Consider ESG as a core business strategy, rather than just an obligation to comply
Vietnam's economy is a large-scale export economy, when countries apply new tax policies and regulations, that creates significant risks for Vietnamese enterprises. Therefore, the ESG approach must be viewed not only as a requirement of compliance, but also as a risk management strategy to maintain a position in the global supply chain.
According to Mr. Nguyen Hoang Nam - ESG Consulting Service leader, Deputy General Director of PwC Vietnam, in fact, many Vietnamese enterprises have felt the pressure from international partners and customers - especially in Europe - to request ESG proof. This motivates domestic enterprises to take specific actions to meet the needs.
Through the regional survey, most Southeast Asian countries including Vietnam have difficulty achieving the goals set for 2030. This poses an urgent need for real action, instead of just stopping at commitments - Mr. Nguyen Hoang Nam emphasized.
Informing about the survey results of 774 enterprises in the published issue "ESG Practicing Process in Vietnam 2025", the leader of PwC Vietnam said that 89% of enterprises have ESG commitments at different levels. Of which, 54% have done it, only 13% have plans but have not yet implemented them, 22,2% are in the initial stage and 11,1% have not started anything. FDI enterprises showed a high implementation rate (71%). Listed enterprises also have a significant action rate. Meanwhile, private enterprises and households still have many gaps.
Mr. Nguyen Hoang Nam said that in the near future, Vietnamese enterprises need to consider ESG as part of their core business strategy, instead of just a compliance obligation. Proactive investment, practical and transparent actions will not only help businesses meet international market requirements, but also open up opportunities to access green capital, improve operational efficiency and build trust with customers, investors as well as the community.
ESG needs to comply with compliance and innovation in parallel
According to Ms. Lang Trinh Mai Huong - Deputy Director, Department of International Cooperation, State Audit, in the recent survey, many businesses said that compliance is the main driving force for ESG implementation. However, in addition to compliance, it is necessary to emphasize the factors of innovation and creativity.
chua ever been able to reissue as many legal documents, Decrees, and Circulars as this year. This is an important legal basis, but also poses challenges when some regulations are overlapping and not really suitable for production and business practices. However, it must be noted that in the past 2-3 years, the Government's strategies and resolutions have all aimed to promote green growth, circular economy, carbon market..." - Ms. Huong assessed.
For example, Ms. Huong said that high-tech agricultural enterprises are now enjoying tax incentives; carbon credit or green bond transactions have also begun to have incentive mechanisms. These are policies that are both mandatory and an incentive for businesses to proactively participate.
An issue that needs to be further improved is the mechanism to ensure transparency, especially for projects using green capital. There have been cases in Europe where projects have been planted to store carbon, but independent audits have discovered that the life cycle of forests does not meet standards, and even emits more than they can absorb.
The State also needs to build a centralized, transparent database so that businesses and investors can easily access it. This will be a great driving force to promote innovation and improve the effectiveness of ESG practices.
From a humanistic perspective, training is necessary, but it is also necessary to raise awareness and internal motivation of the team. Workers must see the direct benefits of ESG to be ready to participate. Along with that is the use of technology, shortening the implementation time from a few years to just a few months, even a few weeks.
To make ESG a driving force for sustainable development, three factors need to be gathered: Trust and reputation from transparency, growth in business performance, and cost optimization thanks to risk management and green capital. If done, ESG will no longer be a burden of compliance, but will become the key to helping businesses develop sustainably and compete effectively in the international market" - Ms. Huong affirmed.
