Nordic Ambassadors “reveal” the business model for sustainable development

The Ho Chi Minh National Academy of Politics in collaboration with the embassies of the 4 Nordic countries organized the ESG Scientific Seminar. (Photo: PH)

Associate Professor, Dr. Le Van Loi, Deputy Director of Ho Chi Minh National Academy of Politics and 4 Ambassadors of Nordic countries including Denmark, Finland, Norway and Sweden co-chaired the seminar.

The seminar attracted delegates representing ministries, government agencies, the Vietnamese business community and many experts from Northern Europe, including the public – private sector, researchers, scholars, universities, etc. representatives of non-governmental organizations.

The purpose of the event is to share the best practices and experiences of the Nordic countries, especially the interaction mechanisms between the Government, businesses and people about ESG and how this has a positive effect. to current Nordic societies.

Speaking at the opening ceremony, Associate Professor, Dr. Le Van Loi, Deputy Director of the Ho Chi Minh National Academy of Politics, said that the seminar was held on the occasion of Nordic Day on March 23. This is the fourth annual activity, held from 2018 to present, within the initiative of the Nordic countries in collaboration with the Ho Chi Minh National Academy of Politics to share experiences on essential issues. real for Vietnam.

According to Associate Professor, Dr. Le Van Loi, the Nordic region including member countries of Denmark, Finland, Norway and Sweden, is an area with a long history of cultural and historical traditions, located on the peninsula Scandinavia, with the miraculous development of economic growth associated with the harmonious development of society, the per capita income and the happiness index of the people are always at the top of the rankings. world.

One of the factors creating success in the development of the Nordic countries is the persistent pursuit of a sustainable development model, economic growth associated with social justice and two key factors that are accumulate social wealth in the period of prosperous development and a culture – high morality.

In a joint statement at the Seminar, Nordic Ambassadors to Vietnam emphasized, Covid-19 shows that everyone faces threats when neglecting their health as well as destroying the living environment. No industry or sector can stay out of the general context without being impacted, whether it’s in terms of the environment, society or the way businesses are run.

The Ambassadors said that, in general, ESG is the consideration of environmental, social and governance factors in the investment decision-making process. This phrase is often used interchangeably with sustainable investment, socially responsible investment and corporate social responsibility. These principles are also applicable in the public sector of government given its important contribution to a sustainable economic recovery after the Covid-19 pandemic.

According to the Ambassadors, high-quality foreign direct investment (FDI) will seek out developing economies that focus on compliance with ESG principles. Furthermore, in a globalized economy, the rights and roles of consumers are increasingly important, and today’s consumers are demanding that products be manufactured in countries that value ESG.

While the ESG was developed with the private sector in mind, this approach addresses many issues that would be more effectively addressed with cooperation between the public and private sectors. Ensuring sustainable use of energy and resources, formulating social security policies, and combating corruption are tasks in which public and private actors both play an essential role.

In essence, these are global challenges that all countries face, including Vietnam. As for the labor market, in the face of the 4th Covid-19 wave breaking out in Vietnam in 2021, key manufacturing/exporting industries such as textiles, footwear, furniture, etc. continue to be challenged. labor shortages and supply chain disruptions, as well as exposing economic and social vulnerabilities for both businesses and workers.

In addition, as Vietnam strengthens its legal system, it adopts an amended labor law and commits to ratify all core conventions of the International Labor Organization (ILO), as well as implement its commitments. ambitious after the Climate Summit (COP26) in Glasgow in November 2021, to reach net zero emissions by 2050 and phase out fossil fuels, the ESG approach promises to deliver answers to common challenges for both the public and private sectors.