During a discussion within the framework of the 14th National Assembly (NA)’s fifth working session, currently underway in Hanoi, Prime Minister Nguyen Xuan Phuc highlighted the country’s achievements in socioeconomic development, diplomacy, national security and defense, and anti-corruption efforts. He signed a decision in late May saying that the government will strive for GDP growth of 6.8 per cent in 2019. 

   This fifth session takes place in the middle of 2018 - an important year in the 2016-2021 NA tenure. The session’s working agenda is therefore of significance and will contribute to the continued successful implementation of the Party, NA, and government’s resolutions as well as the country’s rapid and sustainable socioeconomic development. The Prime Minister also expressed his delight at Vietnam’s national competitiveness and business environment rankings. 

   The country’s achievements in the first half of this year create momentum for set targets to be reached. In a piece of good news for the economy, Fitch Ratings upgraded Vietnam’s sovereign credit rating from BB- to BB on robust economic growth and rising foreign exchange reserves, bringing it closer to investment grade. The upgrade reflects Vietnam’s improved policy making, aimed at strengthening macroeconomic stability. 

   The business community will define the future of Vietnam’s economy in the coming decades and will be an important driving force in achieving prosperity. Businesses, both local and foreign and big and small, have increasingly recognized the importance of corporate social responsibility (CSR) activities, acknowledging that successful CSR programs not only help them from a business perspective but can also mean a great deal from a social perspective. 

   Our Cover Story this month reports on CSR activities conducted by the country’s business community. It’s clear that businesses are also now paying greater attention to the concept of CSV (Creating Shared Value), which could be called a new form of CSR, to create shared values that are good for society, the community, and the company. 

   Issues of concern while implementing CSR strategies in Vietnam include how businesses perceive them and the lack of management capacity to develop such strategies. Businesses, though, have shown a willingness to pursue long term commitments to sustainable development in Vietnam, and this includes CSR.