Improving the institutional framework for sustainability reporting: International experience and solutions for small and medium-sized enterprises in Vietnam

Transparency in environmental, social, and governance (ESG) information is increasingly important for enterprises participating in global value chains. Based on a synthesis of international requirements, Vietnam’s domestic institutional context, and practical barriers faced by small and medium-sized enterprises (SMEs), this study proposes a three-stage ESG implementation roadmap. The stages comprise building foundations and conducting pilot implementation; standardizing ESG practices and integrating them into corporate governance; and completing implementation, improving disclosure quality, and aligning progressively with international standards. The findings provide a reference for improving policies supporting SMEs while enabling enterprises to gradually strengthen ESG governance capacity, improve access to finance, and enhance competitiveness during the transition toward green and sustainable growth.