Legal Frameworks for Fair and Equitable Treatment in Business: Some Reflections from a Developing Country

Abstract

This research examined the challenges and recommendations to improve the current legal system in Vietnam’s business environment, namely on labour rights, anti-discrimination policies, corporate governance and transparency. Currently, Vietnam has followed a market-oriented economy, but it still faces significant challenges to ensuring fair and equitable treatment despite having a comprehensive legal system. The study employed a qualitative approach to analyze legal texts and secondary data from academic and government reports. As such, the results reveal that the implementation of fairness legislation has difficulties because of lack of enforcement, bureaucratic processes and barriers, corruption and cultural conflicts. There are also high regional economic differences, and the high incidence of the informal economy increases inequality in the workforce. The findings recommend that there has been a greater regulatory capacity, increased transparency among firms, better protection of workers’ rights, and tackling discrimination through stronger anti-discrimination laws and enforcement. The research promotes the formalization of informal businesses and increased diversity in the workplace. The findings highlight the need for continued efforts to operationalize legal reforms for a more level playing field. The outcomes conclude that Vietnam has to be more internationally fitted in its legal reform endeavour and effectively address local factors to construct a more equitable and inclusive economy.