Good morning, Xin Chao.

It is a pleasure to join DG Huyen in welcoming you today to this Forum on responsible business practices in Viet Nam.

We know these last weeks of the year are an extremely busy period for both government and businesses, so we truly thank you for your presence.

The objective of today’s forum is to look back, together, at the first year of implementation of the National Action Plan on Responsible Business Practices in Viet Nam, and reflect on its relevance in the current context.

And we want the forum to galvanize support for the tasks still required to fully implement it.

Ladies and gentlemen,

Viet Nam was the 7th country in Asia to adopt a National Action Plan on Responsible Business Practice. Its adoption put Viet Nam ahead of many of its peers in the region. It also aligned it with international trends related to doing business in a more responsible and sustainable manner.

As we will hear from our regional specialist shortly, corporate sustainability requirements in the European Union and beyond are evolving rapidly. These changes go well beyond Viet Nam’s current domestic laws and policies.

Aligning with these international standards is not just about compliance. It is about remaining competitive in European and global supply chains and capital markets. Ultimately, it contributes to just energy and economic transitions and sustainable development in Viet Nam.

The business discourse in Viet Nam is currently centered on ESG practices.

Responsible business practice is the foundation of ESG. It is the starting point for measuring and managing the sustainability performance of businesses.

Through social and environmental due diligence, businesses generate the evidence and data needed for assessment and reporting.

Strengthening responsible business practices protects the environment and the rights of workers, vulnerable groups, and consumers.

It also strengthens the foundation for improved ESG performance.

This business case for responsible practices is reflected in the National Action Plan’s specific objective to “encourage enterprises to conduct responsible business practice above the minimum requirement of the law.”

Achieving this objective will help businesses create more compelling and sustainable offers for buyers, investors, and consumers.

But responsible business practice is more than promoting positive impacts by businesses.

It also requires addressing the duty of the state to protect human rights.

When negative impacts occur, it calls for ensuring proper remediation.

This approach goes beyond ESG and is essential for just transitions.

The efforts of the Ministry of Justice in the framework of the National Action Plan are crucial in this regard.

Equally important is the involvement of a broad range of stakeholders: relevant government agencies, socio-political organizations, academia, and businesses.

The National Action Plan offers entry points for collaboration among stakeholders to promote responsible business. Dialogue forums like this one are a key part of that effort.

We encourage the Government to leverage its strong convening power to drive further progress.

Developing and implementing a National Action Plan is a continuous learning process.

We know from international best practices, Few Plans are perfect in their first iteration.

Viet Nam’s current Action Plan outlines broad action points, providing flexibility for adjustments to meet emerging challenges and opportunities. These experiences will also inform future revisions of the Plan.

We stand ready to continue our support to the Ministry of Justice and all other stakeholders.

Together, we can advance responsible business practice in Viet Nam.

Thank you! Xin cam on!