VCCI President: Promoting innovation and digital transformation will drive sustainable development

4:00:58 PM | 12/1/2022

Mr. Pham Tan Cong, President of the Vietnam Chamber of Commerce and Industry (VCCI), emphasized that innovation, creativity and digital transformation will help businesses accelerate sustainability pillars. He affirmed this while addressing the Vietnam Sustainable Development Business Forum (VCSF) 2022 themed "Transform, Speed up, Break through: Sustainable Business – Prosperous Nation".

Sustainable business has become an inevitable trend, and corporate sustainable development strategies must be built on the Economic, Environmental, Social and Governance (EESG) pillars, VCCI President Pham Tan Cong emphasized.

Those that have adopted responsible business prove to be more resilient against challenges and can readily seize opportunities that the economy offers.

“The values ​​of sustainable business need to be shaped and built based on a core value system of entrepreneurs and businesses. That is business ethics and business culture,” he added.

According to a survey conducted by VCCI with over 10,000 businesses across the country, 56% saw opportunities from climate change, with 30% thinking that it's time to restructure and rearrange production, while 17% think that this is an opportunity to create new tech products and services, and develop more markets for existing products.
Mr. Nguyen Tuan Quang, Deputy Director of the Climate Change Department under the Ministry of Natural Resources and Environment, said that by taking advantage of opportunities to foster sustainability practices, businesses can join the carbon market to create technological innovations, develop production and business from renewable energy sources to enhance competitiveness and deliver sustainable profits.

However, according to experts and businesses, to further successfully implement the sustainable development strategy, it is necessary to institutionalize low-carbon development models and effectively apply carbon pricing tools. At the same time, enterprises proposed speeding up insurance for production and business activities, and assets of enterprises in certain types of manufacturing exposed to high risks such as crop cultivation and aquaculture. They also suggested further drawing international resources, including public and private financial resources, technology, knowledge and experience to support enterprises to transform production models towards low-carbon emission, green economy, circular economy and active adaptation to climate change.
Mr. Peeyush Sharma, Chief Executive Officer of Coca-Cola Beverages Vietnam Ltd, said that Coca-Cola will continue to invest to improve life for all, from employees to local people, by doing responsible business. The company also launched packaging made from 100% recycled plastic, aiming to cut more than 2,000 tons of new plastic each year in Vietnam. Coca-Cola recently started building a solar power plant in Long An province, costing more than VND3,100 trillion.
Mr. Nguyen Quoc Khanh, Executive Director of the Research and Development Division, Vietnam Dairy Products Joint Stock Company (Vinamilk), said: “Vinamilk's farm system is a typical example of sustainability practices. Practicing regenerative agriculture at Vinamilk's farms, we apply renewable energies such as solar energy and technology systems to reduce methane emissions and use atomic organic carbon technology to reduce methane and reduce farm odors. Besides, we have sustainability actions toward the community.”
Mr. Binu Jacob, CEO of Nestlé Vietnam Company, said the company aimed to adopt regenerative agriculture and apply this approach to agriculture in many countries, including Vietnam. Regenerative agriculture is an approach where agricultural production is directed to improve soil, water and biodiversity quality to increase productivity and enhance incomes and livelihoods for farmers.
Mr. Nguyen Hong Son, Deputy Director of the Central Economic Commission, emphasized that, to direct enterprises toward sustainability, it is necessary to improve the legal framework, enhance national and local governance capacity, upgrade the business environment, foster public-private partnership, and strengthen international cooperation to create favorable conditions and resources for sustainable development.
At the enterprise level, he recommended changing the mindset, ensuring business integrity, improving competitiveness and increasing corporate value through sustainable business administration practices, promoting diversity, inclusion and inclusivity in business, pursuing the green economy and circular economy, and adopting the Corporate Sustainability Index (CSI) designed by VCCI.
In addition, many experts emphasized that, in the context of global integration and competition, requirements for business ethics, consumer protection, environmental protection, green economy and circular economy must be raised to create both new standards and technical barriers in market penetration, especially in developed countries.

By Vietnam Business Forum