As part of the National Research Program on ESG Commitment and Implementation and the “Top 100 Green Vietnam ESG Enterprises 2025,” Viet Research has partnered with the Finance and Investment Newspaper (under the Ministry of Finance) to unveil the “Top 10 Green Vietnam ESG Enterprises 2025 – Energy and Oil & Gas Sector (ESG10 – 2025).”
This insightful list showcases pioneering enterprises in the energy and oil & gas sector that have made substantial commitments toward ESG goals while promoting sustainable development. Their achievements are evaluated based on: (1) business performance and sustainability relative to industry averages; and (2) their commitments and practices regarding environmental protection, social responsibility, and corporate governance.
The ESG10 list for the Energy and Oil & Gas sector serves as a pivotal starting point in Vietnam’s green transition journey, encouraging the business community to pursue sustainable development aligned with the country’s socio-economic goals and deeper integration into the global economy.
For detailed insights, you can access the full list of “Top 10 Green Vietnam ESG Enterprises 2025 – Energy and Oil & Gas Sector” along with the research methodology on the program’s official portal: www.esg10.vn.
The Energy Transition Context and Challenges for Vietnam’s Energy and Oil & Gas Sector
Historically, the Energy and Oil & Gas sector has stood as a cornerstone of Vietnam’s economy, delivering significant contributions to GDP, offering stable state budget revenues, and ensuring national energy security. With the global shift toward green growth models, however, there is increasing pressure for the sector to undergo profound transformation. Vietnam’s commitment to achieving net-zero emissions by 2050, announced at COP26, serves not only as a strong political statement but also as a clear directive for restructuring the nation’s energy ecosystem.
These challenges are compounded by rapidly increasing domestic energy demand, closely linked to economic growth. Nations in the ASEAN region, including Vietnam, face the complex task of balancing the expansion of energy supply for residential and industrial use while gradually decreasing reliance on traditional fossil fuel sources. In this light, integrating ESG (Environmental, Social, and Governance) criteria into the development strategy for the Energy and Oil & Gas sector has lifted to the forefront as an urgent and essential priority.
The Role of ESG in Energy Transition and Strategic Shifts in Vietnam
ESG is evolving beyond a framework for evaluating non-financial risks; it is being recognized as a vital driver of long-term, sustainable growth. Vietnam has ambitious goals to enhance its share of renewable energy sources—wind, solar, and hydropower—in the electricity mix by 2030, while phasing out coal dependency.
To meet these goals, mobilizing financial, technological, and managerial resources is crucial—where ESG plays a significant role as a tool for attracting international investment. ESG can serve as a powerful catalyst in Vietnam’s energy transition. Analysis of companies listed in the “Top 10 ESG Vietnam Green Enterprises 2025 – Energy and Oil & Gas Sector” highlights three core benefits of ESG commitment within the industry.
Firstly, ESG directs capital toward clean energy projects, fostering the development of solar and wind resources along with energy-efficient technologies. By prioritizing projects with robust ESG credentials, Vietnam not only edges closer to its climate aspirations but also improves access to green finance and concessional funding from international institutions.
Secondly, ESG fosters added social value by ensuring that energy projects yield positive impacts for local communities. This involves creating sustainable employment opportunities, improving local workforce skillsets, supporting livelihoods, and upgrading infrastructure in underserved areas.
Thirdly, ESG enhances corporate governance and improves transparency in the energy sector, a crucial element for establishing investor confidence and securing sustainable, long-term growth.
Thus, ESG transcends its role as merely a framework for ethical obligations; it’s a strategic lever for transforming Vietnam’s Energy and Oil & Gas sector, essential for modernization and effective integration into the global economy.
From Strategy to Action: Initial ESG Commitments by Key Industry Players
Leading enterprises like the Vietnam National Oil and Gas Group (PVN), PV GAS, and BSR are taking reliable steps to embed ESG principles into their strategic vision and operational frameworks.
Integrating ESG into Development Strategy: PVN has established a sustainable development strategy extending through 2030 with a visionary outlook towards 2045, positioning ESG as a central pillar. Efforts include reducing greenhouse gas emissions, ramping up investments in renewable energy sources such as offshore wind and LNG, along with advancing the circular economy model.
Publishing Sustainability Reports: Subsidiaries such as PV GAS and BSR are taking the initiative to release standalone sustainability reports aligned with international benchmarks, including the GRI Standards. This move marks a significant advancement in transparency, accountability, and access to international ESG-aligned financing resources.
Implementing Emission Reduction Technologies: Between 2023 and 2025, BSR has initiated a greenhouse gas inventory and devised a mitigation plan for the Dung Quat Refinery, targeting 2030. This company is also applying emission reduction measures tailored to its operational context, promoting afforestation initiatives and registering projects under carbon credit trading and offset mechanisms.
