Top Corporations' leaders discusses green transformation solutions at VSBF 2024

Pioneering green transformation solutions for businesses

The VSBF 2024 focused on the theme "Leading for Tomorrow: Pioneering Green Business Solutions". The forum explored the upcoming challenges and opportunities arising from economic volatility, climate change, energy transition, green businesses, green technology, and green finance. It served as a platform for peer leaders to learn from each other and consider economic trends, sustainable business factors, and environmental impacts on strategic decisions.

In his opening remarks, Mr. Hoang Minh, Deputy Minister of Science and Technology, provided a perspective on the global green transformation landscape and the Vietnamese government's orientation towards green transformation. He stated that “green transformation is becoming an objective trend and a priority in the development orientation of many countries. In Vietnam, the government has set out important orientations and policies to promote the role of science, technology, and innovation in the green transformation process. These include building a strategy for science, technology, and innovation development; focusing on developing green technology areas such as renewable energy, clean production technology, recycling, and climate change adaptation; and strengthening international cooperation on innovation and technology transfer.”

Singapore Ambassadors to the Socialist Republic of Vietnam, Leaders from the Ministry of Science and Technology, VSBF Advisory Board; VSBF Speaker Council and representatives from leading global corporations attended the Vietnam-Singapore Board Forum 2024.

Sharing at the Forum, from the perspective of green transformation implemented by Singaporean companies, Mr. Lim Boon Heng, Former Cabinet Minister in the Prime Minister’s Office of Singapore, Chairman of Temasek Holdings, and a member of the VSBF Advisory Board, said: "Singapore has embarked on the Singapore Green Plan 2030. It is an ambitious and comprehensive initiative to transform the nation into a green, sustainable, eco-friendly urban city. In Vietnam, the government has issued the National Green Growth Strategy for the 2021-2030 period, with a vision towards 2050. The sustainable development goals are transformative, requiring bold and innovative solutions to address. Therefore, this is the time for leaders in Vietnam, Singapore, and worldwide 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 emphasised.

Providing the perspective "Strategic Implications from COP28: Drivers, Challenges, and Future Aspects: Why Businesses Must Be Part of the Solution" Mr. Ho Sy Hung, Vice Chairman of the Commission for the Management of State Capital at Enterprises (CMSC), pointed out that “businesses, especially in areas such as energy, manufacturing, transportation and agriculture are the main agents causing greenhouse gas emissions and environmental impacts. Therefore, Vietnam'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”

Seizing opportunities from green transformation

On "Exploiting ESG-Related Opportunities: A Strategic Approach", Mr. Shai Ganu, a member of the World Economic Forum's Climate Governance community of experts; Managing Director and Global Leader at Willis Towers Watson, affirmed: "ESG oversight is an issue for the entire board of directors, with a strong focus from the Sustainability Committees. Effective risk management will lead to higher and more stable profits for shareholders and more sustainable business operations in the long run."

Regarding Green Finance issues, Professor Hao Liang, Co-Director of the Singapore Green Finance Centre, shared: "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."

Panel Discussion: Where Are the Growth Opportunities in Green Transition at VSBF 2024 with the participation of leaders of Sembcorp Industries, Petrolimex, ABL Group, Member of the World Economic Forum's Climate Governance community of experts, Vietnam National Committee for Pacific Economic Cooperation,

Panel Discussion: Scaling green businesses through finance: Opportunity to access green financial at VSBF 2024 with the participation of leaders EY Consulting Vietnam, Singapore Green Finance Centre, Vinamilk, United Overseas Bank (UOB) Singapore, Alvarez & Marsal Performance Improvement in Southeast Asia.

Within the framework of the Forum, under the witness of the VSBF Advisory Board, the VSBF Speaker Council, and representatives of major corporations from Singapore, Vietnam, and the world, VIETSTAR Consulting and Training JSC and Singapore Management University (SMU) signed a Memorandum of Agreement to jointly develop The Global Mini MBA for Sustainability in the Energy Sector (SES).

The signing ceremony of The Global Mini MBA for Sustainability in the Energy Sector (SES) was witnessed by the VSBF Advisory Board, the VSBF Speaker Council, and representatives from leading global corporations attending the Vietnam-Singapore Board Forum 2024 in Hanoi.

Speaking at the signing ceremony. Mr. Wong Kim Yin, CEO of Sembcorp Industries Ltd, Vice Chairman of the World Energy Council for Asia, and a member of the VSBF Speaker Council said “The Global Mini MBA is a great example of a concrete act of collaboration between Vietnam and Singapore institutions. VSBF brings together leaders from both sides and provides the platform for leaders to engage, to bring about action to progress our collaboration. The program will provide leaders in the energy industry the opportunity to enhance their sustainable management and leadership capabilities, equipping them with the skills to make strategic decisions”

Since its first season in 2021, the Vietnam-Singapore Board Forum (VSBF) has positioned itself as a pioneering forum in the region on promoting sustainable development

Ms. Pham Thi Thu Hang, Director of the VSBF and CEO of VIETSTAR, concluded: " With a potential of $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 the core of business strategy; 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".

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