8:23:20 AM | 12/27/2023
The Vietnam Chamber of Commerce and Industry (VCCI) and the Vietnam Business Council for Sustainable Development (VBCSD-VCCI) recently hosted an event to unveil the sustainable businesses in Vietnam for the year 2023. This ceremony took place in Hanoi on December 13, marking the 8th consecutive year of the Corporate Sustainability Index (CSI) Program organized by VCCI.
VCCI President Pham Tan Cong and delegates extend their congratulations to the businesses that have demonstrated exceptional sustainability
Under the direction of the Government and in collaboration with the Ministry of Labor, Invalids and Social Affairs, the Ministry of Natural Resources and Environment, and the Vietnam General Confederation of Labor, this year's program notably included the participation of the Central Economic Committee in the CSI Program Steering Committee, further enhancing the program's stature and reach.
The 2023 program introduced significant enhancements, including fundamental improvements to the Corporate Sustainability Index (CSI), serving as a robust tool for assessing participants' business sustainability. The evaluation and appraisal process underwent substantial upgrades to ensure a more scientific, transparent and rigorous methodology. Furthermore, the program saw expanded involvement of press representatives in the Sustainability Assessment Council. These modifications underscored the meticulous and transparent evaluation and appraisal procedures applied to the Top 100 winners honored at the CSI 2023 Announcement Ceremony.
Amidst nearly 500 candidates, of which nearly 25% were first-time applicants, the Program Secretariat sifted through 146 qualified applications. The Council then independently scored these applications using online software, employing a strict and transparent appraisal process. The results were subsequently submitted to the Steering Committee, which determined the Top 100 sustainable businesses celebrated at the Announcement Ceremony. Within this distinguished group, 40% represented Foreign Direct Investment (FDI) firms, and the remaining 60% comprised Vietnamese companies, including 25% State-owned enterprises.
In addition to recognizing winners in the primary categories, the program extended its evaluation to identify innovative firms excelling in two thematic categories: those embracing the circular economy and reducing carbon emissions, and those championing the value of diversity, equity and inclusion. This multifaceted approach exemplified the program's commitment to promoting and celebrating sustainability across various dimensions of corporate performance.
Notable recognition bestowed upon the most sustainable businesses
In its eighth edition, the CSI 2023 serves as a comprehensive tool for evaluating corporate sustainability across key dimensions: Economic performance, corporate governance, environment, and labor-society relations. Out of the 130 CSI indicators in 2023, 63% pertain to regulatory compliance, while 37% focus on sustainable business initiatives. This underscores the versatility of the CSI Index, making it applicable to businesses of all sizes and types. Notably, the index demonstrates that even small and medium-sized enterprises (SMEs) can establish a robust foundation for sustainable development by adhering to legal requirements, enabling them to achieve commendable scores within the CSI Program.
Initiated and refined by the Vietnam Chamber of Commerce and Industry (VCCI) since 2014, with its official launch in 2016, the CSI has served as Vietnam's pioneering index designed to assist businesses in adopting sustainable corporate governance practices. Employing the CSI requires a thorough examination of sustainable development activities, enabling businesses to conduct a comprehensive self-assessment regarding the impact of their operations. This process facilitates the formulation of strategic action plans to address weaknesses, reinforce strengths, and enhance information preparation and reporting. Consequently, businesses can attract investors more effectively and sustainably.
During the Announcement Ceremony, Mr. Pham Tan Cong, President of VCCI and Chairman of the Steering Committee for the CSI 2023 Program, underscored the VCCI's commitment to fostering a sustainable business community over two decades. Through collaboration with domestic and international partners, VCCI has spearheaded various communication programs, projects and activities aimed at raising awareness, providing training, consultancy, and knowledge sharing, fostering responsible and sustainable business practices.
Mr. Cong emphasized that the sustained and stable business growth exhibited by the recognized winners at the Announcement Ceremony attests to the wisdom of their commitment to integrating sustainability criteria - covering environment, society, and governance (ESG) - into their long-term business strategies. He stressed that only through unwavering commitments and actions toward sustainable strategies can companies surmount challenges and obstacles, fostering development, prosperity and enduring happiness.
Mr. Nguyen Quang Vinh, Vice President of VCCI, Chairman of VBCSD, and Vice Chairman of the CSI 2023 Program Steering Committee, reiterated that adopting a mindset geared toward sustainable business practices is imperative for companies' own interests. He urged the Top 100 sustainable businesses in 2023 to disseminate and share the 2023 CSI with companies and partners in their value chains, fostering the creation of a sustainable and resilient business ecosystem. This collaborative effort, he noted, would enhance competitiveness and solidify positions within the value chain of larger firms, fostering robust and sustainable growth. Looking ahead, Mr. Nguyen Quang Vinh outlined VCCI's commitment to upgrading the CSI to align with contemporary standards, collaborating with ASEAN Business Advisory Councils for international dissemination, and exploring the possibility of establishing the CSI as a national standard through consultation with relevant agencies.
The CSI Program 2023 is supported by Nestlé Vietnam, Coca-Cola Beverages Vietnam, British American Tobacco Vietnam, and many other partners and members of the Vietnam Business Council for Sustainable Development (VBCSD).
