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Feb 12, 2022 / 12:00

Vietnam to foster 10,000 private firms towards sustainable business in 2022-2025

Deputy Prime Minister Le Minh Khai has signed Decision No. 167 approving the program on helping the private sector achieve a responsible business model.

A program to promote sustainable business in the private sector for the 2022-2025 period will support about 10,000 firms across the country.

 Vietnam will foster 10,000 private firms towards sustainable business in 2022-2025. Photo: Vinh Hoan Corporation

The program aims to ensure the harmony between economic efficiency and social responsibility of private enterprises with a focus on environmental protection, contributing to the accomplishment of Vietnam’s 17 sustainable development goals by 2030.

The program will implement three main groups of tasks which are developing an ecosystem to support sustainable business, assisting enterprises to do business sustainably, and managing their operations in a socially responsible manner.

It also strives to raise awareness of the private business community about the role, meaning, and importance of sustainable business by 2025.

Staff, civil servants, and public employees will be trained as well as their awareness and qualifications will be raised to support, advise and supervise responsible businesses.

At least 10 tools and solutions to measure, evaluate and recognize responsible enterprises will be developed to support 10,000 businesses, then contributing to the target of saving 5-7% of the country’s total energy consumption and increasing labor productivity by about 7% per year annually.

A database and an ecosystem to support responsible enterprises will also be built. 

The program will focus on building typical successful responsible business models as examples for other firms to follow as well as attracting resources, especially from the business community, to implement initiatives towards sustainable business.

Research institutes, universities, firms, and legal entities will be the actors supporting and promoting the development of sustainable business.

Ministries, central agencies, People's Committees of provinces and cities of the first level of administrative division will be tasked with deploying the program’s activities.