Vietnam greenlights sustainable business support programme

Goal is to assist businesses and cooperatives whilst developing sustainable business models.

The Vietnamese government has approved a sustainability-focused initiative that aims to support 25,000 businesses and cooperatives until 2030.

On its government website, Vietnam said: "The overall goal of the programme is to promote high-quality and effective growth of private enterprises towards sustainability, ensuring that all business activities strike a balance between economic performance, social responsibility, and environmental protection."

The five-year sustainable business support programme is designed to contribute to the implementation of the United Nations' 17 Sustainable Development Goals and Vietnam's net-zero emissions commitment by 2030 and 2050, respectively.

"Under the programme, an ecosystem will be developed to support sustainable business practices of enterprises, household businesses, and cooperatives, making positive contributions to job creation, improving living standards for low-income and vulnerable groups, protecting the environment, and responding to climate change in the country," the announcement noted.

Without detailing the planned support, the government will assist approximately 25,000 entities in their sustainability transition whilst raising awareness when it comes to sustainable business practices.

At the same time, 20 sustainable business models will be developed to help in promoting wider adoption. In line with the initiative, civil servants and relevant public employees will also be trained or further educated in the area of sustainable business development.

"This programme creates a strong enabling environment for businesses to grow in ways that are productive, inclusive, and environmentally responsible, and that is good for workers, enterprises, and Vietnam's economy as a whole," commented International Labour Organization's Gulmira Asanbaeva.