Over the past 40 years of reform, Vietnam’s private economic sector has grown significantly, contributing to GDP, job creation, and international economic integration. For the first time, Resolution 68-NQ/TW, issued on May 4, 2025, identifies the private economy as the main driver of the national economy. This marks a significant shift in thinking, as the private sector is now recognized alongside state and collective economies as a pillar of Vietnam’s socialist-oriented market economy. Entrepreneurs are described as “soldiers on the economic front,” playing a central role in innovation, job creation, and social development.
However, to fulfill this mission, entrepreneurs must build and practice strong ethical values. In an era where transparency, social responsibility, and community trust are critical, business ethics are no longer optional but essential for sustainability. Issues like financial fraud, environmental destruction, or consumer rights violations undermine trust and harm the broader economy. Vietnam has introduced standards, such as the “Vietnam Business Culture Criteria,” which emphasize compliance with laws, fair trade, and social responsibility.
Experts highlight global examples, such as Japan’s “Monozukuri” craftsmanship philosophy and Germany’s commitment to social responsibility, as models for Vietnamese businesses. Companies like Vinamilk and Vingroup demonstrate how integrating business with social responsibility can drive success. However, challenges remain, as many small and medium-sized enterprises still prioritize short-term profits over ethical practices. Strengthening business ethics requires systemic changes, including education, policy reforms, and the adoption of international standards like ESG (Environmental, Social, and Governance).
— new from Vietnam.vn