Changing Rules for Global Markets

Speaking at the forum “ESG Practices and Digital Governance: A Passport to Global Value Chains,” organized in Lam Dong on September 24, 2026, by the Lam Dong Provincial People’s Committee - Center for Investment, Trade and Tourism Promotion in coordination with the Vietnam Chamber of Commerce and Industry (VCCI) - SME Support Center, VCCI Vice President Bui Trung Nghia said that while businesses previously competed mainly on price, quality, delivery schedules and their ability to expand markets, these criteria remain important but are no longer sufficient to compete successfully today.

According to the VCCI Vice President, the rules of international markets are changing rapidly. Customers are paying more attention to the origins of raw materials. Developed markets are setting increasingly higher requirements for environmental protection, carbon emissions, packaging, green products, social responsibility and governance transparency. In practice, green trade is gradually becoming a new “rule of the game” for businesses seeking to participate more deeply in global value chains. ESG requirements, traceability and green technical standards are becoming increasingly common and are now mandatory requirements for businesses. At the same time, importers, major corporations and investors increasingly require businesses to provide data and demonstrate and explain their production processes.

According to Nghia, businesses’ experience in implementation shows that these requirements are a driving force for businesses to change their management models, improve productivity, save resources, reduce costs, improve product quality and expand markets. The important thing is to proactively change management methods to create new value in a long-term and sustainable direction.

Digital governance means using digital technologies to manage business operations. It helps businesses access better data, make faster decisions, improve transparency and better control their production and business processes.

“Applying ESG standards helps businesses better understand their environmental, social and governance impacts, identify risks, strengthen accountability and build trust with customers, partners, employees and investors,” the VCCI Vice President said.

He said that combining digital transformation with green transformation can help businesses establish a data-based management system that provides greater transparency in managing information on production, energy, raw materials, emissions, product quality and supply chains.

Integrating Green Transformation and Digital Governance

For Lam Dong, according to VCCI Vice President Bui Trung Nghia, this issue is even more significant. With more than 30,000 businesses operating in various fields such as mining, export processing, tourism and high-tech agricultural production, Lam Dong has many products with potential to participate more deeply in international markets, including coffee, agricultural products, fruits and vegetables, processed foods and textiles. The province’s export products have gained a significant presence in European, Asian and American markets. But to go further, businesses cannot stop at simply “having products to sell.” They must move toward “having products that meet market standards, having data to prove compliance, having management systems to control operations, and having the capacity to explain their practices to partners.”

This is also an important foundation for Lam Dong businesses to enter value chains with higher requirements.

According to assessments, most Lam Dong businesses are currently small and micro enterprises, with very limited capital, technology and management capabilities. According to Nghia, to implement and meet specific ESG commitments and standards, businesses need stronger linkages, cooperation and information sharing among businesses; between businesses and banks, consulting organizations, universities, research institutes and support organizations; and, particularly, support from local authorities. This will help businesses access technology support, green credit, preferential capital and services to strengthen their management capabilities and carry out digital and green transformation in the most appropriate and effective manner.

“With Lam Dong’s potential and advantages, together with the spirit of innovation and proactive efforts of the business community, digital transformation and green transformation will not only help businesses meet new market requirements but also become a driving force for improving productivity, quality and competitiveness in the new stage of development,” Nghia said.

VCCI Vice President Bui Trung Nghia also affirmed that VCCI will continue to support the business community in strengthening management capabilities and pursuing international integration by providing more information, connecting businesses with experts, organizing training and helping businesses gradually meet new market standards.