The Vietnam National Administration of Tourism has announced the opening of registration for the ASEAN Tourism Awards 2025. Entities such as homestays, tourism communities, public sanitation facilities, and spas in Vietnam are eligible to participate, with the deadline for submissions being October 22.
The ASEAN Tourism Awards 2025 will be held as part of the ASEAN Tourism Forum (ATF 2025) in Malaysia in January 2025. This event aims to promote national tourism branding and image while providing opportunities for Vietnam’s tourism service businesses to enhance international integration and outreach.
Tourists visit Thien Mu Pagoda in Hue City. In 2024, Hue City will receive the ASEAN Clean Tourism City Award. Photo: Ngoc Khuyen
Within the framework of the ASEAN Tourism Awards 2025, the tourism ministers of ASEAN member countries have agreed to present several awards: the ASEAN Homestay Award, the ASEAN Community-Based Tourism Award, the ASEAN Public Toilet Award, and the ASEAN Spa Services Award.
To participate, businesses need to complete the application form and submit it to the Administration by October 22. Information about ASEAN standards and application guidelines can be found on the official website of the Vietnam National Administration of Tourism via the link: https://vietnamtourism.gov.vn/post/58573.
At the ASEAN Tourism Awards 2024, Vietnam was recognized in categories such as the ASEAN Green Hotel Award, the ASEAN Clean Tourist City Award, the ASEAN MICE Award for Meeting Rooms, the ASEAN MICE Award for Exhibition Venues, the ASEAN MICE Award for Event Venues, and the ASEAN Sustainable Tourism Award, focusing on Culinary Tourism.
With the theme “Da Lat Flowers – A Symphony of Colors,” the 10th Da Lat Flower Festival is scheduled to take place in December 2024.
The 2024 Da Lat Flower Festival will feature 10 main programs, 12 accompanying activities, and various other events.
The 2024 Da Lat Flower Festival has 10 main programs, 12 response programs and other activities. Photo: Dang Huy
The 10 main programs include the opening ceremony of the 10th Da Lat Flower Festival, a New Year’s Eve 2025 celebration combined with the festival’s closing ceremony, flower spaces, an international conference titled “Da Lat Green Tourism and Cultural Industry Development from Natural Resources to Biodiversity and Local Culture,” and an artistic performance: Bao Loc, City of Fragrance and Silk, welcoming the 10th Da Lat Flower Festival 2024.
Other key events include the OCOP product exhibition and trade promotion at the 2024 Da Lat Flower Festival, Wine – Tea – Coffee Street, celebrate Da Lat and Lam Dong’s specialties, the Da Lat Vegetable – Flower Market featuring miraculous harvests from fertile lands, an international cultural and artistic exchange between Da Lat and Chuncheon (South Korea), and the Street Carnival of Flowers and Heritage, with flower floats, floral fashion , and street art.
Tourists in Da Lat city. Photo: Dang Huy
In addition to the main programs, there will be 12 supporting events such as the “Da Lat Fun Color” Music Festival, the “Bao Lam – Legends and Gathering” Festival, the Korean – Da Lat Music Festival 2024, the Lam Dong Trail 2024 race, the Lang Biang Pink Grass Festival, a seminar on preserving and promoting the cultural values of ethnic groups in Di Linh District in connection with tourism development, and the 19th “Green – Clean – Beautiful” Contest.
Other accompanying events include the “5AM Concert in Da Lat,” the second Prenn Trail Challenge 2024, the “Radiant Da Lat Flowers” exhibition celebrating the 10th Da Lat Flower Festival 2024, the Bazan Music Band Festival, and a tourism tour titled “Da Lat – A Multicolored World of Flowers”.
Many foreign teachers are sending out hundreds of job applications and accepting lower salaries.
Many foreign teachers say that finding a high-paying job in the Vietnamese market is no longer easy due to increasing competition.
