Corporate Social Responsibility (CSR). It’s a term that has gained popularity with companies throughout the world in an effort to balance the benefit of corporations and the communities they serve.
The University of Edinburgh succinctly defines the term and describes its importance in the following excerpt, “CSR aims to ensure that companies conduct their business in a way that is ethical. This means taking account of their social, economic and environmental impact, and consideration of human rights… There have been increased demands from employees, customers and government bodies for businesses to be more open about their activities and to reach, and maintain, acceptable standards in their business practice. For employers, CSR is now seen as an important way to increase competitive advantage, protect and raise brand awareness and build trust with customers and employees.”
More and more companies are evaluating how they can improve their relations with the communities they operate within, as well as their impact on the environment and in the world. THP has always been a strong believer in CSR—giving something back is the right thing to do. Our third company core value is to be a responsible member of the Vietnamese community and society—a duty we take seriously.
While our company does not have a fixed CSR budget, nor does it allocate a set percentage of revenues, it is a known priority amongst our leadership and employees. Because it is embedded in one of our core values, it is widely understood that we are interested and eager to consider all suggestions and proposals that meet our criteria. Specifically, we want to improve the lives of young people, particularly in rural areas. We also target long-term development.
We believe it is critical for every company steward to make a lasting contribution to the community, particularly towards young people so that the next generation has as many opportunities as possible. To that end, we heavily invest in supporting social activities throughout the nation. These corporate social responsibility activities include building bridges for local communities, supporting athletic opportunities for young people, and sharing Vietnamese art and culture with the world.
Beyond the moral and ethical obligation we have to our community, CSR initiatives promote profits. Customers increasingly consider a company’s CSR practices when they make shopping decisions. In the end, CSR programs are a win-win for all stakeholders and an integral part of a company’s overarching strategy.