The Corporate Sustainability Index (CSI) is anticipated to play an important role in socio-economic development moving forward into the period following the novel coronavirus (COVID-19), helping local firms to enhance their ability to cope and recover from a variety of scenarios
Chamber of Commerce and Industry (VCCI) Chairman
In line with this programme, the Vietnam Business Council for Sustainable Development have joined with leading experts in various socio-economic development fields to update the Corporate Sustainability Index (CSI) with new points to follow the requirements of important free trade agreements that the country has recently signed.
In addition, updates reflect the significant changes which have occurred in influential labour and environmental management policies that have had a major impact on the operations of domestic enterprises.
Most notably, issues relating to the 17 sustainable development goals and the overall national action plan under the 2030 Agenda for Sustainable Development have been simplified and integrated into the CSI set 2020.
During his speech at the launching ceremony, Vu Tien Loc, VCCI Chairman and the Chairman of the Vietnam Business Council for Sustainable Development, shared, “The programme aims to change the mindset and way of doing business for ‘immediate profit’ by running firms in harmony with economic benefits, social development, and environmental protection in the long term.
The CSI set not only reflects 127 indicators, but is a very scientific and effective business management tool built specifically for Vietnamese enterprises, especially small and medium-sized businesses.”
Following this, the VCCI Chairman revealed that the COVID-19 pandemic has shown the gaps that exist in economic management and operation, thereby displaying the importance and urgency of sustainable development. In this context, the scheme regarding the CSI set has played an extremely important role in terms of socio-economic development.
The greater number of businesses that apply the CSI, the more professional and corporate governance activities will be, thereby helping firms to improve their competitiveness and ultimately enhance their ability to cope with and adapt to different scenarios.
Loc suggested the companies put the CSI into the focus of their corporate governance strategies whilst simultaneously preparing a sustainable development report, promptly detecting weaknesses and shortcomings that occur in the process of production and business as a means of seizing potential opportunities for greater investment in the future.