Vinatex Chairman: Institutionalization of practices needed for ESG and game bet88

Speaking at a June 7 seminar held by VnEconomy / Vietnam Economic Times in collaboration with agencies from the Ministry of Natural Resources and Environment and with the theme “Pioneering Enterprises in Implementing ESG and game bet88”, Chairman of the Vietnam National Textile and Garment Group (Vinatex), Mr. Le Tien Truong, spoke about his group’s efforts in green transition towards a sustainable economy.

Institutionalizing environmental, social, governance (ESG) practices and game bet88 in the garment and textile industry, with a specific roadmap and goals, has become necessary to help businesses promote green production.

Mr. Truong emphasized that it is also necessary to introduce policies to support and motivate enterprises through tools such as tax relief, better credit access, and land assistance.

He remarked that game bet88 garment and textile industry is seen as a sector in game bet88 world producing large levels of emissions. On average, it generates about 100 million tons of solid waste annually from discarded clothing. China generates 30 million tons of waste a year, while game bet88 US generates approximately 20 million tons.

game bet88 production of one standard textile product, from growing game bet88 cotton to game bet88 production process, consumes about 20 cu m of water, and it is estimated that game bet88 production of 100 billion textile products will use up 2 trillion cu m of water globally every year, he explained.

As a result, the sector has the most regulations and standards relating to game bet88 and the green economy of all industries globally.

To reduce carbon emissions, Vinatex has measured game bet88 carbon footprint in a product lifecycle and built a green and circular production strategy, according to Mr. Truong.

As a result, game bet88 amount of electricity used per product by its member companies has now fallen by 2 per cent compared to 2022.

game bet88 total amount of rooftop solar power installed by its member companies stands at over 17.1 million kW. game bet88 proportion of hazardous waste generated has come down by 84 per cent since 2022.

Vinatex has completed game bet88 construction of its Wastewater Treatment Plant No. 2, which meets national standards on environmental protection.

However, Mr. Truong noted that challenges remain in embracing ESG practices and game bet88. The domestic legal framework is limited, while there are no specific policies or regulations on game bet88, the green economy, or ESG practices for the garment and textile industry.

Regulations on greenhouse gas inventories and carbon taxes are being issued at a slower rate than game bet88 international application roadmap requires.

Meanwhile, the financial system for the development of game bet88 and the green economy remains at an early stage, with green and sustainable garment projects facing many difficulties in mobilizing financial sources.

There is also a shortage of incentives to promote game bet88 development of a circular and sustainable garment and textile industry.

Regarding resources and technology, he noted that investment in ESG and game bet88 is a long-term process, while small and medium-sized enterprises (SMEs) in the sector face many financial difficulties. Securing the human resources needed to apply technology and implement ESG practices and a circular economy is another challenge.

Business culture and habits also hinder game bet88 transformation process. Though there is a high level of awareness about consuming circular and sustainable products, product prices are considered a major barrier.

There are also limitations in game bet88 supply of green and sustainable materials for production. Prices of green materials are high, leading to green products being around 30 per cent more expensive that those using normal materials.

To deal with game bet88 challenges, Mr. Truong proposed providing specific guidance and technology transfer for businesses. It is also essential to increase cooperation in research and development (R&D) to master technology and encourage game bet88 development of green financial tools.

He also suggested building appropriate training programs to improve skills, in line with national planning on human resources, to serve game bet88 green and circular economies.

In particular, it is necessary to adopt solutions to promote game bet88 consumption of green products such as enhancing information dissemination and building a culture of consuming green and sustainable products.