PwC Vietnam and Vietnam’s largest insurance company Bao Viet Holdings have just inked a contract wherein the former will provide sustainability assurance services for the financial-insurance giant.
This marks the first time that a Vietnamese firm has sought external, independent reviews of its annual sustainability report, in line with regional and international trends.
The contract signing took place in Hanoi on November 26, under the witness of top officials from the Vietnam Business Council for Sustainable Development (VBCSD) and the State Securities Commission (SSC).
In detail, PwC Vietnam will review Bao Viet’s current reporting against international best practices, identify operational improvements, and provide independent assurance of the data in Bao Viet’s sustainability report.
The standard for assurance to be applied is ISAE3000, which is issued by the International Federation of Accountants (IFAC).
“Seeking independent assurance is an appropriate and wise move towards building trust among stakeholders and raising the efficiency of business operations, as it helps to improve business procedures, risk management and the use of opportunities,” said Dinh Thi Quynh Van, general director of PwC Vietnam.
“I strongly believe that together, Bao Viet and PwC Vietnam will contribute positively to realising the national green growth strategy and restructuring the securities market towards sustainable development,” added Nguyen Quang Phi, CEO of BaoViet.
Sustainability reporting is voluntary, but there is an increasing move by governments to make it mandatory, as they recognise that a resilient economic system is one that accounts for long-term risks, including environmental, social and economic impacts.