Technological impacts on sustainability practices laid bare for businesses

Technological impacts on sustainability practices laid bare for businesses

The commitment of the Association of Chartered Certified Accountants to supporting Vietnamese firms in their development was evidenced at a conference on technology’s role in applying sustainability practices in Ho Chi Minh City on March 12.

The event presented key topics including international standards and tech solutions for carbon emission management, the application of technology in optimising operational costs, and environmental, social, and governance policy evaluation based on global standards

The conference served as a platform for future-oriented businesses to share both their successes and challenges while fostering collaboration among those committed to sustainability.

During the conference, Ren Varma, head of Mainland Southeast Asia for the Association of Chartered Certified Accountants (ACCA), delivered in-depth insights into its role in supporting businesses in building sustainable development capabilities.

Citing 2024 trade figures, Varma noted that Vietnam’s import-export turnover maintained unprecedented levels over the past 40 years, supported by the enforcement of over 17 trade agreements.

Vietnam-EU trade exceeded $67 billion, with numerous domestic enterprises integrating into European and global supply chains.

“ Implementing sustainability reporting is imperative for Vietnamese firms participating in global supply chains to comply with Europe’s mandatory sustainability disclosure regulations. The key challenge is how businesses can effectively implement sustainability reporting with existing resources while meeting international standards ”‑ Ren Varma - Head of Mainland Southeast Asia, ACCA

Representatives from various organisations, such as VACPA, FPT, Unilever, HDBank, PwC, and the University of Economics in Ho Chi Minh City shared their experiences in leveraging technology for sustainability.

These real-world case studies enabled participants to gain practical insights into how best to apply technology to sustainable management, while understanding the essential competencies required for effective implementation.

Also at the event, experts reaffirmed their commitment to enhancing capabilities and professional expertise in achieving national sustainable development goals and the target of net-zero by 2050.

ACCA pledged its continued support by launching a professional diploma in Sustainability across more than 180 countries, including Vietnam. This initiative aims to equip professionals with the necessary expertise to implement sustainable business practices.

The diploma not only provides in-depth knowledge on sustainability but also guides businesses on practical applications, from understanding international frameworks and regulations to strategic management, sustainability reporting, and assurance.

Recognised as a globally standardised knowledge framework, this diploma will play a crucial role in strengthening corporate sustainability governance, ensuring transparency, and complying with international standards, Varma said.

Beyond offering training activities, ACCA collaborates with major organisations to drive sustainability initiatives. At last week’s confernce, ACCA Vietnam, in partnership with VACPA and PwC Vietnam, established a practical forum to help Vietnamese firms align with international standards and devise effective sustainability strategies.

Varma further underscored the critical role of finance and accounting professionals in advancing sustainable development.

“Financial expertise is not just about financial reporting, it plays a fundamental role in shaping sustainable strategies,” he said. “Finance professionals are responsible for integrating sustainability initiatives into business models, accurately measuring their impact, and transparently communicating them to stakeholders. ACCA’s certification serves as a vital tool for businesses and individuals to enhance their expertise in this field.”

With a strong commitment to fostering sustainability competencies, ACCA will continue to support businesses and financial professionals on their journey towards a responsible and sustainable economy, Varma added.

VIR