Sustainable development requires that businesses develop a corporate culture and have good governance, a workshop in Hanoi on September 25 heard. 

Themed “Corporate governance in a changing society”, the workshop was part of the Vietnam Corporate Sustainability Forum 2020.

Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) and Chairman of the Vietnam Business Council for Sustainable Development (VBCSD), which jointly held the workshop, cited the World Bank as reporting that Vietnam is one of the 10 countries hardest hit by climate change and also one of the five worst plastic waste polluters.

The country will lose more than 5% of GDP due to air pollution and 3.5% as a result of water pollution, he warned.

Notably, shrinking natural resources, energy over-consumption, pollution, soil degradation, and climate change have seriously impacted the future of the national economy, he pointed out. 

VBCSD Vice Chairwoman Ha Thi Thu Thanh, who is also Chairwoman of the Board at Deloitte Vietnam, suggested businesses thoroughly perform their role in economic development, social interaction, and environmental protection towards sustainable development.

Binu Jacob, Managing Director of Nestlé Vietnam, said enterprises with sustainable development need to employ suitable structures that can withstand market instability and turmoil.

People should be placed at the centre, he said, suggesting businesses continuously receive updates in order to respond to issues promptly.