Vietnam ESG Initiative 2024: seizing green transformation opportunities

Following the success of the 2023 Vietnam Environmental, Social, and Governance (ESG) Initiative, the Agency for Enterprise Development under the Ministry of Planning and Investment and the United States Agency for International Development (USAID) are co-hosting the 2024 Vietnam ESG Initiative.

From December 29, 2023 to March 31, 2024, private enterprises, cooperatives, and household businesses with intentions and commitments to implement ESG practices, undergo transformation, or expand sustainable business models can register to participate.

Themed “Seizing Green Transformation Opportunity," the 2024 scheme encourages businesses to align sustainable development strategies with their business goals to seize new opportunities in the context of green transformation.

The Vietnam ESG Initiative is among efforts to implement the National Strategy on Green Growth for 2021-2030 and prime minister's Decision No.167/QD-TTg issued in 2022.

"Adopting sustainable business models as well as ESG practices will enable businesses to meet requirements of the market, partners and investors, increase access to green capital sources, enhance their images and brands in domestic and international markets. Particularly, this is a valuable opportunity for them to turn compliance responsibilities into competitive advantages and benefit from added values," said Trinh Thi Huong, deputy general director of the Agency for Enterprise Development.

The 2023 Vietnam ESG Initiative attracted nearly 150 applications from private enterprises, cooperatives, and household businesses.

The 10 finalists were then provided with training and intensive one-on-one coaching to update new trends in sustainable business and green transformation, develop ESG action plans, and create sustainable development reports in line with international standards.

The top 3 winners including HHP GLOBAL JSC, Vinasamex., JSC, and Vietnam Food JSC have received technical support with a total value of up to VND2 billion ($81,276) to pilot, implement or scale up their sustainable business initiatives.

In addition, businesses that participate in the initiative received support in approaching local and international partners in sustainable business ecosystems, expanding partnerships, learning and improving their knowledge and experience in applying ESG practices and sustainable business models, as well as accessing sustainable business support programmes of the state, investment funds, and credit institutions in Vietnam.