HÀ NỘI – Firms that do not put profits above communities and promote sustainable development are now recognized by a new ranking announced by the Việt Nam Chamber of Commerce and Industry (VCCI) yesterday.

The Top 100 Sustainable Businesses 2016 listing will honour Vietnamese firms for demonstrating corporate ethics mooted recently by Prime Minister Nguyễn Xuân Phúc, the VCCI said.

VCCI Chairman Vũ Tiến Lộc said sustainable development had become an indispensable path to success for businesses around the world at a time when abundant natural resources and cheap labour were no longer advantages.

Firms that focus exclusively on profit and ignore communities’ interests were not good businesses, Lộc said, adding that recognition by the society that a business was engaged in sustainable development would be an important type of capital that firms needed in the future.

Nguyễn Quang Vinh, Secretary General of the Việt Nam Business Council for Sustainable Development (VBCSD), told vccinews.com that in order to rank the 100 most sustainable companies in 2016, VBCSD had developed the Corporate Sustainability Index (CSI) based on 151 quantitative criteria.

Vinh, who is also Deputy Secretary General of VCCI, said companies could highlight their sustainability via three inter-related pillars: economy, society and environment.

This is the first time VCCI is coordinating with relevant ministries and agencies such as the Ministry of Labour, Invalids and Social Affairs, the Ministry of Natural Resources and Environment, and the Việt Nam General Confederation of Labour to set up a benchmarking committee. 

Some 400 companies, most of which are listed firms, have been assessed, Vinh said, adding that “After nearly a year of preparation and careful selection, we have short-listed the 100 most sustainable companies in Việt Nam”.

These 100 winners were expected to exert a positive influence on more than 500,000 Vietnamese enterprises, most of whom were small and medium-sized enterprises, he said.

“In the coming time, we will coordinate with international organisations such as the UN, the World Economic Forum (WEF) and the World Business Council for Sustainable Development (WBCSD) to nominate these companies for the rating so that they can compete with other brands in the world.

“We will use the index to encourage corporate compliance and capacity building, foster sustainable development strategies, and introduce good sustainable development practices to enterprises, especially SMEs,” Vinh said.

Đào Đình Thi, Chairman of the Bảo Việt Group, said that through the new ranking, customers, investors and employees can identify ethical businesses, increasing their brand visibility and making them more competitive.

Sustainability forum

Earlier yesterday, the Việt Nam Corporate Sustainability Forum 2016 opened in the city, focusing on the importance of creativity in realising sustainable development goals.

Addressing the forum, Deputy Prime Minister Vũ Đức Đam highlighted the event’s significance, saying that it would foster connectivity among public and private sectors, social organisations and the community.

Through the forum, many initiatives to improve the business climate in Việt Nam and step up sustainable development of Vietnamese business community had been submitted to the Government, he said.

Trần Hồng Hà, Minister of Natural Resources and Environment, asked the business community to get involved in economic use of energy so as to reduce emissions and effectively adapt to climate change.

The minister presented the country’s plan to implement the Paris Agreement on Climate Change, describing it as a strategic orientation to thoroughly address issues concerning climate change in the next decades.

It also shows Việt Nam’s responsibility in dealing with major challenges that threaten humankind, he said.

The third edition of VCSF 2016 was organised by the Việt Nam Business Council for Sustainable Development under the VCCI in collaboration with the British Council in Việt Nam and Unilever.

Corporate Culture Day

On Monday, Prime Minister Nguyễn Xuân Phúc launched a campaign to build corporate culture in Việt Nam. The campaign aims to raise public awareness, shake up trade and production and boost the role of state agencies.

At the event, Phúc said building a business culture would improve Việt Nam’s image and make it more competitive as it integrates into the global economy.

“This is one of the tasks for Việt Nam’s Government and its business community. It is part of the effort to turn the country into a start-up nation,” the PM said.

The Government will pay special attention to business ethics with the core values of transparency, creativity, competency and sustainability, he stressed.

The campaign’s organising board also announced the PM’s decision to observe November 10 as Việt Nam Corporate Culture Day. The purpose of the day will be to promote the building of a favourable business climate in the country, where the law, business ethics, social responsibilities and healthy competition are respected.

The Việt Nam Association for Business Culture Development, the Việt Nam Association for Women Entrepreneurs and the Voice of Việt Nam signed co-operation pacts to conduct the campaign. – VNS