Honoring 100 Sustainable Businesses in Vietnam

10:54:14 AM | 28/11/2019

On the evening of November 26 in Hanoi, the Vietnam Business Council for Sustainable Development (VBCSD) under the Vietnam Chamber of Commerce and Industry (VCCI) held a solemn ceremony to announce the top 100 sustainable businesses in Vietnam.

The Program on Benchmarking and Announcing Sustainable Businesses in Vietnam (CSI Program), held annually since 2016 under the direction of the Government, has made a strong impression and cast a ripple effect in the business community in Vietnam. In the fourth edition, the CSI Program engages more than 500 businesses active in various industries. In 2019, the Corporate Sustainability Index (CSI) continues to be used as a gauge to measure the sustainability of a company. This year, CSI has streamlined its parameters from 131 targets to 98 targets of three pillars: Economy, society and environment, of which 90% are legal compliance indicators.

Assessment indicators are grouped more scientifically, consistent with international practices and local laws, and are highly applicable and suitable for more purposes of application.

Among 100 winning businesses, the top 10 in the manufacturing category include Vietnam Dairy Products Joint Stock Company (Vinamilk), Coca-Cola Beverage Vietnam Ltd, HEINEKEN Vietnam Brewery Ltd, Century Synthetic Fiber Corporation, TNG Investment and Trading Joint Stock Company, Nestlé Vietnam Ltd, Tetra Pak Vietnam Joint Stock Company, TBS Group, PetroVietnam Power Nhon Trach 2 Joint Stock Company, and Unilever Vietnam International Co., Ltd.

The top 10 in the trade and service category comprises Southern Airports Services JSC (SASCO), Southeast Asia Commercial Joint Stock Bank, Phu Nhuan Jewelry Joint Stock Company, Herbalife Vietnam One Member Limited Liability Company, NO VA Land Investment Group Joint Stock Company, Tin Nghia Joint Stock Corporation, Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Bao Viet Holdings, Swiss Post Solutions Co., Ltd., Prudential Vietnam Life Insurance Limited, and Ho Chi Minh City Development Commercial Joint Stock Bank (HDBANK).

Notably, among top 100 sustainable businesses, some Vietnamese manufacturing companies have been promoting investment in science and technology and focusing on personnel training quality, for example Vicostone Joint Stock Company, A&A Green Phoenix Group (Phenikaa), Domesco Medical Import Export Joint Stock Corporation, Traphaco Joint Stock Company, and Binh Minh Plastics Joint Stock Company.

Speaking at the ceremony, VCCI Vice President Vo Tan Thanh said that a sustainable economy would never exist without the engagement of a sustainable business community. Building a sustainable business community is an approach that VCCI has set for many years. VCCI has concretized that approach with many business support action programs and activities, especially the establishment of the Vietnam Business Council for Sustainable Development in 2010. Adopting the CSI, companies can systemize their management information system, from processes, administration practices, production, performance and regulatory compliance, which includes documents and regulations they must respect. Then, they can improve and promote their sustainable development strategies.

The title of business sustainability will be a “passport” for businesses to access large investors, loyal customers and new business opportunities, he stressed.

In my meetings and discussions with businesses, many asked “We want sustainable development but we do not know where to start. It is too abstract for us.” The answer to that question is the Corporate Sustainability Index (CSI).

When approaching the CSI, they will see that this is a very scientific corporate governance toolkit, which can be applied to all types and sizes of businesses. In order for CSI to reach more businesses, especially small and medium enterprises, every year, VCCI together with leading industry experts, revises and updates the index to match Vietnamese law and international standards and reduces criteria to make it easier to apply.

With CSI, businesses can inspire themselves to check their own “health” to work out sustainable business plans or discover untapped development potential or business management gaps needed to be addressed.

Carrying such important significance, the CSI has been cited in all three recent directive documents of the Prime Minister on sustainable development, namely Directive 13/CT-TTg dated May 20, 2019, Notice of Conclusion 358/TB-VPCP dated October 8, 2019 on the Prime Minister's direction at the National Sustainable Development Conference 2019, and most recently Decision 1362/QD-TTg dated October 11, 2019 on approval of the Sustainable Private Sector Development Plan to 2025, with a vision to 2030, in which VCCI is required by the Government to develop a program to scale up CSI in the business community. This shows the Government's recognition and appreciation of the value of CSI for sustainable business development.

Quoted from Deputy Prime Minister Vu Duc Dam's speech at the Announcing Ceremony of Sustainable Businesses in Vietnam in 2019

Giang Tu