LEADING FOR TOMORROW : PIONEERING GREEN BUSINESS SOLUTIONS
New challenges – and Opportunity
Co-organised by VIETSTAR Consulting and Training JSC (Vietnam) and Singapore Management University (SMU), Viet Nam Singapore Board Forum (VSBF 2024) took place on 24 May 2024 in Hanoi, Vietnam hosting more than 150 State Management Agencies, Board of Directors, C-Suite Executives, Senior-Level Managers, Consultants, Direct reports of the C-Suite, The ESG/Sustainability team from Vietnam, Singapore and around the world attended to discuss on the Pioneering green transformation solutions for businesses.
The Vietnam Singapore Board Forum (VSBF) 2024 focused on fostering an energy ecosystem that facilitates a fair and cost-effective energy transition between Singapore and Vietnam. This year’s discussions underscored the urgent need to address climate change as a global priority, requiring coordinated international action, national commitments, and robust policy frameworks to achieve Net-zero by 2050.
At the 4th Vietnam Singapore Business Forum (VSBF), His Excellency Mr. Jaya Ratnam, Singapore’s Ambassador to the Socialist Republic of Vietnam, highlighted the deepening bilateral relationship between Singapore and Vietnam, emphasizing the significant increase in FDI and trade, as well as collaborative efforts in green and sustainable growth. He underscored the importance of ongoing high-level coordination and innovative projects like the Vietnam-Singapore Energy Project, which reflect the strong commitment of both nations to achieving net-zero emissions and enhancing regional cooperation.
“When businesses lead with integrity, they inspire trust and demonstrate that sustainability is not just a buzzword—it is a core value.”, Mr. Eddie Tritton – Singapore Management University (SMU), Executive Development, VSBF Co-Director said.
Mr. Wong Kim Yin, Group President & CEO Sembcorp Industries Ltd; Vice Chair, Asia of the World Energy Council, Member of the VSBF Speaker Council emphasized that “Singapore and Vietnam can advance an inclusive and cost-effective energy transition by leveraging their complementary attributes. Singapore, with its focus on efficient energy use and production due to limited natural resources, and Vietnam, with its diverse resources and need for grid upgrades, can collaborate on initiatives such as energy efficiency, green hydrogen production, and energy exports, both as molecules and electrons. This partnership could enhance their energy ecosystems and drive regional sustainability goals”
Mr. Pham Tuan Anh – Member of the Board of Directors of Vietnam Oil and Gas Group shared “The overarching goal is to build and develop Petro Vietnam into Vietnam’s leading industrial energy conglomerate, playing a pivotal role in ensuring national energy security. Beyond 2035, Petro Vietnam plans to realign its development strategy. The focus will shift towards researching and developing renewable energy storage, contributing to the construction of a sustainable energy system”
Ms. Huong Vu – General Director, EY Consulting Vietnam JSC, Member of the VSBF Speaker Council shared “Vietnam’s Prime Minister has made a strong commitment to transforming the country and moving towards green standards. The goal to achieve net zero emissions by 2050. Singapore has the same dedication as Vietnam. Leading scholars and corporate executives engaged in dialogues about the definition and importance of green finance in this Panel”
With a potential of US$12 trillion in annual sales from high-potential green offerings by 2030, many promising opportunities will open up. Pioneering businesses that seize and implement green transformation solutions will unlock significant growth opportunities. The areas of expertise and focus of VSBF include: energy transition; sustainable growth in the digital era; green finance; green technologies and innovation; gradually integrating sustainability into core business strategies; and implementing strategic decisions. We will strive to contribute to the region’s sustainable development by maintaining the annual VSBF and training ASEAN leaders as pioneers in sustainable transformation initiatives.”
Ms Mary Pham Thu Hang, Director of the VSBF and CEO of VIETSTAR
The Vietnamese Government, represented by Deputy Minister of Science and Technology, addressed the Global Context for significant natural and climate challenges, including resource depletion and pollution. At COP28, countries agreed on the urgent need to transition from fossil fuels and limit global temperature rise to 1.5°C. Vietnam is prioritizing green transformation alongside digital and innovative shifts”
Mr. Hoang Minh, Deputy Minister of Science and Technology
“In Viet Nam, the Government has issued the National Green Growth Strategy for the 2021-30 period, with a vision towards 2050. The sustainable development goals are transformative, requiring bold and innovative solutions. Therefore, this is the time for leaders in Viet Nam, Singapore, and around the world to work together to leverage resources and capabilities for a green environment and sustainable business opportunities to achieve net-zero by 2050.”
Mr. Lim Boon Heng, Former Cabinet Minister in the Prime Minister’s Office of Singapore, Chairman of Temasek Holdings, VSBF Advisory Board
“Businesses, especially in areas such as energy, manufacturing, transportation and agriculture, are the main agents causing greenhouse gas emissions and environmental impacts. Therefore, Viet Nam’s active participation and cooperation with the international community will be very important in addressing this global challenge, and that is also the reason for our presence together at VSBF 2024”
Mr. Ho Sy Hung, Vice chairman of Commission for the Management of State Capital at Enterprises (CMSC)
Vietnam plays an important role in this process. We appreciate Vietnam’s commitment to achieve net-zero emissions by 2050, along with specific action plans for greenhouse gas emissions reduction, ozone layer protection, and greenhouse gas inventories. Importantly, there needs to be public-private coordination to enhance the effectiveness of policies”
Mr. Shai Ganu, Member of the World Economic Forum’s Climate Governance community of experts (WEF)
“There are increasingly more channels providing loans to businesses today, from banks, investors, and investment funds in Singapore. Therefore, there is a need for a green classification system for these entities to have a basis for specific assessments of each customer and business during the lending appraisal process, and then develop green credit packages tailored to their business characteristics and technology transformation, for example.”
Prof. Hao Liang, Co-director of the Singapore Green Finance Centre
