VBCSD Resolute in Advancing Business Sustainability

Mr. Nguyen Quang Vinh, Vice President of Vietnam Chamber of Commerce and Industry (VCCI) and Chair of the Vietnam Business Council for Sustainable Development (VBCSD), underscored the importance of several key initiatives for the year ahead. These include the revitalization of working groups, bolstering of inter-member relations and cooperation, effective utilization of resources and prestige, and the delineation of roles and responsibilities for Standing Committee members. These initiatives, which have been suggested by VBCSD members, are not only valuable, but also reflect the concerns and priorities that the VBCSD intends to address this year.

Participants engage in the open meeting of the VBCSD’s Standing Committee

Reflecting on the performance of VBCSD in 2023, members acknowledged the successful execution of its annual action plans. The council’s core activities, including communication, awareness-raising, training, research, international cooperation and partnership, were effectively carried out. Moreover, the council continued its notably successful initiatives, such as the 8th consecutive edition of the Program on Benchmarking and Announcing Sustainable Companies in Vietnam (CSI), and the 10th annual Vietnam Corporate Sustainability Forum (VCSF).

Specifically, CSI 2023 was updated to align with the transformation trends of sustainable development and was closely adapted to local business legal regulations. The discussions and recommendations at VCSF 2023 were highly commended for their alignment with international trends on ‘natural flavors’ business and the construction of green supply chains. In terms of membership development, VBCSD welcomed three additional official members and one associate member in 2023.

Mr. Nguyen Tien Huy, Director of the Business Office for Sustainable Development, outlined the plan for 2024 and the fifth term extending to 2026. The VBCSD will concentrate on four pivotal priorities: Refining the personnel structure and organization of the VBCSD Standing Committee; Bolstering the personnel for the Secretariat; Sustaining and innovatively enhancing traditional activities, including the distinguished core activities that have established the reputation of VBCSD-VCCI, such as the CSI and VCSF; Constructing and executing three working groups on Green Transformation, ESG and Green Finance, and Membership Development and Partnership, along with one Sustainable Business Club (CSI 100 Club).

These directions were widely endorsed at the meeting. The discussion among members was dynamic, with numerous practical and valuable suggestions put forth. VBCSD members expressed their interest in fostering stronger connections and information sharing among members, recognizing that each VBCSD member is a pioneer with strong commitments and commendable practices towards sustainable business that can be shared, exchanged, and learned from each other.

In relation to traditional core activities, members of VBCSD suggested an upgrade to the member website to enhance the synthesis and sharing of sustainable development documents and reports. Concurrently, VBCSD is encouraged to foster insightful research and formulate policy recommendations to bolster its position and influence. Furthermore, there is a call for an upgrade in training on ESG, sustainable corporate governance and green transformation for VBCSD member companies, in response to the growing demand for capacity building in sustainable development.

The plan for the construction and implementation of working groups and the CSI 100 Club garnered support and appreciation from VBCSD members. The CSI 100 Club is regarded as a platform to connect businesses in the Top 100 CSI Program, as well as companies with an interest in sustainable development, thereby promoting awareness and action towards sustainable development and the practice of sustainable corporate governance. The working groups are expected to formulate clear plans, tasks and target activities for each group, aligning their activities with sustainable business practices and the needs of the members and the business community. For the effective deployment of these models, it is important to clearly define the structure and specific tasks of the Vice Chairs overseeing these working groups.

Mr. Nguyen Quang Vinh expressed his appreciation for the valuable recommendations provided by the members. He emphasized the immediate applicability of many recommendations, particularly those aimed at enhancing communication and fostering stronger connections among members. He said that VBCSD is a business-led agency, created by and for businesses. He also confirmed that the forthcoming strategic direction and planning of the VBCSD will be more robustly fortified. This approach will be closely aligned with the needs of VBCSD members and the wider Vietnamese business community. The ultimate goal is to advance sustainable development, bolster economic and business competitiveness, and facilitate deeper and more sustainable integration of companies into the global economy.

By Huong Ly, Vietnam Business Forum