CORPORATE SOCIAL RESPONSIBILITIES: CHANGING PHILANTHROPY STRATEGY TOWARD SUSTAINABLE DEVELOPMENT

Abstract

Sustainable development is the guideline for development strategies in every country. With the requirement of harmonization in three areas of economy, society and environment; the development strategies of countries have gradually shifted from a trade-off mentality for economic growth to an economic development strategy that harmonizes interests. CSR is promoted to claim responsibility of businesses for social and community issues. This article analyzes the concept of philanthropy in the CSR framework, and at the same time analyzes the need to promote philanthropic activities as a strategic investment method to contribute to positive social improvement. Especially in the context of the decline in development aid capital in Vietnam, philanthropy in CSR needs to be properly understood to take advantage of its strengths towards sustainable development.