Sustainability boosts resilience in green and digital revolution

Top 100 Sustainable Businesses in Việt Nam (CSI 2024). Photo courtesy of the organiser

HÀ NỘI - Companies committed to sustainable business practices could significantly enhance their resilience, capitalising on opportunities emerging from the global green transformation and digital revolution.

The information was shared at the award ceremony of Top 100 Sustainable Businesses in Việt Nam (CSI 2024), themed "Enterprises Rising in the Green Era held in Hà Nội on Friday evening.

In an era marked by rapid, unpredictable changes, unprecedented challenges are emerging. The undeniable reality facing the business community is the imperative to embrace sustainable development and digital transformation.

The event, organised by the Việt Nam Business Council for Sustainable Development (VBCSD) under the Việt Nam Chamber of Commerce and Industry (VCCI), marked the successful culmination of the ninth consecutive year of the programme, a continuous effort to recognise, promote, evaluate and encourage businesses to embrace sustainability. Innovation and sustainable development are no longer optional - they are essential for the future.

Phạm Tấn Công, Chairman of VCCI and Head of the Steering Committee for the 2024 Sustainable Enterprise Programme, emphasised the vital role of businesses in driving national sustainable development as Việt Nam enters a new era. After nearly four decades of innovation, Việt Nam has accumulated sufficient strength to seize the opportunity to become a high-income, developed nation by 2045.

“To capitalise on this potential, both the Government and the business community must transform," Công said.

"This requires breaking through institutional bottlenecks and adopting new business strategies. Businesses must focus on innovation, fostering sustainable, humane and creative models that contribute to social progress and the prosperity of the people.”

He said companies that consistently adopt sustainable business models will be better equipped to adapt, tackle these challenges, and seize opportunities from green and digital transformations.

In light of the rapidly changing global landscape, Việt Nam must embrace sustainable development, a green economy, the circular economy, and digital transformation to remain competitive. Geopolitical shifts, economic changes and technological advances, particularly the Fourth Industrial Revolution, are creating new challenges that must be met with constant innovation.

Vietnamese businesses must leverage these opportunities to drive the nation's growth and competitiveness.

Strengthening competitiveness

In 2024, nearly 500 enterprises from across the nation, representing various sectors and sizes, participated in the Sustainable Enterprise Programme. This year, 142 businesses were selected for official evaluation.

Notably, the number of first-time participants grew significantly, with domestic enterprises making up 62 per cent of applicants and new entrants accounting for 35 per cent. This indicates a shift in both awareness and action within the Vietnamese business community, reflecting a growing commitment to sustainable practices.

The CSI 2024 Index has been updated to align with international commitments and recent changes in Việt Nam's legal framework. With 153 indicators, 62 per cent are compliance-based and 38 per cent are advanced indicators, covering a comprehensive evaluation of businesses on economic performance, corporate governance, social impact and environmental sustainability.

The emphasis on compliance indicators demonstrates that sustainable business practices are not out of reach for companies - by adhering to legal requirements, businesses can lay a strong foundation for sustainability.

Nguyễn Quang Vinh, Vice President of VCCI and Chairman of VBCSD reiterated the importance of strengthening corporate governance to enhance businesses’ "internal strength."

This, in turn, helps companies integrate sustainable strategies into their operations, improving their competitiveness and resilience in today’s volatile environment.

Vinh reflected on the nine-year journey of the CSI programme. The programme has not only helped businesses recognise their sustainable values but also driven innovation in their business models.

This progress is a vital step toward Việt Nam’s goal of becoming a high-income, developed nation by 2045. The continued application of the CSI Index will support businesses in refining their governance practices, and VCCI will intensify efforts to promote this initiative within the domestic business community.

"Innovation is the key to unlocking new value in every business activity. The recognition and support from the business community will continue to motivate us to drive sustainable business practices and enhance the CSI programme’s impact in the years to come,” he added.