COMPANIES’ determination to contribute via corporate social responsibility (CSR) goals coupled with the support and active encouragement of Lao government bodies could bring big benefits to all sectors, a senior official told a forum in Vientiane.
The workshop, titled “Building Responsible Business for Companies - Can companies do well by doing good?” saw government officials, company representatives, and domestic and international business representatives in attendance.
“We are here today to listen and share ideas about CSR in Laos. The government has signed agreements with several international parties and organisations on the importance of CSR frameworks,” co-chair and Lao National Chamber of Commerce and Industry (LNCCI) vice president Valy Vetsaphong said at the event.
Government incentives are deemed indispensable to wholeheartedly encourage and attract companies and investors to pay more attention to the benefits that can augment profits in creating real and sustainable value for all stakeholders, she said.
Business should derive not only a wide range of benefits from operations but also recognise the need for social responsibility contributions.
“Some SMEs have not yet been able to implement their planned CSR efforts effectively, while other larger companies have accomplished a textbook operation,” she said.
Valy said government policy on CSR already existed, but added that incentives provided by the government could include special tools to encourage more companies to practise CSR actively.
“Let’s say the government should provide companies with additional policy measures, “ Valy said.