Overview of CSR
Economic responsibility is fundamental for businesses, focusing on profit maximization, enhancing competitiveness, improving efficiency, and fostering growth These elements are essential as a business is primarily established to generate profit for the entrepreneur.
The development of Corporate Social Responsibility (CSR) at Vinamilk, Vietnam's leading dairy products joint stock company, emphasizes the importance of prioritizing business functions to effectively contribute to society Economic responsibility serves as the foundation of CSR, with other responsibilities building upon this core principle By integrating CSR into its operations, Vinamilk not only enhances its business performance but also fosters sustainable development and positive social impact.
Economic Responsibility | IGI Global, n.d.) (Learn About Economic Model Of Social Responsibility | Chegg.Com, n.d.)
Legal responsibility, or the obligation to adhere to laws, forms a crucial aspect of the relationship between businesses and society The government is tasked with establishing social and ethical standards within legal frameworks, which businesses then follow to achieve their economic objectives Together with economic responsibility, legal responsibility constitutes two essential pillars of Corporate Social Responsibility (CSR).
Responsibility [CSR] Law and Legal Definition | USLegal, Inc., n.d.)
Ethical responsibility encompasses the standards and norms recognized by society that are not yet codified in law As social norms evolve, legal frameworks can struggle to keep pace, meaning that the law often cannot fully capture the ethical expectations of the community Consequently, legal compliance represents the baseline obligation for businesses However, organizations are encouraged to go beyond mere legal adherence by embracing ethical responsibilities, which, while voluntary, are integral to Corporate Social Responsibility (CSR) This includes practices such as ensuring fair pay for overtime, fostering positive customer relationships, and enhancing overall reputation.
Responsibility | Global Learning Qualifications Framework | SUNY Empire State College, n.d.)
Philanthropic responsibility refers to the voluntary activities undertaken by businesses that go beyond societal expectations, such as donating to orphanages or sponsoring student scholarships Unlike ethical responsibilities, which are often seen as mandatory, philanthropic efforts are entirely voluntary, meaning that companies can meet their corporate social responsibility (CSR) obligations without engaging in these charitable acts.
The development of Corporate Social Responsibility (CSR) at Vinamilk, Vietnam's leading dairy products joint stock company, highlights the company's commitment to ethical and philanthropic responsibilities Vinamilk has implemented various initiatives aimed at promoting sustainability and community welfare, ensuring that its business practices align with social and environmental standards By focusing on responsible sourcing, environmental protection, and community engagement, Vinamilk not only enhances its corporate image but also contributes positively to society This dedication to CSR reflects the growing importance of ethical business practices in the Vietnamese dairy industry, positioning Vinamilk as a leader in sustainable development.
(Thacker, 2019) (Corporate Social Responsibility (CSR), n.d.)
Reasons that businesses perform social responsibility
Every business must prioritize environmental protection, adhere to waste treatment standards, and ensure employee rights and benefits Additionally, producing safe products for consumers and meeting supplier obligations are essential for maintaining shareholder interests Companies that excel in social responsibility not only fulfill these obligations but also gain a competitive edge in the market.
For an enterprise to survive and prosper, it must focus on societal benefits alongside its own interests, as business and society are interconnected and mutually supportive in their development.
Corporate Social Responsibility (CSR) encompasses various aspects of how businesses interact with stakeholders, including producers, marketers, consumers, local suppliers, employees, and shareholders It involves a commitment to protecting natural resources and the environment, while also addressing the broader responsibilities towards community interests This includes engaging in humanitarian efforts, charitable activities, and donations aimed at fostering the overall development of society and the nation.
The development of Corporate Social Responsibility (CSR) at Vinamilk, Vietnam's leading dairy products joint-stock company, reflects a commitment to sustainable practices and community welfare Vinamilk has integrated CSR into its core business strategies, focusing on environmental protection, social equity, and economic growth The company actively engages in initiatives that support local farmers, promote health and nutrition, and contribute to education and community development By prioritizing CSR, Vinamilk not only enhances its brand reputation but also fosters long-term relationships with stakeholders, driving both business success and positive societal impact.
