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 ofbusinesses in Vietnam are aware of the significant role of internal control andcodes of conduct towards sustainable development.
This was the outcome of a survey on 239businesses that was revealed at a consultation workshop held by the VietnamChamber of Commerce and Industry (VCCI) and the United Nations DevelopmentProgramme (UNDP) in Hanoi on March 5.
The event aims to help finalise the draftresearch report on “Companies’ use of internal control mechanisms and codes ofconduct in Vietnam: Key findings of the research and recommendations.”
The report is part of activities run by theGovernment-Business Integrity Initiative (GBII) under Project 12 – EnhancingIntegrity 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 ProsperityFund.
According to VCCI Chairman Vu Tien Loc, thejudicious leadership and the appliance of anti-corruption risk control systemsare important factors to enhance integrity in businesses.
Caitlin Wiesen, UNDP Vietnam ResidentRepresentative a.i, underlined the importance of codes of conduct and internalcontrol systems in promoting corporate integrity.
The application of these instruments is theresponsibility of businesses and economic organisations, according to the lawon preventing and combating corruption, she said.
The UNDP will support businesses by building aguideline on applying codes of conduct and internal control mechanisms, as wellas providing them with training courses and technical assistance, she added.
UK Ambassador to Vietnam Gareth Ward saidpromoting business integrity will be one of the UK’s top priorities in Vietnam.–VNA
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Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc (Photo: VNA)
