ESG can help businesses improve their brand image and market position

May 24, 2024 | 20:06

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Nguyen Tu Anh, director of the Centre for Economic Information, Analysis and Forecasting, Central Economic Commission, believes implementing environmental, social, and governance (ESG) practices makes it easier for businesses to succeed in a world where societal awareness of environmental and community issues is increasing.

Nguyen Tu Anh, director, Centre for Economic Information, Analysis and Forecasting

"Many studies show that applying ESG standards in a globally integrated environment can bring benefits such as increased market share, reduced costs, and improved image. This reflects an irreversible trend in production and business activities, in which responsibility must be shown not only to the community, employees, and society but also to future generations," Tu Anh said at at VIR's ESG conference on May 23., held in collaboration with WBS Solution and System Co., Ltd..

"For Vietnamese firms, the application of ESG is not only consistent with Asian culture and philosophy but also a realisation of the government's sustainable development policies. As we experience the serious effects of climate change and an uncertain global economic environment, instilling the ideology of ESG will be an important approach to help businesses develop sustainably," he said.

ESG also helps businesses improve their image, position and brand in the market and presents an opportunity to turn compliance responsibilities into new values, create advantages for themselves, all while helping realise the sustainable development goals of the Vietnamese government.

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By Nguyen Kim

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