CHAPTER 2: IMPLEMENTATION OF SOCIAL RESPONSIBILITIES AT VIETNAM DAIRY PRODUCTS JOINT STOCK COMPANY VINAMILK
2.1 Overview about Vietnam Dairy Products Joint Stock Company Vinamilk
Founded in 1976, the company emerged by acquiring three dairy factories from the previous regime, which include the Thong Nhat Dairy Factory (formerly known as Foremost), the Truong Tho Dairy Factory (previously Cosuvina), and the Dielac Powdered Dairy Factory (originally part of Nestlé).
The company's head office is at No 10 Tan Trao Street, Tan Phu Ward, District 7,
Ho Chi Minh City The organizational structure includes 17 affiliated units and one office. The total number of employees is 4,500 people.
Vinamilk is a leading producer in Vietnam's dairy industry, specializing in the production and trading of various milk and dairy products, including liquid milk, powdered milk, condensed milk, yogurt, ice cream, and cheese The company has also expanded into the beverage segment Domestically, Vinamilk commands a significant market share, accounting for 75% of the Vietnamese dairy market, while also exporting its products to international markets such as Australia, Cambodia, Iraq, the Philippines, and the US Through its dedicated efforts, Vinamilk has established itself as the top dairy producer in Vietnam in terms of sales and production output.
Vinamilk was voted top 5 largest enterprises in Vietnam, top 200 largest enterprises in Asia Vinamilk has achieved these results because of having the right vision and business philosophy:
- Vision: "To become the number one belief symbol in Vietnam about nutrition and health products serving human life".
- Mission: “Vinamilk is committed to providing the community with the best and most quality nutrition with its respect, love, and high responsibility for human life and society”.
+ Integrity: Integrity, Honesty in conduct and all transactions;
+ Respect: Respect yourself, respect your colleagues, respect the company, respect your partners, cooperate in respect;
The development of Corporate Social Responsibility (CSR) at Vinamilk, Vietnam's leading dairy products joint-stock company, reflects a commitment to sustainable practices and community welfare Vinamilk's CSR initiatives focus on environmental sustainability, supporting local farmers, and enhancing the quality of life for consumers By integrating social responsibility into its business model, Vinamilk aims to promote ethical practices while driving economic growth The company's efforts not only contribute to its brand reputation but also foster a positive impact on the community and environment, aligning with global CSR standards.
+ Fairness: Be fair to employees, customers, suppliers, and other stakeholders; + Compliance: Comply with the Law, the Code of Conduct, and the Company's regulations, policies, and regulations;
+ Ethics: Respect established standards and act ethically.
Vinamilk aims to be the leading dairy brand across all regions, prioritizing quality and innovation as core values The company places customers at the heart of its operations, ensuring that all their needs are met With a vision to rank among the top 30 largest dairy companies globally by revenue, Vinamilk is dedicated to its growth and customer satisfaction.
Vinamilk Việt NamChiến lược phát triển | Vinamilk Việt Nam - Vinamilk, n.d.-a) (Công ty Vinamilk | Vinamilk Việt Nam - Vinamilk, n.d.) (Lịch sử phát triển | Vinamilk Việt Nam - Vinamilk, n.d.)
2.2 Current status of CSR implementation at Vinamilk
Vinamilk has proactively engaged in corporate social responsibility (CSR) initiatives, guided by its Code of Conduct, which was officially adopted in January 2010 However, the company had already been implementing CSR-related policies for many years prior These policies encompass a wide range of stakeholders, including shareholders, investors, employees, suppliers, customers, and the community, as well as a commitment to environmental sustainability.
5de3a6cc3ae07fc9ec8e0cef7b1d74ba5bb0e7de0512377edfe83cca2c725c73.Pdf, n.d.)
