Hanoi (VNA) – The Vietnam ESG Initiative 2024 was awarded at a ceremony held in Ho Chi Minh City on October 3, honouring businesses with outstanding initiatives to adopt environmental, social, and governance (ESG) standards.

Amid intensive international economic integration, Vietnamese companies are facing enourmous challenges in meeting stringent sustainability requirements from investors, partners, international markets, and consumers. The green transition trend is thriving worldwide, demanding businesses focus on not only profitability but also ESG factors.

The Vietnam ESG Initiative, launched by the Agency for Enterprise Development under the Ministry of Planning and Investment (MPI) with support from the US Agency for International Development (USAID), aims to boost Vietnamese businesses' competitiveness and help them adopt sustainable practices. The 2024 edition, themed “Seizing Green Transformation Opportunities”, is the second so far.

At the event, Deputy Minister of Planning and Investment Tran Quoc Phuong emphasised the inevitable trend of sustainable development, highlighting the need for Vietnamese enterprises to innovate to catch up with this trend and remain competitive, or miss chances to deeply engage in global value chains.

As the advisory body about socio-economic and enterprise development for the Government, the MPS has made active moves, including implementing a programme on supporting private firms to secure business sustainability in the 2022 - 2025 period. This programe has helped improve awareness of business sustainability and ESG for nearly 3,400 businesses, with 400 companies receiving in-depth ESG training. Besides, tools for assessing sustainable business and ESG practices were built and published online free of charge.

Launched in January, the Vietnam ESG Initiative 2024 attracted a large number of businesses with various green transition and sustainability initiatives. Ten shortlisted companies received intensive training and advice from the USAID Improving Private Sector Competitiveness (IPSC) project to perfect their plans, and then presented their ideas in front of the jury.

Three companies were awarded for their outstanding ESG implementation plans, namely Ecoka, Saigon Secoin, and Shinec. Additionally, EMIC Hospitality received a special recognition for its efforts in sustainable tourism.

The winners will receive technical support valued at 2 billion VND (81,000 USD) to implement their ESG initiatives.

The event also introduced ESG tools and a handbook on legal regulations on ESG, helping busin🉐es🐭ses align with sustainability standards and legal requirements to enhance their competitiveness and readiness for global market requirements./.