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Enterprises more environment-conscious after Formosa crisis

Tu Hoang
Wednesday,  Mar 15,2017,22:09 (GMT+7)
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Enterprises more environment-conscious after Formosa crisis

Tu Hoang

Edmund Malesky speaking at a conference held in Hanoi on March 14 to announce the PCI report - PHOTO: TU HOANG

HANOI - The Formosa environment pollution incident is a wake-up call to enterprises as they have become more compliant to policies and adopt internal environment regulations, announced the Vietnam Chamber of Commerce and Industry in their Provincial Competitiveness Index (PCI 2016) report released on March 14.

The report points out that since Formosa dumped toxic industrial waste into the sea on the central coast, killing more than 100 tons of fish, businesses have been more aware of their obligations to conform to environmental regulations issued by local authorities despite higher costs. This rate is as high as 95% at FDI enterprises and 91% at domestic enterprises.

Besides, 97% of FDI enterprises and 96% of domestic enterprises agreed that it is enterprises that should be responsible for protecting the environment.

Edmund Malesky from the U.S.-based Duke University, one of the authors of the PCI 2016 report, said enterprises have accepted not to pursue economic growth at the cost of the environment. He also revealed that enterprises are willing to spend more to comply with environmental regulations or to enforce their own internal regulations to avoid causing pollution.

The survey shows that the majority of enterprises (50% of FDI enterprises and 45% of local firms) believe that environmental protection is important and they are willing to pay a reasonable cost for specific activities as well as the application of more regulations. In addition, it is also widely understood that enterprises would suffer from environmental pollution.

The results of the PCI survey also show that a large number of enterprises have made concerted efforts to prevent environmental pollution by applying internal environmental regulations and launching training programs. Some 75% of FDI enterprises and 73% of private enterprises are now applying “green policies” such as using energy and material in the most economical and efficient manner to minimize pollution in their own working environment.

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