Over the past year, Stephen, an English teacher from Russia, has submitted more than 100 applications for a stable job with full benefits, but has not been accepted anywhere.
Despite having a bachelor’s degree in education, a TEFL certificate, and seven years of teaching experience, Stephen, like many others, is struggling to secure a job. Each month, she has various expenses to cover in Vietnam, and without a stable job, the financial pressure is becoming overwhelming.
Every day, Stephen searches through different associations, groups, and websites, actively sending applications to employers across various sectors. She is even willing to work in the suburbs, as long as the job offers stability. However, there has been no response. She continues to take on temporary, hourly-paid jobs or works as a teaching assistant at some schools.
“It’s not as easy as I thought. The job market is too competitive. Some places require me to work unpaid trial periods or promise high salaries without providing any guarantee,” Stephen shared.
Jack, an American teacher who has been teaching in Vietnam for over 1.5 years, earns 350,000 VND per hour at a public school, which is higher than the rates offered by many English centers.
However, since the Covid-19 pandemic, his working hours have been cut as schools reduce costs and shift to online teaching. Jack now only has a few classes, making it difficult for him to cover his living expenses.
Three months ago, an English center where his colleague worked announced that student enrollment had dropped by more than 50%, and they were no longer hiring. The center is even struggling to pay rent and may relocate to a suburban area, which has led to further reductions in teachers’ hours.
Some teachers try to stay, while others leave for other countries.
Due to low salaries and a challenging job market, Jack has returned home to pursue other opportunities. He believes that the compensation offered by the centers is not proportional to the amount of work required, including preparing lesson plans, grading, writing reports, attending meetings, and other tasks that are often unpaid.
“For Vietnamese locals, this salary might seem high, but foreign teachers typically expect more. When the pay doesn’t meet expectations, many foreign teachers quickly move on to other countries,” Jack explained.
He believes that one reason foreign teachers face challenges finding jobs in Vietnam is the economic downturn, which has led many parents to stop sending their children to English centers. Moreover, the collapse of several centers has shaken parents’ confidence, making them more cautious and selective when choosing schools for their children.
“The salary is the main issue, but more and more English teachers are finding it hard to accept the current pay. Teachers from countries like the Philippines, India, or South Africa are more willing to work for these wages,” Jack added.
According to Debra Mann, a representative of the TEFL teaching community, requests for foreign teachers have dropped by 50% in the past year compared to previous years.
As the job market becomes more competitive, many Western teachers are shifting their job searches to countries like China, South Korea, and Japan.
From 2015 to 2019, the number of US tourists visiting Vietnam saw steady growth. In 2015, Vietnam welcomed 491,000 US visitors, and by 2019, this figure had risen to 746,000, marking a 1.5-fold increase. During this period, the average annual growth rate was 11%.
After the COVID-19 pandemic, the US market rebounded quickly, with 717,000 arrivals in 2023—about 96% of the 2019 level. In the first eight months of 2024, Vietnam received 529,000 US visitors, an 8% increase over the same period in 2023 and 1.7% higher than pre-pandemic levels.
The market of American tourists to Vietnam recovers quickly after the COVID-19 pandemic (Source: The General Statistics Office)
US tourists are known for their high spending and long stays. According to a 2019 survey by the Vietnam National Administration of Tourism, American visitors spent an average of $1,570.80 and stayed for 12 days—considerably higher than the overall averages for international visitors ($1,074 spent over 8.1 days).
Vietnam holds significant appeal for US tourists, offering stunning landscapes, rich cultural heritage, and renowned cuisine. Many American films have also featured Vietnam’s iconic locations, such as the blockbuster Kong: Skull Island, which was filmed in Ha Long Bay, Quang Binh, and Ninh Binh. This creates a valuable opportunity for Vietnam’s tourism industry to capture the interest of the US market through the lens of cinema.
