Balancing sustainability with economic development is no longer an issue for industralised, wealthy countries alone, but is a critical concern for all economies, said Nguyen Quang Vinh, General Secretary of the Viet Nam Chamber of Commerce and Industry (VCCI).

Vinh made the remark at the ceremony to launch a programme ranking the most sustainable businesses in Viet Nam in 2018 in Ha Noi on Tuesday.

In order to integrate deeply into the global value chain, Vietnamese businesses need to reorient their goals towards long-term sustainable development rather than pursuing the immediate benefits, Vinh said.

Only enterprises which put sustainable development at the heart of their business strategies can unlock opportunities worth up to US$12 trillion in the world market by 2030, he added.

According to Vinh, small and medium-sized enterprises in Viet Nam are still not aware of the importance of ensuring sustainable development.

The annual programme, jointly co-conducted by VCCI and Viet Nam Business Council for Sustainable Development (VBCSD) and some ministries and agencies for the third time, aims to encourage companies in the country to focus on sustainable development plans besides honouring pioneering and successful enterprises.

In order to rank the 100 most sustainable companies in 2018, VBCSD has developed the Corporate Sustainability Index (CSI) based on 151 quantitative criteria. Companies can highlight their sustainability via three inter-related pillars: economy, society and environment.

Head of Marketing Department at drugmaker Traphaco JSC Dao Thuy Ha agreed that focusing on these three reviewed pillars will not only help enterprises earn profits but also make breakthroughs in the process of development and foster their contribution to the society.

The ceremony to announce the most sustainable companies will take place in November this year, according to the organising board.

The 2017 programme attracted the participation of 500 firms, specialising in a wide range of industries. — VNS