Sustainable development – an indispensable choice for businesses
Promoting the development of the circular economy is an indispensable choice for businesses to step closer to sustainability, attendees were told at a conference on sustainable development held in HCM City last week.
The participants all agreed that the definition of business success has changed as society does not only look at economic indicators but also their contributions to environmental protection and the community's interests.
Nguyễn Quang Vinh, Vice chairman of the Vietnam Chamber of Commerce and Industry (VCCI) cum chairman of Vietnam Business Council for Sustainable Development (VBCSD) said traditional business or "business as usual" has no longer been an optimal choice. Instead, firms need to switch to a "nature-positive business model". This is a new concept that is receiving support from the global business community.
The "nature-positive business" is simply understood as a method that creates positive impacts on the natural environment, from which firms would help protect nature and contribute to climate change response. In addition, the business method would create long-term growth for companies themselves. Promoting the circular economy model, equitable energy transition, and cutting carbon emissions are all directions of firms that choose to do business in a socially and environmentally sustainable way.
"Enterprises in the world today are not only focusing on building and implementing sustainable development strategies within their businesses but also investing to increase participation and enhance capacity for suppliers and stakeholders in their value chain, thereby forming a sustainable ecosystem," Vinh said.
He also pointed out new trends in the world business community, which have a strong impact on sustainable business practices, including smart transformation, value chain transformation, and promoting accountability and digital transformation to complement green transformation.
"The Vietnamese business community should pay attention and promptly grasp these trends to catch up with the international community," he added.
"There is a close connection between circular economy implementation and carbon neutralisation goals and sustainable development," said Assoc. Prof. Dr. Nguyễn Công Thành, Head of the Department of Economics - Natural Resources Management and Environment at the National Economics University.
Currently, 54 countries have been developing a national strategy or action plan to implement the circular economy. In Vietnam, the circular economy and related issues such as waste separation at source, extended producer responsibility (EPR), green credit and green bonds have been included in the Law on Environmental Protection 2020.