Vinamilk always keeps in mind that respecting mutual benefits is an important and essential motto in Vinamilk's relationship with partners, investors, and shareholders.Whereby:
The development of Corporate Social Responsibility (CSR) at Vietnam Dairy Products Joint Stock Company, Vinamilk, highlights the company's commitment to ethical practices and sustainable growth Vinamilk has integrated CSR initiatives into its business model, focusing on community welfare, environmental sustainability, and transparency By promoting responsible sourcing and production methods, Vinamilk aims to enhance its brand reputation while contributing positively to society The company's efforts in CSR not only support local communities but also align with global standards, demonstrating its leadership in the dairy industry in Vietnam.
• Partners: Vinamilk is committed to respecting the interests of partners and making efforts to protect assets and human resources participating in cooperation, joint ventures, and association.
• Investors: Vinamilk is committed to creating equal investment opportunities for all investors in exchanging and disclosing information and creating a transparent business environment by publicizing the investor selection process.
• Shareholders: Vinamilk's principle is to consider the interests of shareholders as its own.
Vinamilk is dedicated to treating its partners, investors, and shareholders with fairness and integrity, ensuring transparency by providing them with accurate information The company also prioritizes the confidentiality of private information for all stakeholders, disclosing such data only when mandated by law enforcement agencies.
(VnExpress, n.d.) (Nhà cung cấp của Vinamilk | Vinamilk Việt Nam - Vinamilk, n.d.)
Vinamilk is committed to transparency by providing clear and honest financial statements and annual reports to its partners, investors, and shareholders The company maintains an open communication channel through its annual general meetings, updates on its website (http://vinamilk.com.vn/), and regular newsletters Additionally, Vinamilk enhances its engagement with shareholders and potential investors by maximizing the effectiveness of its Investor Relations (IR) department.
The Investor Relations (IR) department at Vinamilk is dedicated to delivering clear and transparent information to investors regarding the company's market position, strategies, and value creation initiatives Additionally, Vinamilk's IR team actively engages with investors to gather feedback, ensuring that their insights and concerns are acknowledged and addressed.
The development of Corporate Social Responsibility (CSR) at Vinamilk, Vietnam's leading dairy products joint stock company, reflects a strategic approach to align the interests of the company with those of its investors and shareholders By prioritizing sustainable practices and community engagement, Vinamilk not only enhances its brand reputation but also fosters investor confidence, ensuring a balanced relationship that supports long-term growth and profitability This commitment to CSR is essential for maintaining the trust and loyalty of stakeholders in an increasingly competitive market.
Vinamilk prioritizes the interests of its shareholders by ensuring that capital increases do not require additional contributions from them For instance, during the 2010 charter capital increase, the company opted to enhance its capital through bonus shares derived from surplus funds, rather than imposing financial burdens on its shareholders.
According to the code of conduct, Vinamilk implements CSR standards for employees by ensuring three basic principles: respect, fairness, and working environment. Specifically:
IMPLEMENTATION OF SOCIAL RESPONSIBILITIES AT
Overview about Vietnam Dairy Products Joint Stock Company Vinamilk
Founded in 1976, the company emerged by acquiring three dairy factories previously operated under the old regime: Thong Nhat Dairy Factory (formerly known as Foremost), Truong Tho Dairy Factory (previously Cosuvina), and Dielac Powdered Dairy Factory (originally Nestle).
The company's head office is at No 10 Tan Trao Street, Tan Phu Ward, District 7,
Ho Chi Minh City The organizational structure includes 17 affiliated units and one office. The total number of employees is 4,500 people.
Vinamilk is a leading dairy producer in Vietnam, specializing in the production and trading of a wide range of milk and dairy products, including liquid milk, powdered milk, condensed milk, yogurt, ice cream, and cheese The company has also expanded into the beverage segment Domestically, Vinamilk dominates the market, holding a 75% share of Vietnam's dairy sector, while also exporting its products to international markets such as Australia, Cambodia, Iraq, the Philippines, and the United States Through its dedicated efforts, Vinamilk has established itself as the top producer in terms of both sales and output in the Vietnamese dairy industry.
