On November 13th, 2024, EuroCham Vietnam and Source of Asia hosted a business luncheon titled “An Intro to the European Union’s ESG Rules” that provided a comprehensive overview of the European Union’s current and upcoming Environmental, Social, and Governance (ESG) regulations. This event offered valuable insights for businesses in Vietnam navigating these regulations, focusing on the immediate implications and long-term opportunities of adopting ESG standards.
Future-Proof Your Business: Navigating the EU’s ESG Compliance Rules
Marieke van der Pijl, Compliance and Regulations Advisor at Source of Asia, kicked off the event by providing a thorough overview of the ESG landscape. She highlighted the EU Green Deal’s holistic approach that aims to hold companies accountable across their entire supply chain. Marieke also offered practical guidance on how businesses can create internal frameworks to ensure compliance with European standards, emphasizing the operational adjustments required to align with ESG regulations.
Marieke van der Pijl delivered the keynote presentation at the EU ESG Luncheon, providing insights into the EU’s evolving ESG regulations.
The luncheon underscored ESG initiatives as not just a compliance obligation, but a key driver of innovation and operational efficiency. The speakers encouraged attendees to see these regulations as a pathway to enhance corporate sustainability and remain competitive in the global market. Moreover, the luncheon provided attendees with actionable insights on how to ESG-proof their operations and align with the growing global emphasis on sustainability:
- Understand and implement key EU ESG regulations relevant to your business.
- Prepare for the broader implications of these regulations across the supply chain.
- View ESG as an opportunity for long-term growth, sustainability, and operational efficiency
Source of Asia’s Real-World Case Studies
During the event, Xavier Pouliquen, Business Developer at Source of Asia, presented real-world case studies to illustrate how businesses in both Vietnam and Europe are navigating the complexities of EU ESG regulations such as the Corporate Sustainability Reporting Directive (CSRD) and Carbon Border Adjustment Mechanism (CBAM). Xavier explained the challenges these companies face and the strategies required to achieve compliance, emphasizing the importance of tailored solutions. He also discussed how Source of Asia supports its clients by adapting their supply chains to meet these regulations, enabling them to build sustainable frameworks for future growth.
Xavier Pouliquen presented real-world case studies at the EU ESG Luncheon, illustrating the practical impact of EU ESG regulations on businesses in Vietnam and Europe.
Comprehensive Overview of EU ESG Regulations
The event featured an in-depth discussion on the key EU regulations that businesses need to know, including:
- European Union Deforestation Regulation (EUDR)
- Corporate Sustainability Reporting Directive (CSRD)
- Corporate Sustainability Due Diligence Directive (CS3D)
- Carbon Border Adjustment Mechanism (CBAM)
- Eco-design for Sustainable Products Regulation (ESPR)
- Regulation on Deforestation-free Products (R2RD)
These regulations are designed to ensure that businesses maintain sustainable practices, with a focus on carbon neutrality by 2050. Speakers highlighted how these rules affect every link in the supply chain, even for businesses that do not directly export to the EU.
Esg Proof Your Business For EU Exports By Source Of Asia_Updated additional slide+CTA v02 MvdP
Implications for Businesses in Vietnam and Europe
As Southeast Asia becomes increasingly integrated into global supply chains, EU ESG regulations are reshaping business practices in both Europe and Southeast Asia. The event made it clear that even companies that do not export directly to the EU are impacted if they are part of an EU-exporting supply chain. In the panel discussion, speakers provided actionable advice on how businesses can prepare for these changes, particularly concerning environmental impact, ethical labor practices, and sustainable sourcing.
Global ESG Trends and the Green Deal’s Reach Beyond the EU
While the event focused on EU regulations, there was a broader discussion on global ESG trends. Experts shared that countries like the US, UK, and Japan are also implementing regulations to combat modern slavery, illegal logging, and unregulated resource exploitation. There was consensus that more nations will follow suit in adopting ESG regulations as part of their commitment to global carbon neutrality goals by 2050.
Viewing ESG as an Opportunity
The luncheon emphasized that meeting ESG requirements may involve upfront costs but is ultimately an investment in the long-term sustainability of businesses. ESG compliance not only improves a company’s reputation but also helps attract investors, retain employees, and build customer loyalty. Moreover, companies can benefit from innovation, operational efficiency, and cost savings through optimized use of energy and resources, which positions sustainability as a significant competitive advantage.
Q&A Session Insights
The event concluded with a dynamic Q&A session, where attendees raised practical concerns, including:
- Global applicability: ESG regulations affect the entire supply chain, even if a business is not based in the EU.
- Purpose of the Green Deal: The EU’s commitment to the Paris Agreement drives these regulations.
- Challenges and opportunities: Experts encouraged businesses to view ESG compliance not as a burden, but as a catalyst for innovation and efficiency gains.
Attendees left the event with a deeper understanding of how to navigate ESG compliance, underscoring sustainability as a cornerstone for future growth and resilience in the market. Source of Asia remains committed to helping businesses stay ahead of the curve with tailored solutions for ESG compliance, enabling them to thrive in the rapidly changing business landscape.
Xavier Pouliquen (left), Marieke van der Pijl (center), and Oscar Lopez Alegre (right) led a discussion at the EU ESG Luncheon.
Thank you for attending our insightful business luncheon on EU ESG regulations! We appreciate your participation and hope you gained valuable knowledge to enhance your sustainability practices.
We would like to sincerely thank Julien Guerrier, the EU Ambassador to Vietnam, Laurent LOURDAIS, First Counsellor at the EU Delegation in Vietnam, Arunas Karlonas, Commercial Attaché of the Embassy of Lithuania in Singapore, Oscar Lopez Alegre and Jean-Jacques Bouflet, Board Members of EuroCham Vietnam, Michele D’Ercole, ICham’s Chair, and Delphine ROUSSELET, EuroCham’s Executive Director, for their valuable presence and participation. Your support and insights greatly enriched the event, and we are grateful for the opportunity to collaborate with such esteemed leaders. Thank you once again for joining us!
Stay tuned for more events and updates from EuroCham Vietnam and Source of Asia!
The EuroCham Vietnam and Source of Asia’s Business Luncheon: “An Intro to the European Union’s ESG Rules”
