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CREDIBILITY-INTEGRITY - CREATIVITY - SPEED-QUALITY-HUMANITY

Vingroup's values and ethics include a commitment to integrity, innovation, sustainability, customer satisfaction, and social responsibility

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Vingroup now can be seen one of the most importance face represent for Vietnam in the economic and social. As a result, the code of values and ethics of Vingroup obviously follow and suitable with Vietnamese’s law and denouement about ethics in business. Vingroup core values and ethics has become more and more trustworthy to the customer, agent and many others corporation.

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The consequences for managers or providers who violate Vingroup's codes of conduct or ethics would depend on the nature and severity of the violation. Typically, organizations have disciplinary measures in place, which may include warnings, retraining, suspension, termination, or legal action, depending on the circumstances.

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Does Vingroup uphold their values, was their any scandals?

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Does Vingroup uphold their values, was their any scandals?

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Vingroup continues to pioneer and lead consumer trends in each of its businesses while introducing Vietnamese consumers to an entirely new and modern lifestyle with products and services based on international standards.. Vingroup has created a respected and well-recognized Vietnamese brand and is proud to be one of the nations leading private enterprises.

Despite of Vingroups' ethical intergrity it still faces scandals, people were convinced that Vietnams most powerful conglomerate was on the brink of a major crisis. On social media, users speculated over the fate of its chairman, Vietnnam's enigmatic wealthiest man, who many believed ad been banned from leaving the country. Others speculated about what this downfall would meann for Vietnam's economic and political landscappe. But these murmurs turned out to be a false declaration spread through the social media platform that was out of control in which dealt a major blow to the country's stock market. Pham Nhat Vuong (CEO of Vingroup) had $490 million wiped off his net worth in 6 hours.

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Pham Nhat Vuong, chairman of Vingroup JSC, listens during an interview in Hanoi, Vietnam, on Thursday, Dec. 5, 2019. Photo: Yen Duong/Bloomberg via Getty Image

For days, people were convinced that Vietnam's most powerful conglomerate was on the brink of a major crisis. On social media, users speculated over the fate of its chairman, Vietnam's enigmatic wealthiest man, who many believed had been banned from leaving the country. Others speculated about what this downfall would mean for Vietnam's economic and political landscape.

But these murmurs turned out to be false-a wild rumor churned out of the social media gossip mill that spiraled out of control. But these posts, seemingly the figment of one social media user's imagination, dealt a major blow to the country's stock market.

In one trading session at Ho Chi Minh City's stock market on July 6, Pham Nhat Vuong, the chairman of Vingroup and Vietnam's top billionaire, had As the stock market wobbled, Vietnam authorities sprang into action last week, As the country's largest conglomerate, Vingroup has infiltrated various aspects of Vietnamese life, from real estate to smartphones, pharmaceuticals, and automobiles, employing On July 13, VinFast, the automotive arm of Vingroup, This isn't the first time members of the public have been targeted by authorities for their comments on VinGroup. Last year, Facebook users had their accounts In 2018, local pro-democracy activist Nguyen Anh Tuan said that he was stopped at the airport after returning from an overseas trip, held for 15 hours and Rumors around Vuong's travel ban are not entirely without foundation, as Vietnamese authorities have been $490 million wiped off his net worth in 6 hours, according to the Bloomberg Billionaire Index. With three Vingroup subsidiaries taking a tumble in the VN30 index, a basket of Vietnam's top 30 stocks, the country's stock market also hit a dismissing the rumors and warning people not to share the posts. The Ministry of Public Security over 40,000 people and raking in revenue amounting to said it will be raising at least $4 billion for its first electric vehicle factory in North Carolina. The project made headlines when it was announced earlier this year, going against global trends with a Vietnamese company opening up a factory in the U.S. two percent of the national GDP. announced that they were investigating nine people for spreading the rumor-including To Vi Hoan, a 38-year-old man in Hanoi identified by authorities as its source. He was blocked after posting bad reviews of VinFast's cars, while one YouTuber was ordered to delete Facebook posts where he raised questions about Vingroup's land acquisition processes. In 2019, real estate investors who complained about Vingroup's tardy property development were contacted by police warning them not to speak to journalists or post on social media, the Financial Times reported. cracking down on the country's one-percenters. This month, speculation abounded that the 53-year-old would be the next target in a series of high-profile arrests of the country's wealthiest, as the Vietnamese communist party forges on with its "blazing furnace" corruption crackdown led by general secretary Nguyen Phu Trong since 2016. reported to the police by VinFast after highlighting problems with the company's cars. fined 7.5 million dong ($320) for spreading false information. 16-month low. Vuong, the country's wealthiest man with a net worth of $5.77 billion, helms the ever-expanding conglomerate prized by the government. Le Hong Hiep, a senior fellow specializing in Vietnamese studies at the ISEAS-Yusof Ishak Institute, said the group enjoys "more protection from the government" due to its economic importance to Vietnam. "If the rumor is about a small company or an insignificant business person, the government will not care," he told VICE World News. "But because the group is the biggest private conglomerate in Vietnam, if anything happens to the group, it will not be Vingroup only. The national economy will suffer." "Because of the importance of Vingroup to the national economy, I think the government has good reasons to intervene, especially when the information is false." Phil Robertson, the Deputy Director of Human Rights Watch's Asia Division, told VICE World News that Vingroup's insulation from criticism makes a "mockery of official claims to uphold rule of law." "Just like Vietnam criminalizes any criticism of the government or its officials, so it also goes after those who dare denounce the misdeeds of state-connected companies like Vingroup," he said. "Such impunity allows Vingroup to run roughshod over the rights of ordinary people who are adversely affected by the company's operations or projects."

In many of these cases, businesspeople were In March, rumors had it that the government had issued a travel ban for Trinh Van Quyet, another Vietnamese billionaire of property development wealth, whose stock price similarly plummeted amid investor concern. On March 29, just one day after the Ministry of Public Security banned from leaving the country while being investigated. dismissed rumors that he had been arrested, Quyet was Follow Koh Ewe on Twitter and Instagram. arrested on accusations of market manipulation.

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Vietnam's Richest Man Lost $490M in 6 Hours Because of a Wild Rumor

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A man was fined $320 by Vietnamese authorities for starting the rumor, which said the tycoon was barred from leaving the country due to a corruption crackdown.

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In order to build trust and a healthy company culture, ethical business principles are crucial. If Vingroup consistently upholds its ethical standards, it can be seen as a responsible corporate citizen. However, if there are instances of ethical violations or a lack of transparency, it may raise concerns about the company's commitment to its stated values.

It's crucial for stakeholders, including customers and investors, to critically evaluate how a company's actions align with its stated values. A company that prioritizes ethical conduct is more likely to build enduring relationships with customers and maintain a positive reputation in the long run.