A survey of 174 business representatives reveals a significant increase in ESG (Environmental, Social, and Governance) commitments among companies. Specifically, 89% of businesses have already implemented or plan to commit to ESG within the next 2 to 4 years, up from 80% in 2022. The proportion of businesses without ESG plans has nearly halved, dropping to 11%. Additionally, 54% of companies report having already executed their ESG commitments.
Source: PwC
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However, the report highlights a stark disparity in ESG implementation progress across different business types. Foreign Direct Investment (FDI) enterprises continue to lead, with 71% of surveyed firms having already implemented ESG commitments, primarily driven by the need to comply with global standards.
Listed companies are rapidly catching up, with 57% having implemented ESG, due to pressure from investors and legal regulations. Meanwhile, private/family-owned businesses, though making progress, lag behind with only 27% having implemented ESG commitments.
Compliance Under Pressure?
The survey indicates that legal compliance is the primary driver for ESG action, with 70% of participating businesses citing it as a motivator. This is followed by pressure from stakeholders (40%) and directives from senior leadership (39%).
Financial factors remain less influential, with only 16% of businesses viewing cost reduction as a driver for ESG implementation, and 25% considering access to finance as a motivating factor. PwC suggests this reflects businesses still perceiving ESG as a compliance cost rather than a lever for enhancing efficiency and creating value.
Beyond compliance, the survey reveals that Vietnamese businesses face numerous pressures in their ESG journey, which become more complex as they progress. Developing businesses primarily face internal barriers, such as a lack of clear ESG strategy (70%), insufficient internal skills (60%), and challenges in measurement and reporting (54%).
In contrast, more developed businesses encounter external factors like inadequate government support policies (45%) and political-economic instability (38%).
To overcome these challenges, businesses are calling for practical support. From the government, they seek financial resources and transparency, including Sustainable Development-Linked Financing (59%), Green Standards and Certifications (56%), and Legislation on Sustainable Development with Incentives (55%).
According to PwC, ESG is not just a requirement but a strategic opportunity for businesses to enhance competitiveness and create sustainable value. Integrating ESG will enable businesses to not only survive but thrive in a volatile world.
“The decisions leaders make today will determine Vietnam’s ability to build a sustainable, inclusive, and future-ready economy. This is a shared responsibility,” said Nguyen Hoang Nam, ESG Consulting Leader at PwC Vietnam.
– 08:16 01/10/2025
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