Implementing corporate social responsibility in Vietnam - Challenges and recommendations

Abstract

As ofVietnam’s economic position and stature on the international stage steadily improve, the investment waves’ shift from traditional countries to Vietnam is considered as an inevitable consequence. However, to become a long-term and reliable partner for big investors, especially for multinational and transnational companies or groups, Vietnamese businesses need to prepare carefully in many different aspects, among which, the synchronous and effective awareness and implementation on corporate social responsibility has emerged as an urgent requirement. The article clarifies some core theoretical aspects of corporate social responsibility; pointing out current challenges and barriers in building and implementing corporate social responsibility for Vietnamese enterprises. The article simultaneously provides recommendations to improve the theoretical basis as well as the implementation mechanism for corporate social responsibility in Vietnam for the sake of prosperous and sustainable development.