Once accidents happen, a decline in the stock price by USD 1 could lead to a decline in the company value by hundreds of USD. Investment in labor safety system enables enterprises to significantly cut down on unnecessary risk-related costs.
to reports of 62 out of 63 provinces and municipalities in 2017 , there were 8,956 labour incidents, causing 9,173 injured and losses of over VND 1,500 billion and nearly 140,000 off days all over the country. It is worth noting that the figure trended upward as compared to 2016. Thus, enterprises neccesarily have to invest in labor safety and hygiene management for sustainable development in the long run.
Vietnam sees a stark contrast with developed countries in the world. Upon accidents, business owners usually attribute to low awareness among labor, but it is for implications of the organization instead. In developed countries, labor safety is initiated by business owners as the ones that guide and develop safe working environment for their enterprises. These business owners could authorize everything but labor safety. Only when business leaders understand the importance of labor safety will they carefully invest in this issue.
In developed countries, business leaders pay special attention to labor safety and hygiene management as they are aware that once accidents happen, a decline in their stock price by USD 1 could lead to a decline in their company value by hundreds of USD. Investment in labor safety system enables enterprises to significantly cut down on unnecessary risk-related costs. In which business leaders play a role as a guide.
drew a close analogy to describe the role of the business leaders in labor safety:
As one of the earliest foreign companies to enter the market, NS BlueScope Vietnam inherits the labor safety management applied to large-scale factories of the Group all over the globe. Thus, despite operating 3 big factories in Vietnam with the capacity of hundreds of tons of steel per annum, NS BlueScope Vietnam has yet to report any serious labor accidents for the last 8 years.
For long, the mindset of “a penny saved is a penny earned” has deeply ingrained into business leaders, becoming a barrier to investment in labor safety management system, but it does more harm than good. It’s time for business leaders to change their mindset for a sustainable development in the long run.
As a predecessor with well-established hands-on experience, NS BlueScope Vietnam in collaboration with a local industrial zone authority implemented a labor hygiene safety awareness and management sharing program to enhance awareness among business community of labor safety for the sake of a non-occupational-accident workplace. Initiated since 2017, after the success in Dong Nai, the program continued to spread among local enterprises in Ba Ria – Vung Tau with the largest investment of
NS BlueScope Vietnam through the coated steel factory of over USD 100 million.
Representatives participated in the program launching ceremony in a concerted effort towards non-occupational-accident workplace.
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