Preliminary Assessment of the Regulatory Framework on Responsible Business Practice in Viet Nam

Posted October 21, 2020

Businesses play an important role in the economic development of Viet Nam through contributions to tax revenue, employment, and by improving standards of living for large numbers of Vietnamese people. However, rapid business-led economic growth brings with it a unique set of not only opportunities but also risks of negative impacts on social and environmental development. These impacts extend across workers, consumers, communities, and natural resources critical for local livelihoods.

Where business is free to pursue its economic interests without effective regulation, respect for social and environmental standards can be undermined. Key to finding the balance between Viet Nam’s continued economic growth, and sustainable development, is the promotion of responsible business practice.

The Preliminary Assessment of the Regulatory Framework on Responsible Business Practice is undertaken as part of the Responsible Business Project of UNDP Viet Nam, in collaboration with the Ministry of Justice, in partnership with the Government of Sweden. The aim of the Project is to advance responsible business practice in Viet Nam, including through the development of a National Action Plan on Responsible Business Practice.

The Assessment published on 19 October 2020 is the first step in this regard, providing a preliminary analysis of laws and policies as they pertain to upholding international social and environmental standards in the context of business activity. 

Download a copy of the Preliminary Assessment here.

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