by VBF 12/08/2025, 01:14

Attracting Green Investment through Sustainable Governance

As the world faces growing challenges such as climate change, resource shortages, social inequality, and declining trust in traditional institutions, sustainable development is no longer optional but has become a necessary requirement for the business community.

Mr. Nguyen Quang Vinh, Vice President of VCCI and Chairman of VBCSD, delivers remarks at the kick-off ceremony of the 2025 CSI Program

ESG (environmental, social, governance) practices have become a key criterion for evaluating operational efficiency and long-term profitability, aiming at sustainable enterprise development and also serving as an important foundation for investors and stakeholders in decision-making. In Vietnam, the Program on Benchmarking and Announcing Sustainable Companies in Vietnam (CSI Program), initiated and implemented by the Vietnam Business Council for Sustainable Development (VBCSD) - the Vietnam Chamber of Commerce and Industry (VCCI), with a focus on the Corporate Sustainability Index (CSI), is playing a leading role in encouraging the business community to gradually adopt and apply ESG in a systematic and practical way.

ESG - New standards for global enterprises

According to PwC’s Global Investor ESG Survey in 2024, 79% of global institutional investors said that they consider ESG factors in their investment decisions, a significant rise from 64% in 2021. Investment funds applying ESG criteria have mobilized over US$30 trillion globally, representing nearly 40% of total professionally managed assets, according to Global Sustainable Investment Alliance - GSIA, 2024. ESG is gradually becoming a common language among global businesses, not only in the financial sector but also as a key criterion in supply chains, public procurement, and business credit assessments.

In Vietnam, ESG is gaining increasing attention from the business community. The UOB Business Outlook Study 2023 showed that 94% of surveyed businesses recognize the importance of sustainable development, with 51% having officially implemented ESG practices. A PwC Vietnam’s report also indicated that 80% of businesses have either committed or plan to commit to ESG within the next two to four years.

Top 10 sustainable businesses in the trade and services sector are honored at the 2024 CSI Award Ceremony

CSI - Key to sustainable governance and productive ESG application for Vietnamese enterprises

First developed in 2016 and updated annually, the CSI is a scientific and advanced governance tool that aligns closely with international sustainable development commitments and Vietnam’s legal framework. The 2025 edition of the CSI includes 145 indicators, guiding enterprises not only to self-assess their level of sustainable development but also to shape their governance strategies in a comprehensive and standardized way.

Moreover, the CSI can be applied in various ways, from supporting enterprises in developing sustainable development reports and integrating ESG into internal governance to preparing documents for attracting capital from international investors. Practical implementation over the past decade has shown that many businesses using the CSI have significantly improved their operational efficiency, strengthening the confidence of investors, employees, and the wider community.

More than just a title

The CSI program to evaluate and recognize sustainable enterprises in Vietnam is an annual initiative organized by VCCI in coordination with relevant ministries and sectors, with an independent evaluation council made up of leading experts in economics, environment, labor, and governance. In 2025, the program will involve the participation of the Central Commission for Policies and Strategies, the Ministry of Home Affairs, the Ministry of Agriculture and Environment, the Ministry of Finance, and the Vietnam General Confederation of Labor.

Being recognized as a “sustainable enterprise” within the framework of the program not only carries the value of a title acknowledged by the Government and relevant ministries and agencies, but also reflects the enterprise’s capacity for transparent governance, accountability, and long-term social commitment, making it easier for enterprises to gain recognition from international partners and investors.

Over the past nine years, the program has attracted more than 4,000 enterprises to directly participate, while over 10,000 enterprises have used the CSI as a self-assessment tool and a guide for developing sustainable production and business strategies.

A call to action for the business community

In its 10th edition, the CSI 2025 Program remains an important milestone in advancing the sustainable development of Vietnamese enterprises. Building on its successful foundations, the CSI 2025 edition has been updated to align with new regulations under the Law on Environmental Protection, the revised Labor Code, and international standard frameworks such as the Global Reporting Initiative (GRI), International Financial Reporting Standards Sustainability Disclosure Standards (IFRS S1 and IFRS S2), and the European Union’s Corporate Sustainability Reporting Directive (CSRD).

This is the right time for businesses, especially those oriented toward sustainable development, to register for participation in the CSI 2025 Program. Applying the CSI not only helps businesses strengthen their internal capacity but also enhances their adaptability in a volatile world, while actively contributing to national sustainable development goals by 2030 and beyond.

Proactive participation in the CSI Program not only reflects a business’s commitment to society and the environment but also serves as a smart strategy to increase value, improve competitiveness, and affirm its market position. This presents an opportunity for businesses to reflect and improve, while taking a solid step forward on the path toward harmonious, prosperous, and sustainable development for both enterprises and society.

The Top 100 Sustainable Businesses in Vietnam, selected through the CSI Program, will be honored at the award ceremony, scheduled to take place in December 2025 in Hanoi. Participation in the program is free of charge, and applications can be submitted online at https://vbcsd.vn/ until August 15, 2025.

The CSI is the first index in Vietnam designed to assess the sustainability of enterprises. It is built and developed based on four key pillars: Economy (E), Environment (E), Society (S), and Governance (G), with reference to international standard frameworks such as the Global Reporting Initiative (GRI), the International Sustainability Standards Board (ISSB), the Task Force on Climate-related Financial Disclosures (TCFD), Corporate Social Responsibility (CSR), and the United Nations Guiding Principles on Business and Human Rights (UNGPs), and is adapted to align with the practical context in Vietnam.

The CSI 2025 has two versions: one for medium and large enterprises with 145 indicators, and another for small and micro enterprises with 87 indicators. Participating enterprises can select either version appropriate to their scale.

The evaluation and appraisal process is conducted strictly and scientifically in three main stages: scoring across three rounds of document assessment based on the CSI; appraisal by competent agencies; and final approval by the Steering Committee based on the Evaluation Council’s proposal. All information provided by enterprises is kept strictly confidential, ensuring transparency and professionalism throughout the program. These factors have established the true value of the CSI Program, attracting the business community to participate for nearly a decade.