The Press and Businesses: Build trust and transparency

Closer cooperation between the press and enterprises is required to stamp out fake news and provide reliable information to businesses and the public at large.

Official press channels remain the first choice of enterprises to increase transparency in the dissemination of information, especially on social networks.

Nguyễn Duy Hương, chairman of SSI Securities Corporation, a company sensitive to information and rumours, pointed out the importance of accurate information regarding publicly traded companies - and the havoc caused by inaccurate news. Rumours can make the market wobble and some companies struggle to recover from damages caused by false information.

Rumours have caused sell-offs in the stock market in the past, as well as bank runs.

Overly subjective and one-sided reporting from some news outlets has also been known to cause problems for businesses.

Nguyễn Quang Vinh, Deputy President of the Việt Nam Chamber of Commerce and Industry said that there was still one-sided reporting causing misunderstandings and this is making firms hesitant to share information.

When attacked by rumours or fake news, official press channels were among the first choices for businesses to disseminate accurate information into the market, according to Hưng.

“In the context of the information explosion thanks to the rapid development of social networks, official press channels were still the first choice to provide transparency and publicity in the most timely and accurate way,” he said.

According to Nguyễn Ngọc Cảnh, Deputy Chairman of the Committee for Management of State Capital at Enterprises, the information on social networks is increasingly interactive and quickly goes viral, which significantly affects traditional journalism.

This does not, however, undermine the role of the traditional press but rather provides an opportunity for it to take a leading role in guiding socio-economic information.

“The press provides full coverage about socio-economic issues and the Government’s policies, through which enterprises develop a clear orientation in how they can promote the country’s development,” Cảnh stressed.

Nguyễn Văn Đính, Deputy President of Việt Nam Real Estate Association, said the press played an important role in promoting the development of the real estate market and putting it back on track. “The press plays a pivotal role in promoting the sustainable and healthy development of the real estate market,” he said.

Nguyễn Thị Minh Thanh, Deputy Chairwoman of Việt Nam Association of Women Entrepreneurs of Small and Medium Enterprises, said the press also played an important role in handling communication crises, orienting public opinion and relieving pressure on enterprises.

A number of economic newspapers produce content for businesses such as market updates, prices, management policies and corporate governance which were helpful for enterprises to make adjustments to their production and business plans, especially in the context of international integration.

Building trust

The mainstream media, however, was under considerable pressure to keep up readership due to the explosion of social media and difficulties in obtaining up-to-date information from businesses.

According to the Editor-in-chief of Nhân Dân (The People) daily newspaper Lê Quốc Minh, recent studies found that the percentage of people looking for news and information on social networks is now higher than in mainstream newspapers. This trend is driven by younger generations.

The mainstream media such as print, television and radio remained more appealing to older people, he said.

These challenges raise an urgent need for the mainstream media to win back the trust of audiences by not only providing more accurate and objective information but also increasing their presence on social networks such as Facebook, YouTube, Zalo, Twitter and TikTok.

According to Nguyễn Quang Vinh, Vice Chairman of the Việt Nam Chamber of Commerce and Industry, there are roughly one million enterprises across the country, 98 per cent of which are SMEs.

SMEs still faced many problems in managing communications, he said, adding that many wanted to reach press agencies, but they did not know how and where to start. It's necessary to enhance the cooperation between the two sides to establish relations in information exchanges, he said.

Lương Chí Công, Deputy Editor-in-Chief of Hà Nội Newspaper, said it was important to build relationships between the press and businesses on the basis of understanding, sympathy and a willingness to share. At the same time, enterprises need to be timely and accurate in providing information to the press.

Mạc Quốc Anh, Deputy President of Hà Nội Association of SMEs said that the press and the business community needed to strengthen cooperation to spread positive values. At the same time, it was critical to reign in fake and misleading news.

"Enterprises want objective, timely and accurate reporting from the press," Lê Văn Tuấn, Lilama Corporation general director said.

Nguyễn Phương Lâm, the owner of a transportation company in Hải Phòng, said firms were seeing a lot of difficulties in the first stage of economic recovery after the pandemic coupled with the impact of the Russia–Ukraine conflict.

Lâm said in this difficult time, the press must enhance its role in providing adequate and accurate information about policies and forecasts to help firms adjust their business strategies.

According to Minh, problems in communicating with the press occurred not only at SMEs but also at larger enterprises.
Understanding of the effectiveness of the press and how to cooperate with them remains limited.

"In the context of the rapid development of digital information, there is no other way than to cooperate and increase proactiveness from both sides to ensure the smooth flow of information," Minh said.

Chu Hải Công from MB Bank said the press and news agencies needed to develop digital communication strategies that are more pervasive.

In addition, more funding should be invested in developing a diversified and modern press ecosystem to increase efficiency and better support the business community.