Yes! Yes! Yes!
Sadly vision, mission and values are often pompous, generic strings of words that have little use beyond adorning an office wall. In truth, they are very powerful concepts that should serve as the compass for everything an organization does.
Check here for a definition of what you need to define.
There should be a clear link between the company vision, mission, brand and values. Any employee engagement program must be built on all of these – the values in particular are all important. Make them specific and powerful to create the culture you want. Link your recruitment and appraisal process to them.