An office building in HCM City. Embedding ESG into the very core of business operations is critical to enhance future competitiveness. — VNA/VNS Photo Dương Chí Tưởng

HÀ NỘI — ESG is no longer just talk but action as businesses in Việt Nam shift from planning to execution, according to a PwC Vietnam survey that shows sustainability and governance are now strategic imperatives.

The ESG Progress Tracker Survey Report 2025 revealed that 89 per cent of 174 respondents say they have made or plan to make an ESG commitment within the next two to four years, a sharp rise from 80 per cent in 2022.

Of those, 54 per cent have already implemented their ESG commitments while 13 per cent are planning but not yet acting and 22 per cent are at an early stage.

The proportion of companies with no plans for ESG commitment has nearly halved since 2022, falling to just 11 per cent.

The report found that foreign-invested enterprises remain frontrunners with 71 per cent having implemented their commitments, driven by global standards. Listed companies are catching up fast with 57 per cent, spurred by investors and regulatory pressure. Unlisted or private businesses are slower, with 27 per cent implementing commitments and 23 per cent having no ESG plans.

“The motivations are less about immediate financial gains but more about securing a licence to operate in an increasingly demanding market,” the report wrote.

The report also found a decisive shift from ambition to measurable action. The proportion of businesses with no formal ESG plan has more than halved, confirming that having an ESG strategy is no longer optional but a key imperative for doing business in Việt Nam.

Around 61 per cent have a strategy in development or partially implemented.

The formalisation of ESG leadership is a key development, with 68 per cent having the board involved in ESG matters and 75 per cent having an ESG leader.

“The choices made by leaders today will determine Việt Nam’s capacity to build a sustainable, inclusive and future-ready economy. It is a shared responsibility,” said ESG Leader and Partner, Assurance Services at PwC Vietnam Nguyễn Hoàng Nam.

“While governance provides a strong foundation, the next stage of maturity requires embedding ESG into the very core of business operations. This is the essence of moving beyond compliance to reinvention - leveraging data, driving efficiency and collaborating across the ecosystem to build lasting competitive advantage.”

However, the report pointed out that the primary challenge for businesses in Việt Nam has shifted from understanding what to measure to effectively managing and utilising data.

“The core challenge is now capability, not awareness. The focus must be on equipping businesses with the systems and skills to leverage ESG data as a strategic asset rather than a compliance burden,” the report said.

Digital technology is crucial for overcoming ESG challenges, according to the report.

“Embedding digital transformation within a core ESG strategy is therefore essential, allowing organisations to move beyond compliance to achieve efficiency and long-term value,” the report said.

“New ESG regulations aren’t a risk; they are the single greatest opportunity for differentiation we have today. Forward-thinking companies will see beyond the compliance checklist to find new ways to innovate, build trust and create lasting value,” Asia Pacific Sustainability Leader, PwC Malaysia, Andrew Chan said. — VNS