Vinamilk was voted top 5 largest enterprises in Vietnam, top 200 largest enterprises in Asia Vinamilk has achieved these results because of having the right vision and business philosophy:
- Vision: "To become the number one belief symbol in Vietnam about nutrition and health products serving human life".
- Mission: “Vinamilk is committed to providing the community with the best and most quality nutrition with its respect, love, and high responsibility for human life and society”.
+ Integrity: Integrity, Honesty in conduct and all transactions;
+ Respect: Respect yourself, respect your colleagues, respect the company, respect your partners, cooperate in respect;
The development of Corporate Social Responsibility (CSR) at Vinamilk, the Vietnam Dairy Products Joint Stock Company, highlights the company's commitment to sustainable practices and community engagement Vinamilk has integrated CSR into its core business strategies, focusing on environmental protection, social contributions, and ethical governance By prioritizing sustainable sourcing and production methods, Vinamilk not only enhances its brand reputation but also contributes positively to the local economy and society The company's initiatives in education, health care, and community development reflect its dedication to improving the quality of life for Vietnamese citizens Overall, Vinamilk's CSR efforts demonstrate a comprehensive approach to balancing business success with social and environmental responsibilities.
+ Fairness: Be fair to employees, customers, suppliers, and other stakeholders; + Compliance: Comply with the Law, the Code of Conduct, and the Company's regulations, policies, and regulations;
+ Ethics: Respect established standards and act ethically.
Vinamilk aims to be the leading dairy brand globally, prioritizing quality and innovation in all its products By placing customers at the heart of its operations, the company is dedicated to fulfilling their diverse needs With a vision to rank among the top 30 largest dairy companies worldwide by revenue, Vinamilk remains committed to excellence and customer satisfaction.
Vinamilk Việt NamChiến lược phát triển | Vinamilk Việt Nam - Vinamilk, n.d.-a) (Công tyVinamilk | Vinamilk Việt Nam - Vinamilk, n.d.) (Lịch sử phát triển | Vinamilk Việt Nam -Vinamilk, n.d.)
Current status of CSR implementation at Vinamilk
Vinamilk has actively engaged in Corporate Social Responsibility (CSR) initiatives, guided by its Code of Conduct, which was officially adopted in January 2010 Prior to this, the company had already implemented various CSR-related policies that later became integral to its Code These policies encompass commitments to shareholders, investors, and employees, as well as to suppliers, customers, and consumers, and extend to environmental and community responsibilities.
5de3a6cc3ae07fc9ec8e0cef7b1d74ba5bb0e7de0512377edfe83cca2c725c73.Pdf, n.d.)
Vinamilk always keeps in mind that respecting mutual benefits is an important and essential motto in Vinamilk's relationship with partners, investors, and shareholders.Whereby:
The development of Corporate Social Responsibility (CSR) at Vietnam Dairy Products Joint Stock Company, commonly known as Vinamilk, reflects the company's commitment to sustainable practices and community welfare Vinamilk has integrated CSR into its core business strategy, focusing on environmental protection, social equity, and economic growth Through various initiatives, the company aims to enhance the quality of life for its employees and contribute positively to society Vinamilk's CSR efforts not only support local communities but also bolster its brand reputation, aligning with global standards of corporate responsibility.
• Partners: Vinamilk is committed to respecting the interests of partners and making efforts to protect assets and human resources participating in cooperation, joint ventures, and association.
• Investors: Vinamilk is committed to creating equal investment opportunities for all investors in exchanging and disclosing information and creating a transparent business environment by publicizing the investor selection process.
• Shareholders: Vinamilk's principle is to consider the interests of shareholders as its own.
