The journey towards sustainable growth demands a holistic and collaborative effort, engaging all stakeholders with a shared objective – from the company itself to the workforce, partners, and authorities. This is vividly demonstrated by the remarkable achievements of Binh Minh Plastics Joint Stock Company (BMP) in its journey of sustainable development through the pursuit of environmental, social and governance (ESG) goals.
From ESG commitment to actions
Environmental, social, and governance (ESG) are standards for how a company operates concerning the planet and its people. It is essential for the business, the country, the world, and future generations to develop sustainably. When done correctly with the engagement of all stakeholders, ESG enables businesses to address immediate issues, capture tomorrow’s best opportunities, and lay a foundation for a more sustainable future.
“When it comes to ESG, that means we are talking about sustainability. And no one can develop sustainably without good ESG practices,” Chaowalit Treejak, general director of BMP, shared at the Saigon Times CSR 2023 Merit Ceremony held in HCMC last month.
Well-planned strategies
Recognizing this, Binh Minh Plastics has practiced ESG activities for many years, considering it a top-of-mind priority for the management team. From material management to energy consumption efficiency, environmental and social activities, BMP has demonstrated that ESG practices are integrated into the company’s development strategy.
The company has imposed stringent standards for materials it uses for producing pipes and accessories. Materials are selected and purchased from only reputable manufacturers with quality management like ISO 9001 and environmental management like ISO 14001. Additionally, its product lines have applied environmentally friendly additives that do not contain heavy metals to safeguard people’s health.
Moreover, it has annual environmental programs and initiatives by implementing consistent environmental policies. Several pivotal improvement projects are in progress to diminish greenhouse gas emissions and enhance the efficiency of supply chain management activities. These initiatives include reducing excess inventory and production, streamlining transportation routes for material and equipment procurement, and optimizing both internal and external goods transportation.
For BMP, ESG practices are not merely activities or ideas. They encompass how businesses and communities consistently make efforts to protect the environment, support society, and harness the capabilities of people to move toward long-term development. In the pursuit of realizing ESG goals and achieving sustainable development, the company emphasizes the importance of a comprehensive model and a systematic process that engages all relevant stakeholders, both internal and external.
Internal and external stakeholders
In the world of the new generation workforce, where sustainability takes center stage, commitment to sustainability has become a key criterion for workers when choosing their workplace. In return, workers play an important role in the success of ESG and CSR practices.
In addition to upholding its ESG commitment, BMP has adopted several strategies to inspire employees – internal stakeholders – to contribute to the well-being of society, the planet, and future generations. For example, the company has established its ESG Committee to closely monitor the implementation and strived to become a company leading in ESG initiatives in Vietnam’s plastic industry.
“I believe that it will help us understand more and more about ESG practices and support sustainability for the future, especially for the next generations,” the leader of BMP said.
The company has been actively engaged in various charitable initiatives for several years, engaging the enthusiastic participation of its employees. Nonetheless, the leadership recognizes that charity constitutes just one facet of comprehensive CSR and ESG practices. Beyond volunteer activities and donations, BMP pledges to incorporate CSR and ESG principles into its business and production operations, recognizing them as an indispensable aspect of the company.
This commitment involves inspiring employees to engage actively in collaborative CSR initiatives across diverse aspects. Furthermore, it extends to spreading the messages of implementing ESG and CSR practices to external factors, including suppliers, customers, dealers, and other stakeholders.
It is important to recognize that businesses cannot navigate the journey toward sustainable development alone. To grow sustainably, BMP understands the significance of forming strong partnerships with like-minded entities in the material supply chain who share the same vision. Concerning suppliers and partners, the company tends to seek those with a shared vision and a strong commitment to CSR and ESG practices.
“We believe that pursuing CSR and ESG individually might bring some success, but the real achievement comes from working together. By actively combining both internal and external stakeholders, ESG and CSR practices can be sustained over the long term. To go far, go together,” emphasized by Mr. Chaowalit Treejak, General Director of BMP.
Support from authorities
The integration and success of ESG practices within businesses necessitate robust support from authorities, as regulatory frameworks and government policies play a crucial role in shaping the business landscape and encouraging sustainable practices. The Vietnamese Government is increasingly recognizing the importance of ESG considerations, as evidenced by their commitment to achieving net-zero emissions by 2030, along with various policies designed to foster responsible business behavior, environmental stewardship, and social impact.
Aligned with the policies and regulations set forth by the Government, BMP has actively formulated comprehensive policies, defining objectives, and strategizing plans for ESG endeavors in the future.
The leadership at BMP has also expressed hope that management agencies will pay more attention to product quality and develop specific product standards that meet the goals of sustainable business production. This collaboration between the company and authorities is envisioned as a pivotal step towards fostering a business environment that prioritizes both economic vitality and corporate social responsibility.
More information about Binh Minh Plastics at: https://www.binhminhplastic.com.vn/
