New VCCI ranking honours corporate ethics hinh anh 1Cultivating gherkins using hi-tech in the Central Highlands province of Lam Dong.(Source: VNA)

Hanoi (VNA) – Firms that do not put profits above communities and promote sustainable development are now recognised by a new ranking announced by the Vietnam Chamber of Commerce and Industry (VCCI) on November 8.

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

VCCI Chairman Vu Tien Loc said sustainable development has become an indispensable path to success for businesses around the world at a time when abundant natural resources and cheap labour are no longer advantages.

Firms that focus exclusively on profit and ignore communities’ interests are not good businesses, Loc said, adding that recognition by the society that a business is engaged in sustainable development will be an important type of capital that firms need in the future.

Nguyen Quang Vinh, Secretary General of the Vietnam Business Council for Sustainable Development (VBCSD), told that in order to rank the 100 most sustainable companies in 2016, VBCSD has 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 Vietnam 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 Vietnam”.

These 100 winners are expected to exert a positive influence on more than 500,000 Vietnamese enterprises, most of which are 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.

Dao Dinh Thi, Chairman of the Bao Viet Group, said that through the new ranking, customers, investors and employees can identify ethical businesses, increasing their brand visibility and making them more competitive.-VNA