CHM - ORTThe target aims to develop and implement legal framework to encourage and enable businesses to disclose their impacts on biodiversity, provide consumers with information on sustainable consumption, and report on access and benefit-sharing measures, in order to reduce negative impacts and increase positive impacts on biodiversity while ensuring sustainable production.
The target is related to Vietnam legislation including Law on Environmental Protection No. 72/2020/QH14, Law on Forestry No. 16/2017/QH14, Law on Securities No. 54/2019/QH14 and Law on Protection of Consumer Rights No. 19/2023/QH15.
- Law on Environmental Protection requires environmental impact assessments (EIAs) to be conducted for certain types of investment projects (Article 30).
- Law on Forestry provides for compensatory afforestation when forest land is converted to non-forestry purposes (Article 21).
- Law on Securities require public companies, listed organizations and large-scale public companies to disclose environmental and biodiversity information in their annual reports (Article 118 - 127).
- Law on Protection of Consumer Rights provides a foundational legal framework for consumers’ rights to access truthful and accurate information on goods and services, and for the responsibility of business entities to provide such information.
Law on Environmental Protection No. 72/2020/QH14 (in Vietnamese) https://vanban.chinhphu.vn/?pageid=27160&docid=202613
Law on Forestry No. 16/2017/QH14 (in Vietnamese) https://vanban.chinhphu.vn/?pageid=27160&docid=192329
Law on Securities No. 54/2019/QH14 (in Vietnamese) https://vanban.chinhphu.vn/default.aspx?pageid=27160&docid=198541
Law on Protection of Consumer Rights No. 19/2023/QH15 (in Vietnamese) https://vanban.chinhphu.vn/?pageid=27160&docid=208363&classid=1&typegroupid=3
- Establish and update legal documents guiding the disclosure of information on the securities market.
- Develop guidelines for preparing sustainability reports in accordance with internationally recognized reporting frameworks, such as Global Reporting Initiative (GRI), Task Force on Climate-related Financial Disclosures (TCFD), and Taskforce on Nature-related Financial Disclosures (TNFD)…
- Encourage investment in, production, circulation, distribution, export and import of environmentally friendly products, goods, services and technologies;
- Support organizations and individuals in applying and developing advanced science and technology, barcodes and traceability systems to produce and provide safe, quality-assured products, goods and services and to improve competitiveness;
- Participate actively and responsibly in regional and global activities that promote sustainable production and consumption.
Law on Protection of Consumer Rights No. 19/2023/QH15 (in Vietnamese) https://vanban.chinhphu.vn/?pageid=27160&docid=208363&classid=1&typegroupid=3
| Global Targets | Degree of Alignment |
GBF-T15. Businesses assess and disclose biodiversity dependencies, impacts and risks, and reduce negative impacts GBF-T15. Businesses assess and disclose biodiversity dependencies, impacts and risks, and reduce negative impactsTake legal, administrative or policy measures to encourage and enable business, and in particular to ensure that large and transnational companies and financial institutions:
(a) Regularly monitor, assess, and transparently disclose their risks, dependencies and impacts on biodiversity, including with requirements for all large as well as transnational companies and financial institutions along their operations, supply and value chains and portfolios;
(b) Provide information needed to consumers to promote sustainable consumption patterns;
(c) Report on compliance with access and benefit-sharing regulations and measures, as applicable;
in order to progressively reduce negative impacts on biodiversity, increase positive impacts, reduce biodiversity-related risks to business and financial institutions, and promote actions to ensure sustainable patterns of production. | Medium |
GBF-T16. Sustainable consumption choices are enabled, and food waste reduced by half GBF-T16. Sustainable consumption choices are enabled, and food waste reduced by halfEnsure that people are encouraged and enabled to make sustainable consumption choices including by establishing supportive policy, legislative or regulatory frameworks, improving education and access to relevant and accurate information and alternatives, and by 2030, reduce the global footprint of consumption in an equitable manner, including through halving global food waste, significantly reducing overconsumption and substantially reducing waste generation, in order for all people to live well in harmony with Mother Earth. | Low |
The national target covers following aspects of GBF:
GBF target 15: Take legal, administrative or policy measures to encourage and enable business monitor, assess and transparently disclose their risks, dependences and impacts relating to biodiversity; provide information needed to consumers to promote sustainable consumption patterns.
GBF target 16: Ensure that people are encouraged and enabled to make sustainable consumption choices by establishing supportive policy, legislative or regulatory frameworks, and improving education and access to relevant and accurate information and alternatives.
International Finance Corporation supports in developing guidelines for preparing sustainability reports in accordance with internationally recognized reporting frameworks.