Hanoi(VNS/VNA) - During the era of the fourth Industrial Revolution, buildingcorporate culture is mandatory if an enterprise wants to develop sustainably,said Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu TienLoc.

Loc made the statement at the forum “Corporate Culture in the era of the fourthIndustrial Revolution (Industry 4.0)”, co-organised by VCCI, Audit and Advisoryfirm Deloitte Vietnam and the Hanoi Association for Women Entrepreneurs (HNEW)to help businesses build strong corporate cultures to continue to grow in thenew stage of the economy.

The programme attracted nearly 200 participants, including economic experts,business leaders and socio-occupational organisations.

“The development of a business does not rely only on technology investments butalso on the enhancement of corporate culture,” Loc said.

“Industry 4.0 has been spreading and creating drastic and dramatic changes allover the world with strong influence all sectors and all economies. With thetrend of international integration, Industry 4.0 opens many opportunities butalso poses many challenges for enterprises to improve their competitiveness,management and development, technology and especially corporate governance, inwhich corporate culture is considered as an important factor for building asustainable enterprise,” he said.

 “Industry 4.0 is the big wheel thatpushes businesses to jump higher and further but if firms are not developingthemselves in a comprehensive manner, they can also be also crushed under thisgiant wheel,” he added.

Building a good business culture in the 4.0 era helps businesses harmonise andcreate good cooperation between people and robots in the workplaces, thustaking advantage of the opportunities offered by the Fourth IndustrialRevolution, he said.

Loc added that corporate culture and business ethics in a market economy arekey factors that determine success. Vietnamese enterprises need to improve notonly their competitiveness in capital, business strategy, technology,productivity, quality, efficiency and design but also reputation, brand andbusiness ethics.

Ha Thu Thanh, Chief Executive Officer of Deloitte Vietnam, said Industry 4.0would also bring great opportunities for all types of businesses, especiallysmall and medium-sized enterprises (SMEs).

“SMEs can adapt quickly to grasp the opportunities of the Industry 4.0 if theyare truly aware that corporate culture and core values determine the competitive strength of abusiness. It is important for businesses to grow sustainably in the 4.0 era,”Thanh said.

Gian Tu Trung is president of the Institute for Research on EducationalDevelopment (IRED) cum founder and chairman of PACE Institute of Leadership andManagement, Vietnam’s leading business education institute.

Local enterprises need to know that corporate culture management is a basicmethod of corporate management and the basis for innovation and development ofnew technologies, he said. It also enhances the role, responsibility andauthority of firm leaders, Trung added.

Besides building corporate culture, local firms should pay attention tobusiness ethics. According to Trung, together with corporate culture, businessethics increases the prestige of enterprises.

He said that in any situation, enterprises must maintain business ethics. Ifthey maintain business ethics in a difficult period, they affirm their brandand prestige.-VNS/VNA