Vinamilk is dedicated to fair and transparent dealings with its partners, investors, and shareholders, ensuring they receive information in an honest manner The company also prioritizes the confidentiality of private information for all stakeholders, maintaining this privacy unless disclosure is mandated by law enforcement agencies.
(VnExpress, n.d.) (Nhà cung cấp của Vinamilk | Vinamilk Việt Nam - Vinamilk, n.d.)
Vinamilk is committed to transparency by providing clear and honest financial statements and annual reports to its partners, investors, and shareholders The company maintains open communication through various channels, including annual general meetings, updates on its website, and regular newsletters Additionally, Vinamilk enhances its Investor Relations (IR) efforts to engage effectively with shareholders and potential investors.
The Investor Relations (IR) department at Vinamilk is dedicated to delivering clear and transparent information to investors regarding the company's market position, strategies, and initiatives aimed at value creation and maintenance Additionally, Vinamilk's IR team actively listens to and incorporates feedback from investors to enhance communication and engagement.
The development of Corporate Social Responsibility (CSR) at Vietnam Dairy Products Joint Stock Company, Vinamilk, reflects a strategic approach to align the interests of the company with those of its investors and shareholders By fostering a strong CSR framework, Vinamilk aims to enhance its reputation, build trust, and ensure sustainable growth while addressing the psychological needs of its stakeholders This commitment to responsible business practices not only benefits the community but also strengthens investor confidence, ultimately contributing to the company's long-term success.
Vinamilk prioritizes the interests of its shareholders by implementing strategic financial decisions A notable example is the 2010 increase in charter capital, where the company opted to raise funds through bonus shares derived from surplus profits, rather than imposing additional contributions from shareholders.
According to the code of conduct, Vinamilk implements CSR standards for employees by ensuring three basic principles: respect, fairness, and working environment. Specifically:
Vinamilk prioritizes respect for the human rights and dignity of all employees, recognizing that integrity is a fundamental quality inherent in every individual This commitment to respect encompasses valuing and embracing each other's differences, as diverse perspectives enrich our workplace and foster a culture of collaboration.
• Fairness: Vinamilk is committed to treating employees fairly, which means:
- Fairness in assessing the capacity of employees despite the existence of different views and opinions at work.
Vinamilk's recruitment, work arrangements, and salary determinations for employees are grounded in a fair assessment of individual responsibility, abilities, self-expression, experience, and performance ratings.
- Vinamilk provides equal opportunities for employees in different aspects of labor:
- Firstly, is committed to setting appropriate work goals, always bringing satisfaction and challenges to each employee's ability.
- Second, is committed to providing training, coaching, and promotion opportunities to facilitate employee affirmation and development.
- Third, conduct performance evaluation to obtain frank and accurate feedback based on exchange (a280004, 2020) (Nhìn Lại 2020 Với Câu Chuyện Của Vinamilk: Khi
Trách Nhiệm Cộng Đồng Trở Thành Một Phần Trong Văn Hóa Doanh Nghiệp, n.d.)
The development of Corporate Social Responsibility (CSR) at Vinamilk, Vietnam's leading dairy products joint stock company, has significantly evolved over the years Vinamilk has integrated CSR into its core business strategy, focusing on sustainable practices that benefit both the community and the environment The company actively engages in initiatives that promote health, education, and welfare, demonstrating a commitment to social impact Through transparent operations and ethical business practices, Vinamilk has established itself as a responsible corporate citizen, enhancing its brand reputation while contributing to the socio-economic development of Vietnam.
Vinamilk is committed to fostering a secure, healthy, and welcoming workplace that attracts and retains talented individuals from diverse backgrounds.
At Vinamilk, every employee is empowered to explore and unlock their full potential, enabling them to achieve their personal goals while contributing to the company's success.
All employees enjoy optimal working conditions that support both their physical and mental well-being They are equipped with comfortable workspaces and necessary tools, fostering an environment where they can freely express their ideas and maximize their potential.