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Mr. Pham Tan Cong, President & Chairman of VCCI
The commendation of business stability and sustainable growth achieved by companies at CSI 2023 underscores their commitment and pioneering efforts in applying sustainability criteria across the triad of environment, society, and governance (ESG). This resounding success validates that only a steadfast dedication to a sustainable strategy empowers businesses to surmount obstacles, prosper, and cultivate enduring happiness. VCCI's unwavering pursuit of fostering a sustainable business community over the past two decades manifests in the collaborative endeavors with domestic and international agencies. VCCI has spearheaded numerous communication programs, projects, and activities, fostering awareness, training, consultation and knowledge-sharing. The aim is to galvanize and bolster the business community in embracing responsible and sustainable practices. The Corporate Sustainability Index (CSI) was launched in 2016. Collaborating with the Ministry of Labor, Invalids and Social Affairs, the Ministry of Natural Resources and Environment, and the Vietnam General Confederation of Labor, VCCI has carried out eight CSI Programs, benchmarking and acknowledging sustainable businesses in Vietnam. The CSI Program of this year boasts significant enhancements: First, foundational improvements to the CSI Index and more rigorous evaluation and appraisal processes. Second, the Central Economic Committee's active participation in both the Steering Committee and the Jury Council. Third, an expanded involvement of press representatives in the Sustainability Assessment Council. These additions underscore that the Top 100 honorees at the CSI 2023 Announcement Ceremony underwent meticulous evaluation, appraisal, and consideration with transparency at the forefront. In light of these achievements, VCCI extends recognition and commendation to the Vietnam Business Council for Sustainable Development (VBCSD) and the Business Office for Sustainable Development. Their dedication and exceptional efforts in instilling the spirit, mobilizing, and guiding businesses toward sustainable development deserve acclaim. The hope is that this journey will see the emergence of many new faces, nurturing and constructing a sustainable business community in Vietnam. They shall serve as messengers conveying to the world a message: Vietnamese businesses are undergoing a robust transformation, translating commitments into decisive actions with the goal of achieving developed, high-income status by 2045. Their outstanding achievements will resonate in equality, social justice, prosperity and inclusion. Mr. Nguyen Quang Vinh, Vice President of VCCI, Chair of VBCSD, Deputy Director of the Steering Committee for CSI Program 2023
In its 8th edition, the CSI 2023 stands as a meticulously crafted tool designed to gauge corporate sustainability across dimensions: economic performance, corporate governance, environment and labor-society. Among the 130 CSI indicators for 2023, an impressive 63% are aligned with regulatory compliance requirements, underscoring its universal applicability, while the remaining 37% focus on sustainable business initiatives. This attests to the CSI's accessibility and suitability for businesses of all sizes and types. Notably, it affirms that stringent adherence to legal norms empowers even small and medium-sized enterprises (SMEs) to establish a robust foundation for overarching sustainable development, securing commendable scores in the CSI Program. VCCI encourages the Top 100 sustainable businesses of 2023 to disseminate and share the 2023 CSI with their peers and partners within their value chains. This collaborative effort aims to coalesce a "sustainable" and "solid" business ecosystem, augmenting competitiveness and fortifying positions within larger firms' value chains, thereby fostering enduring strength and sustainability. Of particular significance, following the consultations with businesses, VCCI envisions collaborating with pertinent agencies to elevate the CSI Index into a national standard, universally applicable within the nationwide business community. In the coming time, VCCI will collaborate with agencies in the CSI Program Steering Committee to continually refine and contemporize the CSI, rendering it more supportive for businesses. Additionally, collaborative efforts with Business Advisory Councils in ASEAN are in the pipeline, aiming to extend the international reach of the CSI. Mr. Binu Jacob, CEO of Nestlé Vietnam Co., Ltd, Co-Chair of VBCSD
The focal point of this year's CSI Program, encapsulated in the theme "Journey to Create Happiness," serves as a poignant reminder to the business community of their roles. Beyond the delivery of values and profits to shareholders, companies bear the profound responsibility of actively enhancing and cultivating a happier and more beautiful life for the broader populace. Nestlé Vietnam, propelled by a vision of global prominence intertwined with local connections and a commitment to pioneering sustainable development, has consistently channeled unwavering efforts into multifaceted solutions and initiatives across environmental, societal, and governance realms. This concerted approach seeks to significantly contribute to the socioeconomic advancement of the nation. Through symbiotic partnerships within Vietnam, Nestlé endeavors to generate positive impacts on communities, the environment, and the planet at large. The top positions in CSI rankings over three years stand as a testament to our dedication in upholding long-term investment commitments and fostering sustainable development in Vietnam. Building upon the stellar achievements of previous years, 2023 signifies a transformative phase for Nestlé Vietnam across environmental, economic, and social dimensions. In the environmental sphere, a significant milestone was reached in June 2023 as Nestlé Vietnam entered into a memorandum of understanding (MoU) with the Ministry of Agriculture and Rural Development, on the development of sustainable agriculture and regenerative low-emission farming practices. Furthermore, the official launch of the "Sustainable Coffee Farming according to the Agroforestry Integrated Model" project underscores our commitment to planting over 2.3 million trees, aiming to curtail the absorption and storage of 480,000 tons of CO2 within a five-year span (2023 - 2027). |
By Huong Ly, Vietnam Business Forum
Vietnamese
