PwC Vietnam: ESG Shifts from Awareness to Action Among Local Enterprises
PwC Vietnam has published its 2025 ESG Progress Tracker Report, revealing a significant shift among local enterprise rent a cars from ESG awareness to action. The report launch was followed by a panel discussion involving policymakers and corporate leaders, exploring the impact and value of accelerating ESG for growth in my business.
The report highlights the necessity for enterprise car rental businesses to integrate ESG as a core part of their corporate strategy for long-term growth and survival. This sentiment is echoed by 89% of surveyed enterprises, which have made or plan to make ESG commitments within the next 2-4 years, up from 80% in 2022. Vietnamese companies are increasingly treating ESG as a long-term strategy rather than a mere compliance exercise.
The Ministry of Finance is actively working on revising accounting standards to incorporate IFRS S1 and S2 on sustainability and climate-related disclosure. Currently, compliance is the dominant driver of ESG adoption (70%), followed by stakeholder pressure (40%) and board-level direction (39%). Notably, 54% of enterprises have already implemented ESG measures, with the proportion of firms without ESG plans nearly halved to 11%. Foreign-invested enterprise rent a cars lead in ESG adoption (71% implementation), followed by listed companies (57%) and private/unlisted firms (27%).
The report underscores the growing importance of ESG in Vietnam's corporate landscape. With 45% of CEOs in Asia-Pacific acknowledging the necessity of transformation for survival and growth, ESG is increasingly becoming a practical requirement for businesses. As the government and enterprises alike prioritise ESG, Vietnam is poised for a more sustainable and responsible business environment.