A supportive work environment fosters spiritual well-being by ensuring that every employee feels valued and respected It promotes opportunities for social interaction and enjoyment, embracing individual differences in talents and personalities.
Vinamilk prioritizes the health and safety of all employees by strictly adhering to regulations that promote well-being This commitment ensures that each individual is in optimal health, empowering them to fully develop their potential.
Vinamilk CSR implementation budget
Vinamilk allocates a significant budget, approximately 2% to 3% of its capital, for its corporate social responsibility (CSR) initiatives Each year, the company enhances this budget to boost the effectiveness of its CSR activities and programs.
Figure 2.1 : Budget for CSR activities of Vinamilk over the years (2008-2011)
=> The increase in the budget for CSR shows that Vinamilk is paying more and more attention to the implementation of corporate social responsibility Consider it as one of the
The Vietnam Dairy Products Joint Stock Company, known as Vinamilk, has made significant strides in developing Corporate Social Responsibility (CSR) initiatives These efforts not only enhance the company's competitiveness but also reflect its commitment to serving the community and society at large By prioritizing CSR, Vinamilk demonstrates its dedication to sustainable practices and social accountability, ultimately fostering trust and loyalty among consumers.
Evaluate the implementation of CSR of Vinamilk
The level of success of Vinamilk in implementing CSR
The social index assessment method evaluates a company's business ethics, employee satisfaction, customer satisfaction, and its positive impact on the community and environment Experts also utilize Key Performance Indicators (KPIs) to measure brand value, customer attraction and retention, company reputation, employer appeal, and employee retention rates.
Vinamilk's commitment to Corporate Social Responsibility (CSR) is driving its continuous business growth, evidenced by both financial and non-financial benefits that enhance its overall economic performance.
Vinamilk has strengthened its position and reputation in the industry by earning numerous prestigious national and international awards, which have fostered trust among investors, partners, and shareholders.
Over the past 40 years, emulation movements have empowered human resources, enabling Vinamilk to achieve remarkable growth rates Notably, since its equitization a decade ago, the company has seen an average sales increase of over 20% per year and a profit growth of 15% annually Vinamilk's contributions to the state budget have averaged over 3,000 billion VND per year, totaling more than 22 trillion VND (approximately 1.1 billion USD) since 2003 As a result, the company has risen to the top of its industry.
Vinamilk aims to become one of the top 50 best-listed companies in Vietnam by focusing on sustainable development and global outreach As part of the Top 100 most valuable companies in Southeast Asia and the Top 300 enterprises in Asia, Vinamilk is committed to a long-term development strategy that emphasizes innovation and excellence.
The Vietnam Dairy Products Joint Stock Company, known as Vinamilk, has significantly advanced its Corporate Social Responsibility (CSR) initiatives, positioning itself as one of the largest dairy companies globally by 2017, with impressive sales reaching 3 billion USD Through its commitment to sustainable practices and community engagement, Vinamilk not only enhances its brand reputation but also contributes positively to the Vietnamese economy and society.
THÀNH CÔNG CỦA VINAMILK NGÀY HÔM NAY, n.d.)
Since its inception, Vinamilk has earned numerous prestigious awards from both domestic and international organizations, including being honored three times consecutively as a National Brand The company received the Global Food Technology Award for liquid dairy products at the 2014 Food Science and Technology Conference in Montreal, Canada, and was ranked 1st among the Top 5 Vietnamese companies in the 300 most valuable enterprises in Asia in 2015 in Japan.
Vinamilk upholds strong values and ethical standards, demonstrating a commitment to social responsibility The company adheres to social behavior norms and voluntary actions that prioritize employee welfare and align with the cultural traditions of the nation, ensuring these principles are consistently recognized and enforced.
Vinamilk consistently excels in its operations while actively engaging in charitable initiatives The company's commitment to deep and impactful charity programs showcases its dedication to adhering to Corporate Social Responsibility (CSR) standards, reflecting a strong sense of community involvement.
