Page 201 - Ebook HTKH 2024

save on raw material expenses. A study by Nguyen et al. (2022) found that Vietnamese
enterprises that invested in energy-efficient technologies reported a reduction in energy

consumption of up to 20%, leading to substantial cost savings. Moreover, the shift
towards circular economy models, which emphasize resource reuse and recycling, can
help businesses reduce waste and generate additional revenue streams from recycled
materials (Geissdoerfer et al., 2017). This model also aligns with Vietnam’s long-term
sustainability goals and provides businesses with opportunities to innovate and create
new value propositions.
- As global consumers and investors place increasing emphasis on sustainability,
businesses that adopt green practices are more likely to gain access to new markets and

investment opportunities. International buyers, particularly in developed markets such
as the EU, the United States, and Japan, are demanding higher environmental standards
from their suppliers. Vietnamese enterprises that align with these expectations by
adopting green practices can increase their competitiveness and expand their market
reach (UNCTAD, 2021). Similarly, green transformation can open up new opportunities
for Vietnamese enterprises to attract investment. With the rise of ESG investing,

businesses that demonstrate strong sustainability performance are more likely to attract
capital from institutional investors and impact investors who prioritize environmental
and social criteria (Dyllick & Muff, 2016).
- Green transformation offers businesses the opportunity to innovate and
differentiate themselves from competitors. By developing eco-friendly products and
services, enterprises can tap into growing consumer demand for sustainable solutions.
For example, in the textile industry, Vietnamese companies that adopt sustainable

sourcing practices and eco-friendly materials are better positioned to meet the demands
of global fashion brands that prioritize sustainability (Nguyen & Pham, 2020).
Furthermore, green transformation encourages innovation in business models, such as
the development of circular economy models that focus on resource efficiency and
product lifecycle management. These innovative approaches not only reduce
environmental impact but also create new revenue streams and enhance brand loyalty

(Geissdoerfer et al., 2017).
3.2.4. Case studies of green transformation in Vietnam
Several Vietnamese companies have successfully implemented green
transformation strategies, serving as examples for other enterprises in the country.
Vinamilk, one of Vietnam's largest dairy companies, has embraced green transformation
by adopting sustainable farming practices and energy-efficient production processes.
The company has invested in renewable energy systems, including solar power
installations at its factories, and has implemented waste management systems to reduce

its environmental impact. These efforts have allowed Vinamilk to reduce its carbon
footprint while enhancing its brand as a leader in sustainability (Vietnam Investment
Review, 2022). Traphaco, a leading pharmaceutical company in Vietnam, has integrated
green practices into its production processes by using renewable energy and
environmentally friendly raw materials. The company has

193