Vietnam Business Integrity Index launched

Hanoi - The Vietnam Business Integrity Index (VBII), the first of its kind in the country to assess enterprises in this regard, was launched on September 21.

Part of the Diem Thuy Industrial Park in Thai Nguyen province (Illustrative photo: VNA)

The index, introduced by the Vietnam Chamber of Commerce and Industry (VCCI) and UNDP Vietnam, has been designed for enterprises of all sizes, forms of ownership, sectors, and structures, regardless of whether they are a listed company, a domestic private company, a foreign invested firm, or a State-owned one.

It was built with support from FairBiz, a UNDP regional initiative funded by the British Government within the framework of the ASEAN Economic Reform Programme, which aims at promoting a fair business environment in Indonesia, Malaysia, Myanmar, Philippines, Thailand, and Vietnam.

Vietnam is one of the few countries with a higher position in the Corruption Perceptions Index released by Transparency International, jumping 26 places to 87th in 2021 from 113th in 2017. It is also an exception among ASEAN countries having moved up to the 88th position in the World Justice Project Rule of Law Index last year.

However, corruption still occurs in certain areas. A survey by VCCI and UNDP released last June showed that at least one in three enterprises engaging in public procurement reported informal payments to win contracts, heard the VBII launching ceremony in Hanoi.

VCCI Vice Chairman Nguyen Quang Vinh said sustainability is no longer an option but the only way for businesses to exist and develop at present and in the future, noting that the VBII is a new push to help Vietnamese enterprises move closer to international business transparency and integrity standards.

UNDP Deputy Resident Representative Patrick Haverman noted if used honestly and transparently by enterprises, the VBII will help improve the country’s stature and brand, create data and information-based trust, attract investment, generate property, and better people’s life quality.

Deputy British Ambassador Marcus Winsley said together with Vietnamese and international partners, the UK is ready to help Vietnam realise its commitments to create a fair business climate, effectively reform the economy, and make progress in many other fields, including climate change response, education, healthcare, and reform.