From September 23 to 25, the Ministry of Culture, Sports, and Tourism will host the Vietnam Tourism-Cinema Promotion Program in San Francisco and Los Angeles, California, under the theme “Vietnam – New Destination of World Cinema.” This initiative aims to promote Vietnam as a prime location for international film production, attracting Hollywood studios to shoot in Vietnam. Such exposure has the potential to generate significant media attention and boost tourism.
With the recent upgrade of diplomatic relations between Vietnam and the US to a Comprehensive Strategic Partnership, along with increasing US investment in Vietnam’s tourism sector, the potential for growth in tourism exchange is enormous. Vietnam Airlines has already launched a direct flight connecting the two nations, further facilitating travel. The Vietnam Tourism-Cinema Promotion Program is expected to strengthen partnerships with US businesses and enhance Vietnam’s global image as a top destination for both tourists and filmmakers.
Canada’s central bank has said it is shifting its focus to broader payments system research and policy development.
Canada is shifting its focus away from a retail central bank digital currency after years of research, its central bank announced last week.
“With this work completed, and with other payments issues gaining prominence, the Bank is scaling down its work on a retail central bank digital currency and shifting its focus to broader payments system research and policy development,” a document vaguely titled “Digital Canadian Dollar” said.
CBC News, Canada’s public broadcaster, reported that “The Bank of Canada confirmed” it has “shifted its focus away from the idea of introducing a digital Canadian dollar.” The story also said the Bank “is shelving” the idea of a Canadian dollar.
It isn’t clear whether the bank’s official statement saying it was “scaling down” its retail CBDC work and “shifting its focus to broader payments” research means it has shelved the retail CBDC idea completely.
Particularly because the Bank also said it would “continue to monitor global retail CBDC developments and publish some related research,” there would “be further opportunities for Canadians to provide input on a potential digital dollar,” and that all the research done so far would be “invaluable if, at some point in the future, Canadians … decide they want or need a digital Canadian dollar.”
Canada’s latest position comes as the debate over CBDC’s became a presidential election issue in the U.S. despite the Federal Reserve’s Chair, Jerome Powell, saying it was nowhere near recommending – or let alone adopting – a CBDC in any form” and that “people don’t need to worry about it.”
But the Bank of Canada’s update does come less than three months after a staff discussion paper which said that cash is “likely to decline” in relevance going forward then a “properly designed CBDC would help fill the gap” and maintain the relevance of a retail public money in the economy.”
At the end of 2023, the Bank received almost 90,000 responses to a public consultation paper, with most reflecting privacy concerns.
On September 20, the Quang Binh Provincial People’s Committee reported that more than 600 households across the province had been flooded due to storm No. 4, with Tan Hoa commune in Minh Hoa district being the hardest hit. Over 400 households in Tan Hoa were submerged.
Tan Hoa village, recognized by the World Tourism Organization (UNWTO) as the “Best Tourist Village in the World” in October 2023, is known for its natural beauty and tranquil scenery. However, its location in a basin, surrounded by rocky mountains, makes it highly prone to flooding during heavy rains.
Many houses in Tan Hoa commune were flooded from 0.5 – 2 m deep. (PHOTO: T.L)
According to Mr. Truong Thanh Duan, Chairman of Tan Hoa Commune People’s Committee, despite the severe flooding, the locals have adapted to the seasonal floods. Most households have moved to floating houses, ensuring their safety and protecting their property. The local government has also ensured that residents have sufficient food supplies.
Embracing this unique situation, Oxalis Adventure has created a special experience for adventure tourists. Visitors to Tan Hoa can stay in floating homestays and enjoy a variety of activities that blend daily life with the challenges of flooding. Residents continue their routine, rowing wooden boats to collect grass for livestock on higher ground, and using boats as their primary means of transportation.
Tourists SUP in flooded area of Tan Hoa commune. (PHOTO: T.L)
Guests are invited to participate in this lifestyle, staying in floating houses, enjoying local meals, and exploring the area by boat, kayak, or paddleboard.
