It is apparent that businesses on a global scale are under pressure to change, after the pandemic revealed unsustainable patterns in existing production and consumption. Climate change remains one of the greatest challenges facing humanity in the 21st century. In this context, successfully implementing a growth strategy and gradually putting sustainability at the heart of the business strategy becomes imperative for both the public and private sectors. This is a global trend, which includes both Vietnam and Singapore.Recorded at VSBF, co-organized by VIETSTAR Training & Consulting JSC and Singapore Management University (SMU) in May 2022 in Hanoi, right after the country opened up after the pandemic, leaders and organizations participating in this forum all agreed that that incorporate sustainability into the heart of business strategy will benefit from efficient business practices, enhanced stakeholder interaction and improved governance to obtain better long-term financial performance and value creation.Delivering the very core contents, VSBF 2022 has promoted its constructive role, being the first forum in Vietnam to focus in-depth on sustainable business solutions. As the forum concluded, Vietnamese enterprises initiated their plans to put sustainability at the heart of business activities; incorporate sustainability into business strategies based on lessons learned from successful corporations and businesses.
In term of trade, Vietnam is one of the 10 biggest exporters to Singapore, with double-digit turnover growth per year. According to the Vietnam Trade Office in Singapore, as an open global transshipment market, Singapore was reported with a total trade turnover of up to SGD 1,200 billion in the year 2021, twice as much as its GDP. Regarding investment, by the end of 2022, Singaporean businesses have invested some 6.46 billion USD in Vietnam, accounting for 23.3% of the total foreign investment capital and ranked as one of the top investors in Vietnam. Vietnam, as posted, has 140 valid investment projects in Singapore, with a total registered capital of more than 586 million USD.The year 2023 marked the 50th anniversary of the establishment of diplomatic relations between the two countries and also the 10th anniversary of the strategic partnership between Vietnam and Singapore, 3rd anniversary of the establishment of VSBF. Taken place on 12 May 2023, the 3rd VSBF in Hanoi dived deep into Driving sustainability and inclusive growth in the digital era; which was within the framework of the green digital economy development strategy, set at the beginning of this year.
As expected, 150 Vietnamese and Singaporean high-level leaders, namely Chairman of Temasek Holdings, Group President & CEO of Sembcorp Group – Investor of 12 Vietnam-Singapore Industrial Parks (VSIP) attended the event. On the Vietnamese side, there was the participation of Leader of the Commission for the Management of State Capital at Enterprises (CMSC), Chairman of the Vietnam National Oil and Gas Group, strategic experts as well as top scholars from SMU, GE and EY…Particularly, VSIP is considered a symbol in the Vietnam-Singapore strategic relationship. Sharing with us, Ms. Mary Pham Thu Hang, VietStar CEO & VSBF Director said: “The VSBF is not only a forum for sharing governance insights and business solutions for achieving sustainable growth and development, but also the interference of the two Southeast Asia cultures; a destination of friendship where like-minded leaders together create value, drive sustainable and inclusive growth and share responsibilities to the community for a better world.”VSBF 2023 ACHIEVEMENT
- Viet Nam, Singapore chart directions for relations in next 50 years
- Transitioning to sustainability: Pathways, directions and opportunities
- Vietnam’s economic landscape 2023 & growth forecasts
- Driving Growth and Mitigating Risk Amid Volatility
- Leading technology transformations, and creating sustainable innovations
- Driving value through ESG
- Bridging The Gap Between Sustainability and Profitability: From the orientation to the Strategic Implementation.
VSBF 2023 IMPACTS
“Regard the transition as an opportunity, and not just a risk, will be best positioned to succeed. To succeed, businesses must proactively develop new products, services, and relevant and innovative business models, innovative ways of operating, greater workforce capabilities, and better ways of communicating with their investors, customers, regulators, and other stakeholders.”
Mr. Lim Boon Heng – Former Singaporean Cabinet Minister in the Prime Minister’s Office of Singapore and Chairman of Temasek Holdings, VSBF Advisory Board
“To pursue the goal of sustainable development, Vietnam has committed to achieving net-zero emissions by 2050 and made two other commitments related to agriculture. Thereby, the nation has gradually reduced its use of energy from fossil fuels and accelerated the use of renewable energy sources. To implement these commitments, the role of technology is critical bcause new technologies can reduce greenhouse gas emissions. However, Vietnam needs technology transfer from other countries and the resources to absorb the transferred technologies.”
Mr. Tran Van Tung, Former Deputy Minister of Science and Technology – According to Business Forum Magazine
“Economic cooperation has been the cornerstone of the bilateral relationship, and Singapore has long recognised Vietnam’s economic strengths and potential. Singapore has been Vietnam’s top source of foreign investment for the last three years, with the Vietnam-Singapore Industrial Parks (VSIP) across northern, central and southern Vietnam being emblematic symbols of the economic cooperation.”
Ambassador of Singapore to Vietnam, H.E. Mr. Jay Ratnam – According to Vietnam Investment Review
“Whether we are women or men, we all have a vital role to play in promoting diversity towards sustainable development. It is a well-established fact that the more diverse an organization is, the more its performance improves. Improved performance leads to higher profits and growth rates, as well as increased employee satisfaction levels. Therefore, women have a crucial role to play in driving the sustainability and growth of businesses.”
Ms. Linda Rae, the General Director of GE Group responsible for Energy and Digital
“Sustainable development is a global strategy, realized on a correlate and harmonious combination of such aspects as social-economic development and environmental protection, which align with the inclusive goal pursued by the Government of Vietnam. However, it is important that the Government continues to promulgate standard regulations, and define clear roadmap for implementation. At the same time, it is necessary to focus on green technology development policies regarding greening existing industries, transforming to a more advanced industrial structure…”
Mr. Ho Sy Hung, Deputy Chairman of the Commission for the Management of State Capital at Enterprises (CMSC) – According to Government News
