Promoting a constructive role for the business community

Despite the fact that Covid-19 has been brought under control, the impact of the pandemic still remains. According to the Provincial Competitiveness Index (PCI) by the Vietnam Chamber of Commerce and Industry (VCCI) announced in 2022, due to the Covid-19 epidemic, businesses in all industries and localities are faced with a series of problems, namely difficulty in accessing customers (60%), labor shortage (53%), cash flow imbalance (52%) and supply chain disruptions (52%). All of these factors impact business growth and competitiveness.

It is apparent that businesses on a global scale are under pressure to change after the pandemic revealed unsustainable patterns in existing production and consumption. Climate change remains one of the greatest challenges facing humanity in the 21st century.

High-level meeting to finalize key content of VSBF 2023 – Singapore, 9 February 2023

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In this context, successfully implementing a growth strategy and gradually putting sustainability at the heart of the business strategy becomes imperative for both the public and private sectors. This is a global trend that includes both Vietnam and Singapore.

Recorded at VSBF, co-organised by VIETSTAR Training & Consulting JSC and Singapore Management University (SMU) in May 2022 in Hanoi right after the country opened up after the pandemic, leaders and organizations participating in this forum all agreed that that incorporating sustainability into the heart of business strategy along with efficient business practices, enhanced stakeholder interaction and improved governance will help obtain better long-term financial performance and value creation. 

VSBF 2022 has promoted a constructive role, being the first forum in Vietnam to focus in-depth on sustainable business solutions. As the forum concluded, Vietnamese enterprises initiated their plans to put sustainability at the heart of business activities and incorporate sustainability into business strategies based on lessons learned from successful corporations and businesses.

Driving sustainability and inclusive growth in the digital era

In terms of trade, Vietnam is one of the 10 biggest exporters to Singapore, with double-digit turnover growth per year. According to the Vietnam Trade Office in Singapore, as an open global transshipment market, Singapore reported total trade turnover of up to SGD1.2 trillion in 2021, twice as much as its GDP. Regarding investment, by the end of 2022, Singaporean businesses have invested some USD6.46 billion in Vietnam, accounting for 23.3% of the total foreign investment capital and have ranked as one of the top investors in Vietnam.

Image of Speakers participating in VSBF 2022

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Vietnam has 140 valid investment projects in Singapore, with a total registered capital of more than USD586 million. 

2023 marks the 50th anniversary of the establishment of diplomatic relations between the two countries, the 10th anniversary of the strategic partnership between Vietnam and Singapore, and the third anniversary of the establishment of VSBF. 

On May 12, 2023, the third VSBF in Hanoi will dive deep into driving sustainability and inclusive growth in the digital era within the framework of the green digital economy development strategy set at the beginning of this year.

The event is expected to be attended by 150 Vietnamese and Singaporean high-level leaders, namely Chairman of Temasek Holdings and Group President & CEO of Sembcorp Group, which is an investor of 12 Vietnam-Singapore Industrial Parks (VSIP). In particular, VSIP is considered a symbol in the Vietnam-Singapore strategic relationship. On the Vietnamese side, there will be the participation of the Leader of the Commission for the Management of State Capital at Enterprises (CMSC), Chairman of the Vietnam National Oil and Gas Group, strategic experts as well as top scholars from SMU, GE and EY. 

Sharing with us, Ms. Mary Pham Thu Hang, VietStar CEO & VSBF Director, said: “The VSBF is not only a forum for sharing governance insights and business solutions for achieving sustainable growth and development, but also the interaction of two Southeast Asian cultures; a destination of friendship where like-minded leaders together create value, drive sustainable and inclusive growth and share responsibilities to the community for a better world.”