“Flooding is a challenge that Tan Hoa faces every year, but rather than fight it, we’ve found ways to adapt and operate”, said Mr. Nguyen Chau A, General Director of Oxalis Adventure.
By 2025, the goal is for Tan Hoa to become a leading weather-adaptive tourist destination, offering unique experiences such as exploring Tu Lan Cave, off-road motorbike tours through the forests, dining in local homes, and weather-adaptive homestay stays.
The recent Federal Reserve interest cut will fuel increased onchain activity, and this will strongly benefit the Ethereum blockchain, the report said.
Ether’s (ETH) recent bout of underperformance may be over and the world’s second largest cryptocurrency could be ready to shine again, both in fiat terms and relative to bitcoin (BTC), Steno Research said in a report on Thursday.
The native token of the Ethereum blockchain has risen nearly 8% year-to-date, while bitcoin has surged 43% and the CoinDesk 20 index (CD20) has gained nearly 11%.
Ether’s performance in the last bull market could provide some guidance. ETH surged during the last altcoin season, and in under two months it more than doubled in value compared to bitcoin, the report noted.
This shift was sparked by a surge in onchain activity, the report said, including decentralized finance (DeFi), stablecoin issuance, and the boom in non-fungible tokens (NFTs), all of which happened mainly on the Ethereum blockchain.
The Federal Reserve interest rate cut, earlier this week, will result in increased onchain activity, which will strongly benefit Ethereum, Steno said.
Bitcoin exchange-traded funds (ETFs) are unlikely to continue outperforming ether versions as much, Steno said, noting that ETH has shown its ability to suddenly outperform its larger rival in the past.
There have been three main reasons for bitcoin’s recent outperformance over ether. “The impact of U.S. spot ETFs for both bitcoin and ether, the persistent buying pressure from MicroStrategy (MSTR), and a notable decline in Ethereum’s transactional revenue in recent months,” analyst Mads Eberhardt wrote.
“Ethereum’s active addresses remain strong, particularly when factoring in the growing adoption of rollups,” Eberhardt wrote, adding that the network’s transactional revenue looks to have bottomed in August.
Asset manager Bitwise is also bullish about ether’s prospects. The cryptocurrency is potentially a contrarian bet into the year-end, it said in a report on Tuesday.
It is unclear if all these wallets belong to the same person or entity.
Hundreds of bitcoin (BTC) acquired by mining them during the network’s early stages were moved on Friday – joining the rare instances where bitcoin from the so-termed “Satoshi era” have been active.
Satoshi era refers commonly to the period when bitcoin’s pseudonymous creator, Satoshi Nakamoto, was active on online forums from late 2009 to 2011.
Over 250 BTC from that period, worth nearly $16 million at current prices, were moved within an hour during the European morning hours, on-chain tracker Whale Alerts flagged on X. Each transaction was a batch of 50 BTC with the tokens being moved to new wallets.
It is unclear if all these wallets belong to the same person or entity. There hasn’t been a movement from the new wallets to crypto exchanges as of press time.
Blockchain data shows these bitcoin were received as a block reward in 2009, just months after the network started. These wallets have shown no activity since then except for the movement on Friday.
Several ‘Satoshi era’ bitcoin have been active in the past few years. In July 2023, a wallet dormant for 11 years transferred $30 million worth of the asset to other wallets, while in August, another wallet transferred 1,005 BTC to a new address.
In December last year, over 1,000 BTC were sent to crypto exchanges – where they were likely sold off – marking one of the largest amounts from the Satoshi era moved to exchanges.
This scenic route leads to the ancient fishing village of Nhon Ly, located in Nhon Ly commune, Quy Nhon city, just 20 kilometers northeast of the city center. Nhon Ly has long been admired for its charming coastal architecture, featuring low-roofed houses and stone fences nestled among golden sandbanks. Now, with the newly constructed bypass, the village has become even more accessible and visually stunning.
