Business culture and leaders’ role model

Mr. Pham Dinh Doan, Chairman of the Phu Thai Group and Member of the 7th VCCI Executive Committee for the 2021-2026 term

>> Building New Business Ethics and Culture

Our report spoke with Mr. Pham Dinh Doan, Chairman of the Phu Thai Group and Member of the 7th VCCI Executive Committee for the 2021-2026 term, regarding this topic.

Mr. Doan stated that, as a member of the VCCI Executive Committee, he agrees with the VCCI's position: identifying, building, and practicing business culture is an urgent task and a long-term strategy in building and promoting a team of Vietnamese entrepreneurs and enterprises in the new context.

- Could you kindly provide your thoughts on business culture, which is regarded to be the essential aspect that drives business philosophy, consumer beliefs, and is the core value for organizations to build, sustain, and develop their brand?

After more than 30 years of innovation, Vietnamese entrepreneurs have grasped the importance of developing and implementing a business culture. This not only provides a positive atmosphere for employees and encourages them to stay with the company, but it also helps firms better integrate globally and enter into partnership and joint ventures with foreign partners.

Business culture fosters cultural coherence and legal norms in domestic cooperation. Entrepreneurs must today practice business integrity not just for the success of their businesses, but also for the development of the country as a whole.

- To establish a business culture, an entrepreneur must consider morals as a root as well as a foundation, and development aspiration as an aim, sir?

Of course! We hear a lot about intellectual entrepreneurs who are well-trained. In all schools, it is also discussed how to establish and expand a business in a sustainable manner. You must do so in accordance with the law, methodically, professionally, and globally. To compete in a healthy way, it is also crucial to have solid management abilities, and of course, establishing and exercising business culture to sustainably expand a firm according to the law is extremely important in the present new phase.

- Business culture adoption has not been widely implemented among Vietnamese firms. What are reasons for this, in your opinion?

If before, Vietnamese firms operated on the basis of experience, relationships, and mutual assistance, businesses have now progressed to a new stage: establishing business culture.

Business transparency, on the other hand, requires time. Furthermore, not only entrepreneurs but also workers and government agencies must agree on the development and implementation of business culture.

- The Phu Thai Group has a well-developed business culture. Can you determine which factors have a direct impact on business culture in the new context?

Phu Thai is a multi-industry corporation. We do not rely on family members or friends, but the majority of top managers are hired. We foster a fair, straightforward, and transparent work environment and encourage workers to actively offer ideas and creativity in order to jointly construct a healthy business.

Many of our top personnel have been with Phu Thai for decades, dating back to the company's start.

>> Spreading the new generation entrepreneurs’ values

- Could you share your thoughts so that other firms may recognize that developing and executing a Vietnamese enterprise's business culture is truly vital, not simply promotional, especially in this current context?

Vietnam has now signed 17-18 FTAs. As a result, it is critical for Vietnamese businesses to take advantage of such FTAs in order to export their goods or services. One of the factors that must be met is manpower dedication, employee care, and corporate transparency. So, it is critical for Vietnamese businesses to develop a business culture in order to penetrate the global market.

- Thank you!