Hanoi (VNA) 🍸- The COVID-19 pandemic and the impact of climate change have created severe challenges in 2020. It is the responsibility of the business community to collaborate sustainably for long-term and stable prosperity for society, Binu Jacob, CEO of Nestle Vietnam, said at the Vietnam Corporate Sustainability Forum 2020 (VCSF 2020).

Taking place in Hanoi on December 10, the event, themed “Sustainable Development in the New Decade: Turning Challenges into Opportunities”, was co-organised by the Vietnam Chamber of Commerce and Industry (VCCI) and the Vietnam Business Council for Sustainable Development (VBCSD).

Focusing on three strategic breakthroughs

The VCSF 2020 debated topics like sustainable corporate governance, the promotion of a circular economy in response to climate change, and public-private partnerships. Here, the speakers exchanged lessons learned from the COVID-19 pandemic and key issues to be addressed to boost inclusive and sustainable socio-economic growth for the 2021-2030 period. According to Vu Tien Loc, Chairman of the VCCI and VBCSD, in the next decade, Vietnam will focus on three strategic breakthroughs. These will be, the continuation, completion, and improvement of the quality of the socialist-oriented market economy institutions; to comprehensively develop human resources, science and technology, and innovation; and complete the socio-economic system in a synchronous and modern manner. Toward such goals, Loc suggested the Government continue its institutional reforms to create a favorable business environment; give priority to supporting micro-, small- and medium-sized enterprises and start-ups; build and implement a project on enhancing sustainable corporate governance capacity for the 2021-2025 period; issue supporting policies for the application of a circular economy; and complete the legal framework for public-private partnerships (PPP) in line with international and Vietnamese practices.

Market opportunities worth 12 trillion USD

Speaking at the forum, Caitlin Wiesen, Resident Representative of the United Nations Development Programme (UNDP) in Vietnam, said that accomplishing these goals could open up valuable global market opportunities worth at least 12,000 trillion USD by 2030. Businesses play an important role in addressing climate change and poverty challenges, she added. At a talk-show as part of the forum on "Building a sustainable and responsible business community in a changing society", speakers discussed corporate responsibility, solutions and plans to strengthen the role and participation of businesses in sustainable development activities, policy recommendations to the Government, and post-COVID-19 economic growth, among other topics.

Inspiring sustainability engagement

Talking about the building of a prosperous community amid a changing world, Binu Jacob, who is co-chair of VBCSD, said the forum is a venue for international and national organisations and policymakers to sit down together to make decisions in the field of sustainable development. From Nestlé's experience, he said, the public-private cooperation in the field of sustainable development is no longer a trend but an inevitability for achieving the optimal results. Each party should be proactive in giving opinions and cooperate for sustainable development, he said, adding that the VBCSD was formed to better promoting the role of the business community and to bring the related parties closer together. Acknowledging efforts made by the VBCSD and VCCI for and their significant contributions to the sustainable growth of the Vietnamese business community over the past decade, Deputy Prime Minister Vu Duc Dam presented their standing committee representatives the Prime Minister’s certificates of merit. Regarding the honour, Loc affirmed the two organisations will continue standing side by side with the Government and the community in the road toward sustainability./.