The road, which stretches 2.6 kilometers through the sand dunes, connects the Nhon Hoi Economic Zone to Nhon Ly. It is part of a larger bypass project that ranges from 18 to 45 meters in width, offering travelers the opportunity to experience not only the beauty of the sand dunes but also the sight of towering wind turbines as they make their way toward the fishing village.
What makes this route especially remarkable is its sweeping views of the Phuong Mai sand hill, a natural wonder in itself, and the panoramic vistas of Quy Nhon city, Thi Nai lagoon, and Nhon Ly village that unfold as you travel. The route begins at the T8 intersection of National Highway 19B and is lined with casuarina trees, which help protect the road from wind and sand.
The bypass is expected to be completed by October 2024, and although construction is still ongoing, the road has already become a sensation thanks to its stunning landscape. This new route not only offers a more convenient way for locals and tourists to access Nhon Ly but also highlights the natural beauty of the region, making the journey just as memorable as the destination.
Chicken noodle soup, glutinous rice dumplings, mixed noodles, and boiled chicken are the four Vietnamese dishes featured in the list of the best ginger-infused foods in the world , according to Taste Atlas.
The renowned culinary website released the list on September 17. Ranked 12th, chicken pho was introduced as “one of Vietnam’s traditional dishes.”
Chicken Pho. Photo: Buffet Sedon
The broth of chicken pho is typically lighter and clearer compared to beef pho. Other ingredients used in this dish include ginger, fish sauce, shallots, green onions, coriander, lime leaves, and rice noodles.
It is believed that this chicken pho dish first appeared around the 1930s when beef was in short supply in northern Vietnam.
Ranked 23rd, sweet glutinous rice dumplings captivates diners with its sweet, fragrant flavor, featuring dumplings cooked in a syrup made from palm sugar and ginger. The soft, chewy rice dumplings are filled with a smooth mung bean paste.
Banh troi nuoc. Photo: Cookpad
This dessert is especially loved during the cooler months.
Mixed pho, featuring meat marinated with salt, ginger, pepper, garlic, and lime juice, is ranked 25th on Taste Atlas’ list.
The final Vietnamese representative, boiled chicken, is ranked 38th. According to the culinary website, this dish is indispensable in northern Vietnam during Lunar New Year celebrations.
Boiled chicken. Photo: Cooky
The chicken is cleaned, rubbed with salt, and then boiled whole in water with added ginger, shallots, and turmeric for a bright yellow, shiny skin. A perfectly boiled chicken is judged by its intact skin and non-bruised meat.
After boiling, the chicken is cut into pieces, garnished with lime leaves, and served with a dipping sauce made of salt and lime. Boiled chicken symbolizes prosperity and is often eaten with sticky rice.
Founded in 2015, Taste Atlas, based in Zagreb, Croatia, is known for mapping traditional dishes from around the world.
According to Matija Babić, the founder of Taste Atlas, the rankings of dishes and beverages are based on the opinions and evaluations of experts and food critics to ensure the credibility of the awards.
More than 2,000 businesses from over 45 provinces and cities across the country have registered to participate in the 2024 Supply-Demand Connection Conference, according to the Ho Chi Minh City Department of Industry and Trade.
In addition to direct activities, this year’s Supply-Demand Connection Conference between Ho Chi Minh City and other provinces and cities also has online activities. Photo: Lan Anh.
On the afternoon of September 19, during a press conference providing information on the economic and social situation of Ho Chi Minh City, Mr. Nguyen Minh Hung, Deputy Head of the Trade Management Department of the Ho Chi Minh City Department of Industry and Trade, announced that the city will organize the Supply-Demand Connection Conference from September 26-29. The aim is to build a sustainable supply chain and create opportunities for linking production and consumption from raw material areas to the marketplace.
