Hanoi (VNA) -🎃 Transitioning to a sustainable business model with reduced carbon emissions is the optimal solution for companies facing environmental protection challenges and climate change adaptation. This requires businesses to innovate through smart solutions and efficient resource utilisation.

This was a topic of discussion at the 2023 Vietnam Corporate Sustainability Forum (VCSF) held in Hanoi on August 23, one of the most important dialogues between the Vietnamese government and business community to promote sustainable development. Themed “Global Green Race: From Strategy to Execution of Sustainable Business,” the annual event that began in 2014 was co-organised by the Vietnam Chamber of Commerce and Industry (VCCI) and the Vietnam Business Council for Sustainable Development (VBCSD).

Economic development – environmental protection balance

In her opening remarks, Cao Thi Ngoc Dung, Vice President of the VBCSD and Chairwoman of the Board of Directors of Phu Nhuan Jewelry Joint Stock Company (PNJ), emphasised that the balance between economic development and environmental protection has become essential for survival in today's era. Dung noted that the panel discussion sessions at this year’s VCSF focused on the two themes of promoting a nature-positive initiative towards a low-carbon economy and of enhancing business competitiveness through sustainable supply chain development. According to the businesswoman, transitioning to a business model that reduces carbon emissions not only helps mitigate negative environmental impact but also creates a sustainable competitive advantage for enterprises in the future. By creating a sustainable supply system, firms can optimise operations, reduce risk, and contribute to the sustainable development of the community and the environment, she affirmed.

Redefining success

Addressing the forum, Le Thi Hong Nhi, Head of Communications, Corporate Affairs and Sustainability at Unilever Vietnam, discussed carbon footprint reduction throughout the group’s value chain, which primarily stems from raw materials. Nhi said that Unilever aims to use 100% renewable energy by 2030 and gradually phase out HFC refrigerants from its cooling systems. Nguyen Thi Ngoc Hue, head of communications and external affairs at AEON Vietnam, shared some eco-friendly initiatives, such as offering environmentally friendly bags suitable for various customer purposes. Currently, 98% of shopping bags at AEON Vietnam's business locations are made from biodegradable and environmentally friendly materials. Hue also recommended that the Government promptly refine policies on environmental and sustainable development, as well as policies, regulations, and infrastructure to support a circular economy model. According to Hue, these policies will pave the way for manufacturers and distributors to boldly transition, invest in technology, and make eco-friendly products and materials more accessible to consumers. Additionally, the collaborative model of retailers and manufacturers plays a crucial role in scaling up initiatives and synchronising systemic changes. Facing the demands of sustainable development, VCCI Vice Chairman and VBCSD Chairman Nguyen Quang Vinh believe that the community needs to redefine success, which now encompasses not only financial figures but also adaptability, resilience, and recovery from unprecedented challenges. In addition, businesses must link their success and long-term growth to the sustainable benefits of society, communities, and the environment./.