Sustainable development a key factor for business success: VCCI

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Businesses should be focusing more on sustainable development and considering it a critical element for long-term growth, said Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry (VCCI) at the Vietnam Corporate Sustainability Forum in Hanoi on Tuesday.

Citing the “Better Business – Better World” report released by the Business and Sustainable Development Commission, Loc emphasized that sustainable development would create a market worth $5 billion and generate 230 million new jobs in Asia by 2030.

“Sustainable development will not just bring social and environmental benefits, it will also generate business opportunities,” he said. “In the context of rapid international integration as now, it’s not just a choice of business but the only key to success.”

Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry, at the Vietnam Corporate Sustainability Forum. Photos by VnExpress/Ha Phuong

Vietnam is one of 193 United Nations members that have adopted the 2030 Agenda for Sustainable Development, which includes 17 sustainable development goals (SDGs).

“Businesses in Vietnam should incorporate the SDGs into their strategies and look for solutions to adapt to sustainability challenges in the long-term rather than short-term benefits," Loc added.

United Nations Resident Coordinator in Vietnam Kamal Malhotra said that businesses operating in the country are still heavily dependent on natural resources. In order to achieve the SDGs, they have to find innovative solutions and learn to use those resources in a new way.

He also urged the government to be a more active supporter for businesses rather than just a source of finance.

The VCCI said it plans to establish a center geared around a circular economy called the VCCE, which will help businesses to scale up zero-waste models so that fewer natural resources are exhausted.

The Vietnam Corporate Sustainability Forum held in Hanoi on Tuesday

On the same day, Deputy Prime Minister Vu Duc Dam held a meeting with the Steering Board of the Vietnam Business Council for Sustainable Development.

Dam said Vietnam’s business community should be ready for the upcoming fourth industrial revolution. The target is to create more jobs and improve the competitiveness of the economy. Sustainable development should not only be a playground for big businesses, but small firms and start-ups too.

He also noted that the Vietnam Business Council for Sustainable Development should create forums for businesses to discuss any difficulties they encounter with the government.

The government will continue to be the backbone of local enterprises, he added.