The Ho Chi Minh City Department of Industry and Trade noted that over 2,000 businesses from more than 45 provinces and cities have already registered to explore opportunities to connect with Vietnamese retail corporations and e-commerce platforms.
With the theme “Connecting with Responsibility – Towards a Green Supply Chain,” this year’s conference will feature direct B2B connections between 13 of Vietnam’s leading retail corporations, four e-commerce platforms, wholesale markets, and production businesses from across the country.
“The event won’t stop at just meetings between parties. Businesses whose products are selected by distribution systems will be supported in finalizing their products and completing supply dossiers. Additionally, challenges related to receivables, delivery methods, payment, and inventory during the initial stages will also be addressed,” the Department of Industry and Trade representative stated.
Moreover, the conference will include online activities, such as the “Super Live Vietnam Goods” campaign on e-commerce platforms. The city will host 19 live sessions led by 19 content creators, promoting over 200 products from more than 45 provinces.
Additionally, the event exhibition will feature spaces showcasing unique regional products, services, and cuisine, with a scale of approximately 700 booths.
As in previous years, the Department of Industry and Trade emphasized that this year’s conference will continue to focus on facilitating both buyers and sellers to meet and connect both directly and online, while also setting standards to bring products into modern distribution channels.
This will help reduce intermediary costs in the distribution of goods, allowing distributors to save on sourcing costs and suppliers to save on the cost of introducing their products to distribution channels.
Also, during the meeting, Mr. Bui Duc Anh, a representative from the Ho Chi Minh City Institute for Development Studies, shared that the organization is running a program titled “A Hundred Businesses, Thousands of Orders, Millions of Accounts.”
After two weeks of implementation, Mr. Duc Anh reported that the program has trained and assisted 25 businesses in setting up shops and establishing operational processes on e-commerce platforms.
“Moving forward, the program will support and organize live streaming sessions for these businesses, with expected revenue of each live stream session estimated to be between 200-300 million VND,” Mr. Duc Anh added.
The National Tourism Year and Hue Festival 2025 are expected to feature 62 activities throughout the year. The highlight will be the opening ceremony of the National Tourism Year combined with the Hue Festival opening, scheduled for the end of March 2025 in Hue City.
The National Tourism Year and Hue Festival 2025 are expected to have 62 activities, spanning across four seasons. Photo: Hoang Le
According to the Thua Thien Hue Provincial Information Portal, the Ministry of Culture, Sports, and Tourism recently held a meeting with the People’s Committee of Thua Thien Hue to discuss plans for organizing the National Tourism Year – Hue 2025. This is a significant cultural, economic, social, and tourism event with both national and international reach, held in conjunction with Hue Festival 2025.
Key events and activities will mainly take place in Thua Thien Hue province. Supporting programs and events will be organized by the Ministry of Culture, Sports, and Tourism, along with several other ministries, agencies, and provinces, in Thua Thien Hue and other related localities.
The Department of Tourism of Thua Thien Hue announced that about 62 activities will be hosted by the province. Some notable events include the official announcement of Hue Festival 2025, a theatrical reenactment of the “Nguyen Dynasty Ban Soc Ceremony,” the Royal New Year celebration, the Hue Symphony, the Hue – Culinary Capital Festival, the Hue Lotus Festival 2025, the Hue Ao Dai Art Program, Vietnam Cuisine Week, traditional boat races on the Perfume River, the International Lantern Festival Hue 2025, and the Lion Dance Parade and Performances in Hue.
Thua Thien Hue also proposed that the Ministry of Culture, Sports, and Tourism collaborate to organize a national or international culinary festival in the province to create a highlight event, as well as to support promotional activities for the event.
Vietnam is ranked as one of the top 10 countries globally for all types of travelers, according to the latest survey by the global travel company Flight Centre.
Flight Center, one of the world’s largest travel agencies based in Australia, recently released the results of a survey based on feedback from over 170,000 travelers worldwide. The survey highlights the top 10 countries and cities that received the highest ratings this year.
