UOB: Vietnamese businesses seek nhà cái bet88 growth paths
UOB Vietnam’s Business Outlook Study 2024 reveals that while many Vietnamese businesses acknowledge nhà cái bet88 importance of sustainability, not all are implementing sustainable practices.
According to the UOB Business Outlook Study 2024, which surveyed 525 business owners and key executives from small and medium-sized enterprises (SMEs) and large enterprises nhà cái bet88 Vietnam, 94 per cent recognize the importance of sustainability but only 45 per cent implemented sustainable practices nhà cái bet88 2023.
Mr. Lim Dyi Chang, Head of Commercial Banking at UOB Vietnam, said the research helps the bank understand the challenges businesses face nhà cái bet88 adopting sustainability practices, enabling it to design bespoke solutions to support their sustainability journey.
Specifically, 57 per cent of respondents believe that sustainability practices can enhance their reputation, 54 per cent believe they help attract investors, and 45 per cent feel they make it easier to work with multinational corporations (MNCs).
To achieve sustainability, 47 per cent of respondents prioritize using energy-efficient equipment and technologies and 45 per cent focus on ensuring employee welfare. Other solutions include establishing clear corporate governance, implementing operational policies and processes, and using resources more efficiently to minimize waste.
However, less than half of those surveyed reported implementing sustainability initiatives nhà cái bet88 2023. The main barriers to adopting sustainability practices include a lack of proper infrastructure for renewable energy (38 per cent), a lack of good options for sustainable financing (34 per cent), and concerns over the negative impact on profits (34 per cent).
Manufacturing & Engineering companies, nhà cái bet88 particular, expressed concerns about inadequate infrastructure for renewable energy.
After discussions with businesses, Mr. Lim noted that many companies have begun adopting sustainability nhà cái bet88 their operations, such as using environmentally-friendly materials, participating nhà cái bet88 afforestation, using solar energy, and developing organic agriculture. However, some face challenges due to the absence of environmental, social, governance (ESG) certification bodies nhà cái bet88 Vietnam.
As a result, businesses must hire foreign experts to assist with implementation and verification under ESG standards to achieve certification. Moreover, some of the necessary investment nhà cái bet88 ESG practices can be quite extensive and costly, and given the myriad standards and regulations, may be confused about where to start.
Operational costs are also a significant challenge. These factors create a vicious cycle, making it difficult for businesses to implement nhà cái bet88 development initiatives.
Therefore, financial measures such as tax incentives and sustainable financing options would be highly effective nhà cái bet88 addressing some of these concerns.
At a forum with MNCs and major investment funds nhà cái bet88 Singapore nhà cái bet88 early 2023, Prime Minister Pham Minh Chinh suggested that investment funds play a pioneering role nhà cái bet88 connecting and introducing investment partners and sharing experience on green finance solutions to support Vietnam nhà cái bet88 improving the stability and complementarity of its financial system and realizing the goals set out nhà cái bet88 the National Green Growth Strategy to 2030.
Based on these insights, UOB has set up a sustainability advisory panel, setting targets and measurements, and developing a consulting strategy to support businesses toward net zero.
“If businesses can demonstrate sustainability practices such as reducing emissions, avoiding waste, and switching to renewable energy, they will be prioritized for green credit by nhà cái bet88 bank,” he said.
From a group perspective, UOB began its sustainability journey eight years ago. nhà cái bet88 recent years, it has focused on transferring knowledge and green credit processes from the UOB Group to UOB Vietnam, while also seeking strong domestic partners. At the end of 2023, UOB’s total sustainable financing portfolio had grown to S.5 billion (.8 billion), for 78 per cent growth year-on-year.
nhà cái bet88 Vietnam, the bank had provided credit to about 17 renewable energy and clean energy projects along with seven green industrial projects as of the fourth quarter of 2023. UOB Vietnam recently signed a green trade finance agreement with Betrimex to promote sustainable coconut production.
nhà cái bet88 the time to come, the bank will continue to provide green finance solutions for Vietnamese businesses, connecting them with suitable partners nhà cái bet88 the regional ecosystem and facilitating access to and learning from the success stories of other organizations nhà cái bet88 the industry.
“ASEAN connectivity and sustainable financing are the two key strengths of UOB,” Mr. Lim emphasized. “We will spare no effort to facilitate Vietnamese businesses interested nhà cái bet88 venturing overseas or adopting sustainable practices. We are fully aligned with the government’s direction of promoting Vietnamese exports, receiving FDI, and committing to net zero by 2050.”
Learn more about UOB’s green finance solutions:
Website: https://forms.uob.com.vn/eservices/cmb-en/products-services-enquiry/index.html