Economic and philanthropic responsibility should be prioritized by businesses, as engaging in charitable activities not only fosters a positive community impact but also enhances the overall economy for both the businesses and the nation.
The development of Corporate Social Responsibility (CSR) at Vinamilk, the Vietnam Dairy Products Joint Stock Company, highlights the company's commitment to sustainable practices and community welfare Vinamilk has implemented various initiatives aimed at enhancing environmental sustainability, supporting local farmers, and promoting health and nutrition among consumers By integrating CSR into its business strategy, Vinamilk not only boosts its brand reputation but also contributes positively to society, aligning its operations with global standards of corporate responsibility.
RECOMMENDATIONS FOR ADVANCED CSR
Implementing corporate social responsibility (CSR) is essential for enhancing business competitiveness and benefiting society To effectively support businesses in fulfilling their social responsibilities, it is crucial to adopt specific strategies that promote integration and collaboration.
To enhance awareness of "Corporate Social Responsibility" and the Code of Conduct, it is essential to strengthen information dissemination and advocacy across various channels This will ensure that individuals, especially those in businesses, management, and macro policymaking, comprehend the true significance of these concepts.
Conducting investigations, surveys, and practical studies at enterprises that have adopted or plan to adopt the Code of Conduct is essential, particularly in industries involved in exporting Vietnam's key products such as leather shoes, textiles, and frozen seafood This approach aims to identify the advantages, challenges, and barriers faced by these enterprises, ultimately leading to the development of effective solutions for successful implementation.
The government must establish supportive mechanisms and policies to enable businesses to meet their social responsibilities effectively Implementing social responsibility and adhering to the Code of Conduct often require significant investments, particularly in enhancing labor conditions and environmental sanitation These financial burdens can be challenging for many companies; therefore, preferential policies, including loans from development support and trade promotion funds, are essential to alleviate these costs and encourage compliance.
Professional associations like the Industry and Trade Association and the Vietnam Chamber of Commerce and Industry play a crucial role in promoting social responsibility among businesses They provide essential information on the Code of Conduct and offer guidance to companies in implementing these standards As Vietnam undergoes industrialization and modernization, the commitment of enterprises to social responsibility is increasingly evident, particularly in their efforts to protect the environment.
The development of Corporate Social Responsibility (CSR) at Vinamilk, the Vietnam Dairy Products Joint Stock Company, reflects a commitment to ethical practices and sustainable growth Vinamilk has implemented various CSR initiatives aimed at enhancing community welfare, promoting environmental sustainability, and ensuring product quality By prioritizing social responsibility, Vinamilk not only strengthens its brand reputation but also contributes positively to the Vietnamese economy and society The company's ongoing efforts in CSR demonstrate its dedication to making a meaningful impact while fostering long-term relationships with stakeholders.
To enhance environmental protection, it is essential to strengthen the legal framework with robust sanctions that effectively deter violators Furthermore, establishing a comprehensive environmental management system in factories and industrial parks that aligns with international standards is crucial This should be complemented by rigorous supervision to promote a healthier and more sustainable environment for all.
To enhance environmental protection, it is crucial to strengthen the understanding of the situation through thorough inspections and supervision This involves close collaboration among specialized agencies, particularly between environmental inspection teams and environmental police at all levels Such coordination aims to effectively detect, prevent, and address actions by organizations and individuals that contribute to environmental pollution.
The thorough appraisal and assessment of environmental impacts for investment projects are crucial, enabling specialized agencies to provide accurate advice to authorities on whether to grant investment licenses Decisions regarding these projects must carefully balance immediate benefits against long-term environmental consequences Additionally, it is essential to implement planning and investment projects transparently, allowing organizations and citizens to engage in social criticism concerning their environmental impacts.
