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Dinh Vu


Last updated: Monday, September 24, 2018


VCSF 2017 Scaling up Sustainable Business Models

Posted: Monday, October 09, 2017

After three consecutive successful editions, the 4th Vietnam Corporate Sustainability Forum (VCSF 2017) is scheduled to take place on October 10 in Hanoi.

Under the theme “Scaling-up business solutions to sustainability challenges”, VCSF 2017 will discuss ways to create an enabling environment for the thriving of innovative business solutions that are not only commercially viable, but also effectively address environmental and social issues.

VCSF 2017 will be an effective interactive platform for participants to update and exchange sustainable business practices, models and ideas, thus exploring untapped investment opportunities. The forum will also facilitate the dialogue to enhance governmental supports for business sustainable development, said Mr Nguyen Quang Vinh, Deputy Secretary General of the Vietnam Chamber of Commerce and Industry (VCCI) and Vice Chairman of the Vietnam Business Council for Sustainable Development (VBCSD).

VCSF 2017 will focus on following key objectives: To explain why and how sustainable development goals (SDGs) and businesses matter to each other; and to facilitate the update and sharing of the latest information, knowledge, experience as well as good practices and models on sustainable development among companies and relevant stakeholders. VCSF 2017 will also provide updates regarding plans, programmes and initiatives of the government of Vietnam and international organisations that engage and support Vietnam’s private sector in the realisation of SDGs.

In addition, the forum aims to promote and strengthen the Business-Government-Civil Society partnership for the successful implementation of SDGs in Vietnam and raise public awareness on sustainable development issues through the mass media.

In fact, after 193 world leaders adopted 17 global sustainable development goals in 2015, sustainable development in general and corporate sustainability in particular has become a cornerstone of business operations, especially those that want to grow in the long run towards human and social directions.

According to a report by the Business & Sustainable Development Commission, market opportunities opened up sustainable development goals amount to at least US$12 trillion a year. Sustainability comes from creativity, advance and fulfilment of expectations of customers and stakeholders. Businesses can choose not to move towards sustainable development and maintain existing operations for immediate benefits. But, as sustainable development is an indispensable trend chosen by integrating and globalising economies, they will be left behind if they choose not to act.

In Vietnam, the Government’s positive moves - e.g. the issue of Resolution 19 on improving business environment and competitiveness and Resolution 35 on business support and development to 2020 - clearly demonstrate its determinations to create a new ecosystem for the business community in Vietnam in order to catch up with other countries in the region. In addition, as a country is particularly vulnerable to climate change, joining the Paris Agreement will help Vietnam take advantage of opportunities and transform climate change challenges into new opportunities to serve national development towards green growth and sustainability. The cause of sustainable development is also being pursued and achieved in a wide range of areas, such as education, health, environment, energy and gender equality in order to realise the 17 global SDGs.

However, the efforts of the Government alone are not enough to achieve these ambitious goals. Efforts come from all walks of life in society where the business sector plays a very important role. Businesses can achieve SDGs by integrating them into their growth strategies and business operations. VCCI President Vu Tien Loc said adopting new, advanced business models like inclusive business, circular economy, social enterprises, sustainable value chain development, integrity in corporate governance or applying advanced instruments in corporate governance like sustainability reporting and Corporate Sustainability Index (CSI) needs to be scaled up in the business community and among stakeholders.

To better administer the progress of achieving SDGs, more and more businesses around the world are paying attention to sustainability reporting - a form of measurement and disclosure of information on business performance on social and environmental aspects in addition to information on financial performance.
In Vietnam, the Vietnam Chamber of Commerce and Industry (VCCI) and the Vietnam Business Council for Sustainable Development (VBCSD) successfully developed the Corporate Sustainability Index (CSI), the first and only toolkit in Vietnam, displayed in Vietnamese language, which is considered a measure to gauge corporate value on economic, environmental and social criteria and effectively support corporate governance towards sustainable development.

Thu Ha

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