A garment and embroidery company has just lost a contract worth more than 1 million USD because it has not achieved the certification required by its American partner.
Every year, foreign partners increase the level of rigor in factory assessment and production capacity assessment criteria. Although the company is making efforts to increase ESG practice capacity, it admits that there are still many difficulties.
This garment and embroidery processing company has just lost a contract worth more than 1 million USD because it has not achieved the certification required by its American partner.
Ms. Nguyen Tran Thien Thanh - Director of Thien Thanh Binh Company said that the company is facing many difficulties in the process of implementing ESG (Environment, Society and Governance). According to Ms. Thanh, the biggest challenge comes from changing the habits and awareness of employees. In addition, the investment costs for technology conversion and factory systems are also a significant burden for the company. "Those are the immediate difficulties that companies face when implementing ESG," Ms. Thanh emphasized.
Mr. Nguyen Minh Thanh - Director of Hieu Hao Tex Fabric Company shared about the sustainable development strategy, not only relying on self-capital or calling for small shareholders as before. "The company will have a longer roadmap, with clear preparation steps in finance and core production capacity. When there is a clear roadmap, we will call for capital from large enterprises, financial groups, and develop the company in stages", Mr. Thanh said.
Having a specific and clear roadmap is a must, because it is difficult for a business to go far and long if it is hasty and hasty while lacking a clear development strategy, finance and human resources. Instead of trying to go fast, businesses should go steadily with changes within their capabilities.
Every year, foreign partners increase the level of strictness in factory evaluation criteria and production capacity evaluation.
Mr. Pham Van Quan - Director of CheckEE Technology Joint Stock Company said that small and micro enterprises can completely implement some ESG indicators on their own. According to Mr. Quan, areas such as increasing labor productivity, supporting women in starting businesses, developing green economy , green transformation and manufacturing sustainable products are all within the capabilities of these enterprises.
In addition, CheckEE also focuses on introducing and training government programs and policies such as Resolution 57 and Resolution 68. This helps businesses quickly access and better understand how to practice ESG programs.
Instead of trying to go fast, businesses should go steady with changes within their capabilities.
Dr. Pham Thi Hong Phuong - Lecturer at Ho Chi Minh City University of Industry, Head of Ecotech Technology Community - Techfest Vietnam emphasized: "Although the science and technology (S&T) budget has increased by 3%, businesses need enough knowledge, trust and integrity to access it".
According to Ms. Phuong, no budget comes naturally. Businesses must change their mindset, not be afraid of difficulties or contact with state policies. She noted that regulations on policies and procedures, although somewhat difficult at first, will help businesses implement more correctly and transparently in receiving and settling budgets.
It would be a big mistake if businesses choose to withdraw or just "do it for the sake of it" because they are afraid of difficulties. Experts emphasize that it is time for businesses to radically change their mindset, to do it for real, seriously and responsibly in the green transformation journey and ESG practice. On that green journey, it is necessary to have the support of departments, branches, sectors and professional associations with practical and systematic training programs, and to "say no" to movement activities that are only formal.
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