[Opinion] Social responsibilities of businesses

As well as making money, businesses also have social responsibilities. Do you agree or disagree? 

The notion that companies ought to uphold public duties alongside making profits sparks debate. From my perspective, while turning a profit is crucial for any enterprise, I concur that they should also conduct themselves in a socially conscientious manner.

To start, striving to maximize profits can yield benefits for society. Firstly, when companies earn higher profits, they contribute more in taxes to the government. This, in turn, provides authorities with increased revenue to allocate towards vital areas like education and healthcare, thereby enhancing the overall quality of life within the community. What is more, substantial profits offer companies opportunities for expansion. For instance, they can utilize their capital to scale up production, thereby creating new job opportunities locally. This can be exemplified by the rise of national conglomerates such as Samsung or Vinfast contributing positively to the employment rates of citizens in cities where their manufacturing plants are situated. 

At the same time, there are compelling arguments for why businesses should acknowledge their social responsibilities. Firstly, their operations often impact the environment. Unchecked production processes can lead to severe environmental degradation, such as contributing to global warming through factory emissions or the irresponsible disposal of industrial waste. Implementing measures like waste treatment systems instead of releasing chemical wastes into rivers can help control water pollution. Secondly, businesses, especially those with ample financial resources, should aid the less fortunate. For instance, prominent corporations like Vingroup and Coca-Cola have bolstered their public image in Vietnam by engaging in philanthropic endeavors such as offering scholarships and making charitable donations.

In conclusion, while I acknowledge that turning a profit is the cornerstone of business, I contend that all businesses should deeply contemplate their social obligations.

284 Words – Band 8

Sure, here are the definitions for each term in both English and Vietnamese:

1. Uphold (verb):

   – English: To support, maintain, or defend something, especially a principle or law.

   – Vietnamese: Ủng hộ, duy trì hoặc bảo vệ điều gì đó

2. Conscientious (adjective):

   – English: Thorough, careful, and vigilant in performing one’s duties or responsibilities.

   – Vietnamese: Cẩn thận và tỉ mỉ

3. Strive to (phrase):

   – English: To make great efforts or struggle to achieve something.

   – Vietnamese: Cố gắng hoặc đấu tranh để đạt được một điều gì đó.

4. Allocate (verb):

   – English: To distribute or assign resources, funds, or duties for a particular purpose.

   – Vietnamese: Phân bổ tài nguyên

5. Substantial (adjective):

   – English: Considerable in importance, value, or amount.

   – Vietnamese: Đáng kể

6. Capital (noun):

   – English: Wealth in the form of money or other assets owned by a person, organization, or country.

   – Vietnamese: Vốn kinh doanh 

7. Scale up (phrasal verb):

   – English: To increase the size, scope, or extent of something, typically in a gradual or systematic way.

   – Vietnamese: Tăng cường kích thước, phạm vi hoặc quy mô 

8. Conglomerates (noun):

   – English: Large corporations comprised of diverse and unrelated businesses or entities.

   – Vietnamese: Tập đoàn đa ngành 

9. Degradation (noun):

   – English: The process of decline or deterioration, typically involving a loss of quality or value.

   – Vietnamese: Quá trình suy thoái hoặc suy giảm

10. Implementing (verb):

    – English: To put a decision, plan, or agreement into effect.

    – Vietnamese: Thực hiện một quyết định, kế hoạch hoặc thỏa thuận.

11. Philanthropic (adjective):

    – English: Relating to the practice of donating money or resources to charitable causes.

    – Vietnamese: Liên quan đến từ thiện 

12. Cornerstone (noun):

    – English: An essential or fundamental part of something; a foundation or basis.

    – Vietnamese: Một phần thiết yếu hoặc cơ sở

13. Contemplate (verb):

    – English: To think about or consider something deeply and thoroughly.

    – Vietnamese: Suy nghĩ hoặc cân nhắc về một điều gì đó một cách sâu sắc và kỹ lưỡng.

14. Obligation (noun):

    – English: A duty or commitment to do something; a moral or legal responsibility.

    – Vietnamese: Nghĩa vụ