Vietnam’s Prime Minister Nguyen Xuan Phuc has urged local enterprises to define their corporate culture and make it thrive on the global market, as he kick-started a national drive to develop Vietnamese business on Monday.

Addressing the local business community in Hanoi, the premier questioned what the culture distinctions of Vietnamese enterprises are, and added that “this is the question every company has to ask itself.”

“Corporate culture is the core of every brand, and is a sustainable factor that makes a business stand out from others,” he said.

“Strong businesses are a valuable asset to the country… this is why Vietnam’s government is paying particular attention to business culture and business ethics.”

For that reason, the premier added, the Vietnamese government has launched a drive encouraging local businesses to define their own corporate culture in order to increase the overall competitiveness of Vietnamese enterprises compared to global peers.

The drive was launched after Vietnam selected November 10 as the Vietnamese Business Culture Day.

Corporate culture refers to the beliefs and behaviors that determine how a company's employees and management interact and handle outside business transactions.

“This is what makes the difference between two companies that make the same products using the same technology,” the premier explained.

“Despite the similarities in product and technology, customers may choose this firm but not the other, for they trust the company’s business beliefs, ethics and professionalism.”

The premier stressed that developing corporate culture is essential for Vietnamese companies.

“This is why South Korean and Japanese restaurants can win over diners all around the world, and why such business groups as Toyota, Sony, Samsung, Apple, and Ford can overcome crises and exist for decades,” he said.

So what are the cultural distinctions of Vietnamese businesses?

“The distinctive features of American companies may be their openness, liberation and practicality, while Japanese businesses may be disciplined and dedicated, South Korea, loyal and responsible, and Germany, accurate and prudential,” the premier said.

“So what about Vietnamese businesses?”

PM Phuc said that every local business should pose this question to itself and find the answer.

In his speech, the premier reviewed some of the big names in Vietnam’s business community, including the multifaceted FPT Group and dairy producers Vinamilk and TH True Milk, as models worth following thanks to their sustainable development.

PM Phuc also said that the core of corporate culture for Vietnamese businesses should be integrity, creativity, professionalism, loyalty and environmental responsibility.

“Businesses that cause environmental pollution, using child laborers, mistreating employees and avoiding taxes are all ‘socially irresponsible’ firms that will be boycotted by local and international consumers, sooner or later,” he pressed.