Hanoi (VNA)– How to orient investment flows to the right direction so as to secure fast and sustainabledevelopment for countries was the focus of a business roundtable held in Hanoion October 26.

The event was part ofa series of meetings of the Organisation for Economic Cooperation andDevelopment (OECD) - Southeast Asia Business Network, within the framework ofthe OECD Southeast Asia Ministerial Forum 2023 held by the Vietnam Chamber ofCommerce and Industry (VCCI), the Ministry of Foreign Affairs, the OECD, theASEAN Business Advisory Council (ASEAN BAC), and relevant organisations.

VCCI Chairman Pham Tan Cong pointedout that the world is changing fast and complicatedly with unprecedenteddevelopments. As climate change has caused considerably negative impact on theplanet’s development and survival, climate actions have become a direction inthe development strategy of every country and region. Each country,organisation, and business is exerting efforts to harmonise economic growth andenergy consumption increase with greenhouse gas emission reduction.

In that context, sustainableinvestment attraction is an important target that has great influence on thedevelopment of each country, especially Southeast Asian ones, he noted.

Cong said green growth, circulareconomy development, and net zero emissions by 2050 are priorities of Vietnamin the coming time. To that end, the country is focusing on perfecting thelegal framework for green growth and digital transformation and acceleratingenergy transition. This process depends on not only businesses’ efforts or theState’s assistance but also support from people and the official and lastbeneficiaries of value chains.

Addressing the event, ReemaBhattacharya, head of Asia Risk Insight at global risk intelligence company Verisk Maplecroft, said despite massive efforts and finance invested in the programmes aimed at realising theSustainable Development Goals, observable results from businesses haven’t beenrecorded. This is a challenge and also a chance for OECD member countries tofurther boost actions in the future.

There is still a lack of a frameworkor a method for assessing and measuring risk levels in the building of socio-economicdevelopment strategies in each country. This work needs to be carried outseriously and substantively so that investors can gain a panorama before conductingproper and feasible shift of their investment flows, she added.

Dang Thuy Ha, Deputy General Directorof the Traphaco JSC, said that during the two years of the COVID-19 pandemic,businesses have become further aware of positive impact ofsustainability-oriented production and business models. Sustainability is notonly the “lodestar” for businesses’ development in normal conditions but also actsas the “anchor” for companies to stay firm and the “helm” for them to adapt toand recover from the “tsunamis” of crises.

Like many other businesses of OECDmember countries, Traphaco hopes for reforms in proper policies and partnershipsas a demonstration of the cooperation commitment within the OECD, she added./.