to support the development of transparent mechanisms in both the public and private sectors, strengthening the rule of law, preventing corruption, and promoting accountable business models.

13.11.2019
13 Views
Events

Hanoi, August 27th 2019. The consultation workshop was held by VCCI and UNDP Vietnam to complete “The Manual on Internal Control and Code of Conduct in Business”. Nearly 100 participants came from SOEs, private sector and social organizations. This is a workshop organized by VCCI under the the Government-Business Integrity Initiative – GBII within the project “Promoting a Fair Business Environment in ASEAN” implemented by UNDP and financed by UK Prosperity Fund.  Internal control (IC) and Code of Conduct (CoC) are the best tools for SMEs to improve governance and management toward transparency and efficiency, ensuring the benefit of investors and shareholders and enhancing company’s reputation and image. Speaking at this workshop, Dr. Vu Thi Phuong Lien, the consultant from TDI Consulting Co. Ltd. said: These are two parts helped businesses realize the strategic vision and core values, as well as show their commitments in document. The substance of this manual has been simplified for SMEs to easily apply in practice.      The draft manual has been warmly welcomed. Mrs. Nguyễn Thị Minh Tâm, the Director of MCT Việt Nam said: “Currently, SMEs mostly have no code of conduct or control standard, so we are just spontaneous and we control each other. This manual is applicable to my company and we will try to do it”. Mr. Dinh Van Duc, Head of Planning Department of Vietnam Mineral and Metallurgical Company said: “the information shared at this workshop is appropriate and essential to my business”. The draft manual is download here tại đây A lot of comments have been made to the workshop from businesses. It is recommended that the project promoted training activities for businesses as well as businesses need more time to study and apply successfully IC and CoC. “Time is required to formulate new approach because many businesses are on the old way” – Mrs. Minh Tâm constributed. To that requirement, Ms. Dinh Thi Bich Xuan, Deputy Director of the SDforB, VCCI said that in the period of 2019 – 2020, the project will design many activities to support businesses in application of IC and CoC which include completion of the training manual to disseminate in business community, training of trainers, capacity building for businesses, demonstration models of IC and CoC for 2 companies in Hanoi, signing agreement on business integrity. Read more and resgister here tại đây.

27.08.2019
10 Views