The first phase of FairBiz is coming to an end. The project, supported by the UK Government, started in 2018 and involved many partners and stakeholders in ASEAN, especially companies from the private sector, many of whom have highlighted the positive impact of FairBiz on their company's operations. One such entity is Vietnam International Maritime Corporation (former Vinalines), and we are proud to present Ms Do Thanh Thuy, Vice Director of Internal Audit Department at Vietnam International Maritime Corporation, as our first "Business Integrity Champion".
Through the FairBiz Project and in collaboration with the Vietnam Chamber of Commerce and Industry, UNDP Vietnam provided technical assistance to VIMC to develop and improve internal controls mechanisms and a code of conduct.
What does the word integrity signify for you?
In my opinion, integrity is the core element; it is the basic quality of business ethics and business culture. Doing business with ethics and integrity builds solid trust with investors and partners.
How has FairBiz supported your goal towards more business integrity?
FairBiz project and UNDP Vietnam, in collaboration with the Vietnam Chamber of Commerce and Industry, has supported our company's goal towards more business integrity being in compliance with laws and regulations. Supporting VIMC in providing financial and operating information to shareholders.
Therefore, we would avoid legal risks arising from misconduct. Moreover, it has helped us better understand doing the right thing and doing things right.
Why did you decide to adopt a code of conduct, and how is it impacting your business? Which categories were the most affected (clients, employees, suppliers or investors)?
Under the guidance of the Vietnam Chamber of Commerce and Industry, we decided to adopt the Code of Conduct as a strategic tool to implement our company's core values, such as discipline, integrity, creativity, accountability. The code of conduct will prevent violations in professional and business ethics and promote the business spirit of integrity and responsibility of VIMC. The Code of Conduct also clearly defines each VIMC members' obligations and responsibilities towards the company, the law and third parties. Finally, we will enhance our image, and earn the trust of our customers, partners, and government agencies.
How can FairBiz support state-owned enterprises in improving business integrity?
FairBiz can give valuable recommendations to the Vietnamese government on the establishment of state's policies and corporate governance's regulations, facilitating more integrity and less corruption. Moreover, events organized by FairBiz with the participation of state-owned enterprises could raise awareness about integrity in business. FairBiz can also provide recommendations on how state agencies could increasingly supervise the business integrity of these enterprises.
What are the benefits of FairBiz support to VIMC's internal control systems?
Our internal control systems have benefited from the FairBiz support in many ways, by reaching performance and profitability targets and by preventing loss or waste of resources which are limited. Supporting reliable financial and operational reporting. We improved our compliance with laws and regulations. Finally, we established 3 methodologies and enhanced the internal audit function.
Has it improved transparency in your work?
It has improved transparency in our work, and internal audit function plays a very important role in promoting, contributing to our organization's transparent environment.