The development of Corporate Social Responsibility (CSR) at Vinamilk, Vietnam's leading dairy products joint stock company, reflects a commitment to sustainable practices and community engagement Vinamilk has integrated CSR into its business strategy, focusing on environmental protection, social welfare, and ethical governance By investing in local communities and promoting health and nutrition, Vinamilk aims to enhance its brand reputation while contributing positively to society The company's efforts in CSR not only support its growth but also foster a culture of responsibility among its employees and stakeholders, positioning Vinamilk as a role model in the industry.
The research elucidates the theoretical framework of Corporate Social Responsibility (CSR), encompassing various categories, concepts, and elements that underscore its advantages for businesses and assessment methods It offers a scientific analysis of the resources available to Vietnamese enterprises for CSR implementation, focusing on two primary sources: internal resources and external resources Furthermore, the study stresses the importance of fostering internal resources while simultaneously leveraging the opportunities presented by external resources for optimal CSR engagement.
Recent research on Corporate Social Responsibility (CSR) implementation at Vinamilk reveals encouraging outcomes, highlighting the company's effective CSR practices The initiatives undertaken by Vinamilk not only yield significant advantages for the business itself but also contribute positively to the broader community.
The study has identified key solutions for small and medium businesses, emphasizing that the business community plays a crucial role in developing and implementing Corporate Social Responsibility (CSR) initiatives in Vietnam Additionally, collaboration between the state, society, and the business community is essential for achieving effective and practical CSR solutions.
The development of Corporate Social Responsibility (CSR) at Vinamilk, Vietnam's leading dairy products joint-stock company, reflects its commitment to sustainable practices and community welfare Vinamilk has implemented various initiatives aimed at enhancing environmental sustainability, promoting health and nutrition, and supporting local farmers By integrating CSR into its core business strategy, Vinamilk not only strengthens its brand reputation but also contributes positively to society and the economy This approach positions Vinamilk as a responsible leader in the dairy industry, fostering trust among consumers and stakeholders alike.
5 Reasons Why Social Responsibility Matters in Business (2013, February 22) The
Borgen Project https://borgenproject.org/5-reasons-why-social responsibility-matters-in- business/
1447926623- 5de3a6cc3ae07fc9ec8e0cef7b1d74ba5bb0e7de0512377edfe83cca2c725c73.pdf (n.d.).
Vinamilk's strategic human resource management is detailed in a report retrieved on November 13, 2021 The document highlights the company's approach to enterprise management software, emphasizing its role in streamlining operations and enhancing productivity MISA AMIS also outlines the importance of aligning human resource strategies with overall business goals, showcasing Vinamilk's commitment to effective workforce management For more insights, visit the MISA AMIS website.
Arguments for and against Social Responsibility of Business (n.d.) Retrieved
November 13, 2021, from https://accountlearning.com/arguments-social-responsibility- business/
Chiến lược phát triển | Vinamilk Việt NamChiến lược phát triển | Vinamilk Việt Nam—
Vinamilk (n.d.-a) Retrieved November 13, 2021, from https://www.vinamilk.com.vn/vi/chien-luoc-phat-trien
Chiến lược phát triển | Vinamilk Việt NamChiến lược phát triển | Vinamilk Việt Nam— Vinamilk (n.d.-b) Retrieved November 13, 2021, from https://www.vinamilk.com.vn/vi/chien-luoc-phat-trien
Công ty Vinamilk | Vinamilk Việt Nam—Vinamilk (n.d.) Retrieved November 13, 2021, from https://www.vinamilk.com.vn/vi/ve-cong-ty
Corporate Social Responsibility (CSR) (n.d.) Corporate Finance Institute Retrieved
November 13, 2021, from https://corporatefinanceinstitute.com/resources/knowledge/other/corporate-social- responsibility-csr/
Corporate Social Responsibility [CSR] Law and Legal Definition | USLegal, Inc (n.d.).Retrieved November 13, 2021, from https://definitions.uslegal.com/c/corporate-social- responsibility-c-s-r/