Global push for sustainable development puts ESG in focus

Global push for sustainable development puts ESG in focus

As the world moves towards green, sustainable, and inclusive development, environmental, social, and governance (ESG) principles are playing an increasingly central role in national strategies and business practices worldwide.

ESG standards are gaining greater emphasis in Vietnam and are being widely implemented as part of the country’s broader effort to achieve net-zero emissions by 2050.

The Vietnamese government has demonstrated strong commitment through policies encouraging emission reduction, circular economy development, sustainable growth, and enhancing corporate governance efficiency towards transparency and responsibility.

In addition, innovation continues to be a key driver in enhancing national competitiveness. In 2024, Vietnam ranked 44^th out of 133 countries in the Global Innovation Index, rising two places compared to 2023. Vietnam is also one of the eight middle-income countries that have improved their ranking the most since 2013, and one of the three countries that have maintained significant results compared to their level of development for 14 consecutive years.

Speaking at a June 27 ceremony Vietnam’s top ESG-focused businesses, green industrial parks, and innovative enterprises for 2025, Le Trong Minh, deputy editor-in-chief of VIR, spoke of how these achievements have highlighted Vietnam’s commitment to its sustainable development goals while being indicative of the country's relentless efforts in promoting science, technology, and innovation to adapt and integrate with global trends.

"The Vietnamese government has demonstrated its determination through policies that encourage emissions reduction, the circular economy, sustainable growth, and improved corporate governance with a focus on transparency and accountability," said Minh.

According to Assoc. Prof. Dr. Bui Quang Tuan, vice chairman of the Vietnam Economic Science Association, green growth and ESG are no longer choices or PR activities but have become mandatory factors. With pressure from the international market, transitioning to a sustainable business model has become an essential requirement for survival and integration. Failure to adapt may put businesses at risk of being excluded from global supply chains and losing their competitive edge.

"Instead of viewing ESG as a cost burden, we need to change our mindset to see it as a strategic investment that drives growth and competitive value. ESG practices will create real value, helping businesses optimise operations, manage risks more effectively, build a reputable brand, and gain customer trust," said Tuan.

"Green growth must go hand in hand with digital transformation. In today’s era of rapid technological advancement, AI is increasingly replacing human roles. That’s why, when we discuss ESG, we’re also talking about technology – digital transformation is essential for achieving green transformation," he added.

To advance green growth, Vietnam has outlined 18 themes and 134 tasks with specific actions in priority areas, aiming to shift growth models towards a greener economy. This includes embracing circular economy practices, improving resource efficiency, and promoting science, technology, and digital transformation.

Many see ESG and green growth as much more than short-term initiatives or fixed goals, but rather as ongoing journeys of continuous improvement. Each step businesses take today shapes not only their own success but also helps build a more sustainable future, a resilient economy, and a prosperous society.

VIR