ESG Implementation: A Differentiated Landscape Across Pillars
Environmental:
Numerous enterprises within the oil and gas industry have bolstered their investments in environmental management technologies and practices. Automated emission monitoring systems, industrial wastewater treatment plants, and advanced hazardous waste management procedures are gaining traction across refineries and extraction sites.
Significantly, PV GAS has launched transitions to cleaner fuel operations and is progressively expanding its LNG supply chain throughout Vietnam. Meanwhile, Petrolimex is spearheading initiatives to promote the distribution of environmentally friendly petroleum products such as E5 biofuel, RON 95-V gasoline, and DO-V diesel. These strides are critical milestones in the energy sector’s decarbonization journey.
Social:
The long-established tradition of Corporate Social Responsibility (CSR) in the Energy – Oil & Gas sector is being maintained and expanded. Companies regularly engage in social welfare programs in operational areas such as Quang Ngai, Ca Mau, and Ba Ria – Vung Tau. However, the integration of social factors in alignment with international ESG standards still faces limitations.
Key criteria such as gender diversity in leadership, green labor standards, and occupational health and safety (OHS) policies have yet to be uniformly applied. The lack of standardized quantitative indicators in the social dimension also presents challenges for performance assessment and continuous improvement.
Governance:
Several publicly listed companies are actively enhancing their corporate governance frameworks towards greater transparency and alignment with international standards, particularly those established by the OECD. Initiatives include the formation of independent Boards of Directors, increased disclosure of both financial and non-financial information, and the establishment of dedicated ESG departments. Notably, PV Drilling prioritizes corporate governance as a fundamental pillar, developing a modern governance framework rooted in information technology and international best practices, while adopting the “Three Lines of Defense” risk management strategy to ensure operational efficiency and transparency.
Challenges in the ESG Journey of the Energy – Oil & Gas Sector
Despite acknowledged benefits, a survey of companies listed in the Top 10 Vietnam Green ESG Enterprises 2025 – Energy & Oil and Gas Sector reveals three major challenges hindering ESG commitment and implementation:
High Transition Costs: Investments in green technologies, including carbon capture and storage (CCS) and renewable energy development, require substantial capital. Furthermore, fluctuations in oil and gas prices can impact the sustainability of long-term ESG investments.
Lack of ESG Standardization Within the Sector: Vietnam has yet to develop a sector-specific ESG framework tailored to the unique characteristics of the energy and oil & gas industry. Companies often rely on generic frameworks like GRI, SASB, or investor-driven standards, leading to uneven ESG measurement and benchmarking across the sector.
Limited Human Resources and Implementation Capacity: Many companies lack dedicated ESG teams and face difficulties in integrating ESG principles into their governance and operational frameworks. A shortage of ESG experts, insufficient structured training, and a lack of robust ESG data infrastructure hinder effective execution.
Future Opportunities: ESG as a Strategic Competitive Advantage
Despite existing barriers, the ESG transition offers substantial opportunities for Vietnam’s oil and gas sector—especially for those enterprises willing to align with global trends.
Access to Green Finance and International Markets: Enterprises demonstrating robust ESG performance are better positioned to secure low-cost capital from sustainable investment funds and development finance institutions (DFIs) such as the IFC, ADB, and World Bank. This is particularly critical as competition for capital intensifies.
Participation in the Global Clean Energy Supply Chain: Vietnam is positioning itself as a strategic hub within the supply chains for LNG, green hydrogen, and energy transition services. Vietnamese oil and gas companies that effective implement ESG practices can secure a more prominent role in regional and global partnership projects.
Enhanced Brand Reputation and Investor Appeal: Implementing ESG not only bolsters corporate image but also acts as a robust asset in attracting talent, strategic partners, and high-value customers. For contemporary energy corporations, ESG has evolved into an essential element of brand strategy.
Promoting ESG in the Energy – Oil & Gas sector transcends mere compliance with investor or regulatory demands; it’s a vital adaptive strategy for survival and growth amidst a global shift toward a low-carbon economy. With key players already taking initial steps, supported by favorable state policies, ESG stands poised to act as a strategic lever for the successful restructuring of Vietnam’s energy sector, contributing significantly to the national green growth targets.
The Announcement and Recognition Ceremony of the Top 10 Vietnam Green ESG Enterprises 2025 – Energy & Oil and Gas Sector (ESG10 – 2025) is scheduled to take place during the ESG Vietnam Summit 2025: Innovation for a Sustainable Future, held at the Pullman Hotel in Hanoi on June 27, 2025. More information about the event will be available on the official program website www.esg10.vn and through major media channels.
Vietnam Investment Review – VIR