ESG practices needed for sustainable development: seminar

Hanoi (VNA) – The Ho Chi Minh National Academy of Politics (HCMA) and the embassies of four Nordic countries held a seminar on March 23, highlighting environmental, social, and corporate governance (ESG) as a business model for sustainable development.

The event, held in both online and offline formats, was co-chaired by HCMA Vice President Le Van Loi and the ambassadors of Denmark, Finland, Norway, and Sweden.

In his opening remarks, Loi said the Nordic countries have obtained considerable achievements in economic growth, social welfare, environmental protection, and cultural value preservation. They are often viewed as the trailblazers in implementing the Sustainable Development Goals. To their investors and organisations, environmental, social, and governance factors have long been recognised as an important part of investment.

All of these are a valuable source of reference for countries around the world, including Vietnam, he noted.

Norwegian Ambassador Grete Lochen said governments play the key role in making and implementing important policies to achieve green and sustainable economic recovery, which suits Vietnam at this point of time.

High-quality foreign direct investors are seeking developing and emerging economies but also emphasising the adherence to ESG principles as they are attaching more and more importance to ESG issues in efforts to minimise investment risks. Besides, consumers now require products be made in the countries with due attention to ESG, according to the ambassador.

This is highly crucial to an open and export-oriented economy like Vietnam, whose most important export markets are Europe and the US, the diplomat pointed out.

She added that ensuring sustainable use of energy sources, building social protection policies, and combating corruption are the tasks in which both the state and private sector have an essential role to play.

At the seminar, participants, including experts, scientists, and businesses of Vietnam and the Nordic countries, shared the view that to secure success, businesses and investors need a sustainable and predictable business climate with good governance, clean energy, good working conditions, and strong anti-corruption measures, which also matches the development policy of Vietnam./.