Portugal topped the list with a 94% satisfaction rate among travelers. The Cook Islands, a Pacific island nation, closely followed in second place with a 93% satisfaction rate.
Illustration: Pinterest
Vietnam proudly stands as one of the two Southeast Asian representatives in Flight Center’s list.
Andrew Stark, Global Managing Director of Flight Center, stated, “The surprising names on this year’s list show that popular destinations don’t always provide the most special experiences for travelers.”
In a previous article, Flight Center noted: “Vietnam is the gem of Southeast Asia, a safe and affordable country that offers a wide range of experiences suitable for travelers of all ages and preferences.”
“Vietnam boasts charming rural villages, UNESCO World Heritage sites, and diverse, fresh local cuisine that leaves visitors in awe. It is the perfect place to explore the beautiful blend of ancient destinations and bustling modern cities.”
The rise in cases of passengers denied entry to Vietnam has caused losses for carriers and created pressure on airports.
600 international visitors were denied entry to Vietnam in the first 6 months of the year. Photo: Duy Hieu.
According to statistics from the aviation sector for 2023 and the first half of 2024, the number of international passengers denied entry at airports across Vietnam has significantly increased.
Specifically, in 2020, there were 506 cases. In 2021, due to the impact of the Covid-19 pandemic, there were very few international commercial flights to Vietnam, resulting in only 5 cases of passengers being denied entry. In 2022, there were 404 cases, in 2023 there were 886 cases, and in just the first six months of 2024, there were already over 600 cases.
According to the Civil Aviation Authority, the increase in passengers denied entry causes financial losses for airlines and adds pressure on airports where passengers must be managed before being returned to their point of origin. Additionally, this situation poses potential security, safety, and order risks at airports and on aircraft.
As a result, the Authority has requested that airlines operating regular international flights to Vietnam take effective measures to minimize the number of passengers being denied entry.
The aviation regulatory body also emphasized that airlines must implement necessary preventive measures when allowing passengers to board to ensure that they meet the required documentation as per the transit and destination countries. They must also stay updated on entry, exit, and transit regulations set by Vietnam and other countries.
Additionally, the authorities at the departure airports must closely check passenger documents to minimize cases of passengers being ineligible to enter or transit through Vietnam due to incomplete travel documents.
Airlines are also required to carry out awareness campaigns through various means, including informing passengers and relevant travel companies about the regulations regarding travel documents.
Priority should be given to collaborating and communicating with the relevant authorities at departure airports to ensure the most appropriate awareness-raising methods.
At RMIT’s CEO Talks, leaders from Schneider Electric, McKinsey & Company, and Ericsson offered insights on how to embed sustainability into core business operations, balancing profit with purpose-driven initiatives.
In the aftermath of typhoon Yagi, companies across Vietnam have rushed to provide much-needed relief to impacted communities through donations or on-site support campaigns. Such acts of corporate social responsibility are among the many ways a company can show its commitment to the greater good.
But how can businesses truly make environmental, social, and governance (ESG) principles a central part of their long-term corporate strategy? What can they do to harmonise profitability with sustainability goals in their daily operations?
The recent CEO Talks held by RMIT University addressed these questions and gave company leaders, academics, and students the opportunity to discuss the future of responsible business.
Themed ‘Profit and Purpose: Redefining Success in Tomorrow’s Business’, the conference featured keynote speeches from top leaders of Schneider Electric Vietnam and Cambodia, Ericsson Vietnam, and McKinsey & Company Vietnam.
“Be an Impact company and bring everyone along”
As a global industrial technology leader of energy management and automation, Schneider Electric was named the world’s most sustainable company in 2024 by Time Magazine and Statista.
