Applying ESG to sustainable tourism development strategy

Developing tourism with sustainable orientation

At the workshop on Orientation to promote sustainable tourism development through ESG (environmental, social, governance), on September 6, Ms. Bui Thi Ngoc Hieu - Deputy Director of Ho Chi Minh City Department of Tourism stated that along with the rapid development speed, the tourism industry is facing major environmental and social challenges.

Especially after the COVID-19 pandemic, tourists' psychology and consumer behavior pay more attention to environmental and social criteria when choosing a destination.

Vietnam's tourism development strategy to 2030 has also identified tourism development with a sustainable and inclusive orientation on the basis of green growth, maximizing tourism's contribution to sustainable development goals.

In the journey towards sustainable and comprehensive development, integrating risk management principles and frameworks such as ESG into strategies and goals is considered the "door" for the development of the tourism industry.

In particular, the implementation of ESG commitments by Vietnamese tourism organizations and businesses helps increase competitiveness, attract tourists and contribute to sustainable tourism development at destinations.

According to Mr. Nguyen Hoang Nam - Deputy General Director - ESG Leader PWC Vietnam, by applying ESG principles in tourism, businesses can minimize negative impacts on the environment and community.

At the same time, create positive social values ​​such as enhancing local community life, protecting cultural and natural heritage, and improving the quality of life for local people.

Accelerating ESG Practice

The topics discussed during the workshop helped businesses identify ESG practices as an inevitable trend in the world and in Vietnam.

Businesses can start practicing ESG by practicing good governance. This will prevent legal risks and increase business efficiency, save costs and optimize profits.

This allows each business to set its own action goals without any external influence.

Next, practice environmental factors, based on the company's operations to assess and inventory greenhouse gases, emissions and waste so that the business can set its own improvement goals.

Finally, practice community factors, depending on the scope of business and the impact of the business on the community to set goals and solutions.