It’s time to grow social impact businesses in Viet Nam

Vo Tri Thanh * Vo Tri Thanh The world is facing many sustainability challenges that need concerted efforts from different stakeholders to address to fulfil the UN’s 2030 Agenda. Sustainable development will continue receiving great attention around the world and in Viet Nam in the next decade. To achieve the UN Sustainable Development Goals (SDGs), the private sector is vital for Viet Nam. Vietnamese businesses face both challenges and opportunities in the process of economic transition and deeper international integration. Social enterprises may find fertile ground to grow and contribute more significantly to the economy and society. Social business is widely understood as a business which is aimed at addressing a social cause. On the other hand, a traditional enterprise is often driven by economic responsibility. Traditional entrepreneurs must find ways to optimise all resources to maximise profit for shareholders. Without a doubt, the traditional business concept cannot solve many social and environmental problems such as inequality, pollution, climate change and poverty that endanger civil society and sustainable development. In Viet Nam, the idea of corporate social responsibility is getting more and more attention. The sustainable business model tries to catalyse the development of business activities towards addressing pressing social… Read full this story

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