Vietnamese businesses, cooperatives, and households can learn about and adopt ESG-oriented business models by registering on the ESG Initiative 2023 program's registration site at http://main.ipsc.vn/esg.

Vinamilk, a leading enterprise in sustainable development in Vietnam. Photo: Vinamilk

The information came out at the workshop "Sustainable Business: Key to creating competitive advantage" organized by the United States Agency for International Development (USAID) in cooperation with the Agency for Enterprise Development under the Ministry of Planning and Investment in Can Tho City on April 6.

The workshop is one of the technical assistance activities under the ESG Initiative Vietnam 2023 program, which is part of the US$36 million Improving Private Sector Competitiveness (IPSC) project funded by USAID.

Small and growing businesses are key contributors to Vietnam’s economic growth, accounting for 40% of GDP and 60% of total employment in 2018. 

However, these businesses face barriers and constraints impeding their continued and sustained growth, including new technologies, networking, market linkages, and lack of access to management training and skills-building opportunities.

IPSC removes policy, market, and firm-level constraints on the growth of small and growing businesses, including those owned by women and vulnerable populations. IPSC works with Vietnam to foster an innovative and dynamic private sector that can compete globally and expand economic opportunities domestically.

The 10 companies selected from the program will receive four/six weeks of training/consulting on circular economy and inclusive business models, business model alignment related to ESG factors, and completion of the ESG implementation plan.

The deadline for submitting the application forms is April 16. Training for the selected companies will begin on April 17.

Among the top 10, the top three winners will be announced in August 2023 and will receive additional support worth VND2 billion ($85,600) to pilot, implement, or scale up their innovative ESG business concepts.