At CEO Talks, Mr Dong Mai Lam, Cluster President at Schneider Electric Vietnam and Cambodia,highlighted how five mega trends (New Global Equilibrium, Evolution of Wealth, Climate Change, Digitisation & Artificial Intelligence, and Energy Transition) are reshaping the world and aligning with Schneider Electric’s ESG and sustainability strategies.
Mr Lam said, “Schneider Electric is as an Impact company, committed to empowering all to make the most of our energy and resources, leading in ESG and striving for net zero across its value chain.”
First, “do well to do good and vice versa”. This implies that sustainability is a source of performance and growth. At the same time, good business performance enables organisations to have the resources to make an environmental and social impact.
Second, “bring everyone along”. Mr Lam explained: “In our corporation, we invite all our stakeholders – suppliers, customers, employees, shareholders – to be a part of our ESG and sustainability journey.”
For example, as part of its climate commitments 2021-2025, Schneider Electric is committed to helping its customers save and avoid 800 million tons of CO2 emissions. The company also targets a 50 per cent reduction in the CO2 emissions from its top 1,000 suppliers’ operations.
Mr Lam emphasised, “We cannot be sustainable alone. We need to do it together.”
“Map your business strategy to your ESG agenda”
Since publishing its first environmental report in 1993, Ericsson has been a pioneer of sustainability. The company aims to achieve net zero in its own operations by 2030 and in its supply chain by 2040. It is also active in bridging the digital divide through technology and connectivity, notably through its Connect to Learn program.
According to Dr Rita Mokbel, CEO of Ericsson Vietnam, the ESG agenda should underpin the business strategy of every company.
“For example, in pursuing the strategy of extending Ericsson’s leadership in 5G mobile networks, we are supporting the environmental agenda as 5G networks are more energy efficient than the previous generations. In Vietnam, our next-gen mobile networks can carry 10 times more traffic with up to 30 per cent less energy consumption.
“Mobile networks support the social agenda with digital inclusion, helping more people to connect to the internet. A study has also estimated that for every 10 per cent increase in mobile broadband adoption, there is at least 0.8 per cent growth in GDP. So, the potential impact on society is huge,” Dr Mokbel said.
After aligning ESG objectives with business strategy, the next step is to incorporate ESG reporting into performance reviews for leaders, in addition to enterprise-wide reports. This approach ensures that ESG considerations are embedded in decision-making and accountability across the organisation.
“In addition to business goals, every leader in our organisation is measured on specific environmental, social and governance targets,” the CEO of Ericsson Vietnam shared.
“Take a holistic approach”
Mr Bruce Delteil, Managing Partner of strategy consulting firm McKinsey & Company Vietnam, said nowadays it is important to take a holistic view when defining business success.
“When I started my consulting career a long time ago, every company would start with an ambition related to company size or profitability when crafting their strategies, ‘We want to be the largest, we want to be the most profitable’, and so on,” he said.
“A few years later, it was all about performance management and quantification and scorecards. Now, the definition of success has become more holistic for large companies but also for smaller organisations. It includes ESG, employee satisfaction, and other things.”
Mr Delteil highlighted that companies achieve superior performance by harmonising growth, profitability, and ESG. In fact, McKinsey & Company research found that ‘triple outperformers’ are more than twice as likely to grow their revenues by more than 10 per cent, than their peers.
Such outperformers tend to embed ESG deeply into their core strategy and ensure ESG priorities are an integral part of the organisational DNA. They continuously innovate their ESG-focused offerings and report on ESG transparently. Outperforming organisations also use mergers and acquisitions strategically to capture ESG growth.
“We are reinventing economic models and business models. The most exciting thing is that we know for a fact that it leads to value and that it is good for everyone,” Mr Delteil said.
On behalf of the organising team of CEO Talks, Associate Professor Burkhard Schrage, Associate Head of the Management Department at The Business School, RMIT Vietnam said, “The job of a CEO is becoming tougher today because there are so many different goals to balance. We hope that through CEO Talks, we can exchange practical insights and drive meaningful change in the corporate world.”
