72% of Vietnamese consumers are willing to spend more on green products

The above information was shared at the Ceremony to honor and award the title of "Ho Chi Minh City Green Business 2024", organized by the HCMC Union of Business Association (HUBA) and Saigon Giai Phong Newspaper, on the evening of August 29.

This is one of a series of activities towards the 5th Ho Chi Minh City Economic Forum with the theme "Industrial transformation, the new driving force for sustainable development of Ho Chi Minh City," taking place this coming September.

Nguyen Ngoc Hoa, Chairman of the Ho Chi Minh City Business Association, said that in 2024, the title of Green Enterprise of Ho Chi Minh City will be awarded to 98 enterprises. Of which, 53 enterprises are in the field of production and business, and 45 enterprises are in the fields of trade - services, real estate, and retail systems.

The Chairman of the HUBA congratulated selected companies awarded the Green Business title this year. He believed the recognition would be a driving force for the city’s business community to continuously pioneer in the progress on sustainable development, and building a greener, cleaner, and more livable city.

These shining examples represent the spirit of responsibility, creativity, and perseverance in protecting the environment. These businesses have demonstrated strong commitment and implemented practical actions to comply with environmental standards, use resources efficiently, and develop green initiatives.

According to Hoa, in the world facing major challenges of climate change and resource depletion, investing in sustainable development activities is no longer an option, but an inevitable requirement.

"I call on the entire business community and businessmen in the city to continue to promote a sense of responsibility, pioneer in applying green technology, using renewable energy, and promoting sustainable business activities," said Nguyen Ngoc Hoa.

Nguyen Anh Duc, Chairman of the Vietnam Retailers Association and General Director of Saigon Co.op, said that the demand for green products in Vietnam will grow by an average of 15% per year in the period 2021 - 2023.

"Up to 72% of Vietnamese consumers are willing to pay more for green products, showing people's increasing awareness and concern for environmental protection," said Duc, adding that Saigon Co.op always aims to develop the system towards sustainable consumption. In particular, the system has stopped using hard-to-decompose plastic bags and instead uses 100% biodegradable bags and reusable bags; Replace products such as plastic straws, plastic spoons... on shelves with products made from bagasse, paper, rice or other environmentally friendly materials...

On the other hand, Saigon Co. supports suppliers in completing the production process toward achieving green enterprise certification to create opportunities for businesses to develop their brands, expand domestic market share, and export to foreign markets.

In the second year of receiving the title "Ho Chi Minh City Green Business 2024", MM Mega Market representative said that on the journey towards the goal of reducing net emissions to zero, the unit has made many solid steps in "greening" the distribution system and supply chain nationwide. For example, reducing the consumption of plastic bags, encouraging customers to use reusable bags and biodegradable bags that do not leave microplastics, helping to reduce the discharge into the environment by an average of 10 million plastic bags per year; using rooftop solar power systems, producing more than 5.5 million kWh of electricity...

In particular, MM Mega Market and Green Connect implemented the project "Reducing organic waste", aiming to utilize organic waste as feed for chickens and black soldier fly larvae in the "Humane Chicken Farm" model, helping to reduce up to 187 tons of surplus food each year...

"Each business and each citizen should continue to promote a sense of responsibility and accompany the government to act voluntarily, promote sustainable production, business and consumption activities, and join hands to protect the environment," said the Vice Chairman of the Ho Chi Minh City People's Committee Vo Van Hoan.

He emphasized that green growth and the development of green businesses are the right directions; otherwise, enterprises will not survive or have opportunities to enter the global market. Vietnam has negotiated and signed many free trade agreements, presenting numerous opportunities to enter foreign markets but there are also many difficulties and challenges.

Major markets are very interested in green growth, renewable energy use, and low labor intensity. They set ESG (Environmental, Social, and Governance) criteria that domestic and international businesses must adhere to the regulations. The government will have mechanisms and policies to support businesses during this process.