New alliance pushes ESG standards for Vietnamese businesses

At the recent Vietnam-Singapore Board Forum, VSBF and Ernst & Young LLP (EY) signed a memorandum of understanding to jointly support both state-owned and private enterprises in Vietnam to advance ESG strategies and expand sustainability initiatives in their journey towards a low-carbon economy.

According to Lee Wei Hock, the head of assurance services at EY in Singapore, the collaboration focuses on three main pillars.

The first is empowering sustainability and net-zero transition through leadership development, industry-specific playbooks, and practical toolkits tailored to the Vietnamese business context.

The second pillar involves knowledge sharing. “We aim to build the long-term ESG capabilities through high-quality training programs and accessible advisory support,” Lee shared. This will include technical training workshops and decarbonization strategy handbooks to help businesses take practical actions and embed ESG practices into their operations.

In addition, the two sides will work to establish a sustainable cooperation platform to foster cross-sector partnerships, ESG integration, and enhanced climate resilience in both the public and private sectors.

“VSBF and EY share a firm commitment to supporting Vietnamese businesses in navigating a rapidly evolving sustainable development landscape — from capability building to developing climate-resilient business models,” Lee emphasized.

The memorandum also reflects a shared belief that a clear ESG strategy, coupled with actionable implementation plans, will act as a catalyst for cross-border collaboration, innovation, and a strong foundation for a sustainable future.

Through cooperation, knowledge exchange, and strategic partnerships, VSBF has been actively contributing to a greener world while creating new opportunities for collaboration between Vietnamese and Singaporean businesses.

Speaking with TheLEADER on the sidelines of the forum, Pham Thi Thu Hang, Director of VSBF and CEO of Vietstar Training and consulting institute, noted that against the backdrop of climate change, geopolitical tensions, and increasing stakeholder demands, Vietnamese businesses - and those across ASEAN - are facing urgent pressure to reshape their development strategies.

She added that embracing global ESG standards will help Vietnamese companies attract international investors, expand growth opportunities, and move towards sustainable and inclusive development.

“Vietnam is one of ASEAN’s key countries in the region’s sustainable development journey. We have many advantages — from a long coastline and well-established agricultural ecosystems to a young, dynamic workforce,” Hang said.

“These strengths will enable Vietnam to quickly adopt advancements in green economic growth, foster regional connections, and enhance bilateral cooperation, positioning the country as a leading sustainable development destination in the region”, she added.