Becoming Dragon by Embracing Sustainable Integration Trends

Outstanding enterprises recognized for their exceptional sustainability practices in Vietnam, 2023

Integration to open new doors

That passionate journey is always with me, inspired by successful foreign affairs and international economic integration. Specifically, Vietnam has joined 17 free trade agreements (FTAs) and prepared for negotiations to enter into more bilateral and multilateral FTAs. Vietnam’s export shipments to FTA markets recorded outstanding growth, which is higher year after year. 2023 also marked the expansion of comprehensive strategic partnerships with major countries and marked the first time Vietnam was a strategic partner or comprehensive strategic partner with all permanent members of the United Nations Security Council.

International economic integration has opened the door for Vietnamese businesses to step into the vast world of semiconductor technology and is also a leap forward for Vietnam to develop faster and further.

“Bridging” Vietnamese companies to the world market, in 2023, VCCI launched various activities, from trade and investment promotion to business connection or timely provision of information about markets and industries to domestic and international companies.

Integration in sustainable development trends

Needless to say, sustainable development has now become a “guideline” and a common, vital choice for all humanity.

Inspiring the business community to adopt sustainable business is an operating principle that has been persistently and diligently implemented by VCCI over many years. Through the Vietnam Business Council for Sustainable Development (VBCSD), a series of communication, awareness-raising, business thinking transformation, training and capacity building events have been deployed. International partnerships and cooperation have been implemented diversely and extensively.

According to the Program for Benchmarking and Announcing Sustainable Businesses in Vietnam (CSI) 2023, nearly 25% of businesses joined the program for the first time, showing a positive change in awareness and markedly improved sustainable governance models. At present, many Vietnamese firms such as Vinamilk, PNJ, Traphaco, PAN Group and TNG are effectively applying clean, green production models, creating sustainable livelihoods for disadvantaged communities, or practicing cultural diversity and inclusion in businesses.

Chairman of the National Assembly Vuong Dinh Hue attends the launching ceremony of the Vietnam - Thai Chamber of Commerce in Thailand (VTCC)

Rebuilding trust

This is the theme of the 54th Annual World Economic Forum (WEF) held in Switzerland in January 2024. I am lucky enough to escort Prime Minister Pham Minh Chinh to attend this annual event. Trust is reinforced by increased transparency, unity and accountability. This event promotes open, constructive dialogues between Government leaders, the business community and social organizations, thus deepening cooperation ties and leveraging sustainable development goals. That trust has gained momentum since the COP 28 Conference in Dubai, which is considered to signal the “beginning of the end” of the fossil fuel era - the biggest cause of climate change.

This can also be considered an indicator for the Vietnamese business community in the coming time. When green transformation and sustainable business transformation are in place, choosing "natural" business models - which create positive impacts on the environment such as circular economy, just energy transition, response to climate change or applying ESG (Environmental, Social and Governance) standards and adopting innovations and expanding cooperation ties will certainly “lead the way” for businesses to attract domestic and international investors and partners.

Becoming a dragon

2024 will be an urgent year for the socioeconomic development plan in the 2021 - 2025 period. With the cultural foundation, business ethics and integrity and the spread of Resolution 41-NQ/TW of the Politburo promoting the role of entrepreneurs in the new context, I believe that the Vietnamese business community will increasingly foster its internal values, work together for national pride and for the aspiration to be a powerful nation. When making good use of opportunities and potential for international economic integration along with sustainable development trends, Vietnamese businesses will certainly become dragons in the near future.

MBA Nguyen Quang Vinh, Vice President of VCCI, Chairman of ASEAN BAC Vietnam, Chairman of VBCSD