Addressing the Social factor, Mr. Nguyen Tien Huy, Director of the Vietnam Business Council for Sustainable Development (VBCSD) under the Vietnam Chamber of Commerce and Industry (VCCI), emphasized that integrating Social factors into ESG strategies offers both financial and non-financial benefits to businesses. VBCSD-VCCI has actively encouraged Vietnamese companies to focus on Social considerations through various initiatives. A key example is the inclusion of diversity, equity and inclusion (DE&I) in the Corporate Sustainability Index (CSI). This index helps Vietnamese businesses adopt sustainable governance practices and assess their performance in the Program on Benchmarking and Announcing Sustainable Companies in Vietnam, led by VCCI since 2016.

According to Mr. Huy, VBCSD has created a category in the CSI Program to recognize companies that consistently support DE&I values. Training, workshops and the Vietnam Corporate Sustainability Forum (VCSF) organized by VCCI regularly focus on women's empowerment, social capital and DE&I.

He also commended the efforts of Nestlé and the Vietnam Women's Union through the "Nestlé Accompanies Women" Program, empowering women in rural areas, promoting gender equality, improving quality of life, and realizing the nation’s sustainable development goals.

Ms. Truong Thi Thu Thuy, Head of the Family and Social Affairs Department of the Vietnam Women’s Union, emphasized the role of the Vietnam Women’s Union in promoting gender equality and empowering women. She highlighted the collaboration with Nestlé Vietnam through the “Nestlé Accompanies Women” program, which aims to enhance women’s knowledge, skills in accessing and applying digital technology, and earning additional income to improve their family’s quality of life.

Soc Trang province, one of 18 provinces and cities participating in the “Nestlé Accompanies Women” program, has achieved impressive results. Ms. Tran Thi Kim Phuong, Vice Chairwoman of the Women’s Union in Soc Trang province, stated: “Through the activities under the ‘Nestlé Accompanies Women’ program, many ‘Nest Sisters’ have gained valuable knowledge about nutrition, the application of information technology and opportunities to start entrepreneurial ventures, leading to a stable source of income. On average, each ‘Nest Sister’ earns between VND1,000,000 and VND2,500,000 per month, contributing to improving the quality of life for members, women and local residents in the area.”

As a pioneer in ESG practices with consistent commitments to sustainable development, Nestlé has implemented many programs to fulfill these commitments. Mr. Khuat Quang Hung, Director of External Affairs and Communications at Nestlé Vietnam, stated: “With a shared value approach, Nestlé Vietnam consistently aligns its business development goals with the growth and prosperity of the community. Over nearly three decades of operation in Vietnam, we have continuously strived to empower women, especially by enhancing their capabilities across the entire value chain. Through our collaboration with the Vietnam Women’s Union, we aim to create positive impacts on the lives and status of Vietnamese women while contributing to the overarching goals of gender equality and promoting diversity, equity and inclusion in Vietnam.”

Mr. Pham Hoang Hai, Head of Partnerships at the Secretariat of VBCSD, clarified the distinctions between CSV (Creating Shared Value), CSR (Corporate Social Responsibility), and ESG (Environmental, Social and Governance). CSR focuses on philanthropy and compliance, ESG on governance and risk management, while CSV integrates social benefits into core business operations.

Mr. Hai also highlighted that the CSV model encompasses fundamental principles such as redefining products and markets, restructuring the value chain, and fostering local industry clusters. However, in Vietnam, the implementation of CSV faces several challenges, including limited awareness, inadequate infrastructure, insufficient resources, and a lack of clear and robust policy frameworks. To address these issues, he proposed strengthening communication to raise awareness of CSV within the business community, developing practical government support policies, and promoting public-private partnerships as well as collaborations between businesses and social organizations to scale the CSV model in the future.