Hanoi (VNA) - According to a report of PwC Vietnam and Vietnam Institute of Directors (VIOD), Vietnam Chamber of Commerce and Industry (VCCI), 80% of firms in Vietnam that participate in the survey reported that they are employing or planning to employ ‘Environmental, Social and Governance’ practices.

The report was heard at the seminar, themed “ESG: From Commitment to Actions” that was held on November 9^th🧜 by Vietnam News Newspaper under the Vietnam News Agency.

ESG a noticeable trend

Addressing the seminar, Deputy General Director of Vietnam News Agency Doan Thi Tuyet Nhung emphasized that the term Environment-Society-Governance (ESG) has become prevalent with both businesses and the authorities. Indeed, more and more enterprises have been attempting to reduce carbon and waste emissions, while boosting the use of socially responsible inputs for production to meet ESG criteria.

Meanwhile, the Communist Party of Vietnam’s 13^thꩲ Congress issued a resolution that stressed the significance of ensuring social welfare and effective and sustainable management of resources to protect people’s health and the environment. To that end, the Prime Minister confirmed the integration of Green Transformation and Digital Transformation practices together as Vietnam moves forward.

The Prime Minister has also asked the whole political system to join hands to realize ESG practices and standards. Green Transformation and Digital Transformation have made positive contributions to the socio-economic development of Vietnam. Therefore, they are expected to be further promoted in the society. To that end, the media sector plays a crucial role. “Vietnam News Agency, as the official information hub of the Vietnamese Government, has been striving to promote ESG among society, especially the business community and authorities. Once properly implemented, ESG is expected to mitigate bottlenecks facing the business community and help the firms seize opportunities in the time to come,” says Deputy Director of Vietnam News Agency Doan Thi Tuyet Nhung.

ESG leads global investment

According to Bloomberg Intelligence, total global ESG assets are estimated to reach 50 trillion USD by 2025, equivalent to one-third of assets under management globally. This shows that ESG is emerging as a driving trend for global investment. According to Executive Vice President of the Vietnam Chamber of Commerce and Industry (VCCI) and Director of the VCCI Office for Business Sustainable Development Nguyen Quang Vinh, VCCI since 2016 has introduced the Corporate Sustainability Index (CSI) to Vietnamese businesses and reviews the index every year to catch up with amendments of legal regulations both at home and abroad. While correlating to the index, businesses gain an overview of their well-being and sustainability./.