Social factors once seen as matters largely internal to businesses are now having a clearer influence on decisions made by customers, investors and business partners. In the broad and complexly managed construction sector, turning sustainability foundations into a competitive advantage is not simple, but it is entirely achievable. Small and medium sized construction firms can also move forward step by step, starting with correctly identifying their key risks. Social sustainability in construction covers workplace safety, employee welfare, hiring practices, internal engagement, subcontractor oversight, supply chain responsibility, and others. Yet for years, sustainability in Vietnam’s construction sector has focused largely on carbon, energy efficiency and green materials, while the social dimension has been overlooked despite its growing importance as a competitive factor. From social commitment to competitive advantage According to Nguyen Cong Minh Bao, co-founder of Green Transition Consulting & Training, pressure to comply with social sustainability standards is coming simultaneously from multiple fronts, including investors, customers, supply chain partners, communities and regulators, and “if businesses fail to meet these expectations, they will be left out of the game.” The shift is being driven by a wave of new global regulations, especially in the European Union, including the Carbon Border Adjustment […]
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