ACB first bank to publish separate report on sustainable development
ACB first bank to publish separate report on sustainable development
On October 27, ACB officially released the 2022 Sustainable Development Report, becoming the first bank in Vietnam to publish a separate report on sustainable development.
The key environmental, social, and corporate governance (ESG) indicators were selected and presented by VIB to highlight its sustainable development efforts. The report also refers to the information disclosure standards issued by the Global Sustainability Standards Boar and the Sustainable Development Goals of the United Nations.
The sustainable development report is one of the most valuable tools for businesses to demonstrate competitiveness and creativity to meet new development trends while improving operating models and strategies to keep up with new business opportunities without ignoring the growing requirements for sustainability. Therefore, the launch of sustainable development reports is increasingly receiving the attention and support of investors, financial institutions, and relevant parties.
By adopting transparent and responsible reporting in line with the 18 criteria set by the Global Reporting Initiative (GRI), ACB’s 2022 Sustainable Development Report covers information about the bank's orientation, approaches to sustainable development issues, methods of managing key areas, and its achievements.
The report recognises projects, system improvements, products, and services based on environmental and social aspects that can improve efficiency and bring benefits to ACB’s business activities.
ACB integrates sustainable elements into its business strategy to enhance efficiency in the long term and other important values of the bank
During the journey of ESG implementation, ACB's commitment to sustainable development has received consensus from 93 per cent of its employees. ESG has been integrated into the bank’s strategy, including steady and sustainable growth to meet shareholders' expectations, improve the customer experience, and create a working environment that attracts, motivates, and retains talent.
At the same time, ACB remains steadfast in its goal of achieving net-zero. The bank is making efforts to take green actions and change awareness and behaviour about environmental protection while spreading these activities to customers, partners, shareholders, and the community. Notably, ACB is carrying out a plan to collect 300 tonnes of plastic waste in the period from 2023 to 2025.
An ACB representative said, “The bank is integrating sustainable elements into its business strategy with a view to contributing to preserving a better living environment for future generations through sustainable business and respect for the environment and society. Thus, we have also fostered the ambition that ACB’s ESG model will be a source of inspiration to encourage businesses, partners, and customers to practice ESG.”
ACB also emphasised that the Sustainable Development Report will be an important annual report for the bank. It aims to ensure that ESG performance results are monitored, implemented, and evaluated regularly. ACB is building resources with the professional capacity to deploy ESG standards in line with new requirements. As a result, the bank can proactively grab more development opportunities on the journey to implement ESG.
Besides pioneering the implementation of ESG, ACB also focuses on effective business operations. According to the 9-month business results, ACB is among a few private banks with positive profit growth in the context of many banks recording a decrease in profit over the same period.
ACB posted a pre-tax profit of VND15 trillion ($610.6 million), fulfilling 75 per cent of the accumulated plan for 2023. Meanwhile, its non-performing loan ratio is among the lowest in the market. Meanwhile, ACB's profitability is currently among the highest in the market, with return on equity at 24.5 per cent.
Over more than 30 years of development, ACB has delivered effective business performance as the bank has struck a balance between short-term results and long-term sustainable development, between revenue growth and value creation for stakeholders, pursuing comprehensive development based on all three E, S, and G criteria, and making positive contributions to the community and society.
