In Vietnam, ESG disclosure is shifting from a “nice-to-have” to a commercial capability. The mechanism is straightforward: better disclosure reduces information asymmetry, strengthens stakeholder trust, and improves access to capital and markets—channels that can translate into higher profitability, especially for firms competing for international investors, lenders, and supply-chain contracts. Vietnam’s own policy environment is moving in the same direction, with disclosure expectations for public companies and listed issuers articulated through Ministry of Finance instruments (e.g., Circular 96/2020/TT-BTC, referenced as replacing Circular 155/2015/TT-BTC).
1) Banking evidence (2018–2022): disclosure is associated with higher ROA/ROE
A 2024 panel study of 24 Vietnamese commercial banks (2018–2022) constructs ESG policy disclosure scores via content analysis and tests the relationship with bank performance (ROA, ROE, NIM). The paper reports that environmental disclosure and governance disclosure are positive predictors of profitability measures. In the authors’ results discussion, the reported impact coefficients for environmental disclosure are 0.003 (ROA), 0.036 (ROE), 0.007 (NIM); for governance disclosure they are 0.003 (ROA), 0.028 (ROE), 0.006 (NIM) (significance discussed at conventional levels).
2) Listed firms: ESG disclosure is priced by the market
An open-access Heliyon paper (2019–2022, 30 listed Vietnamese companies) finds that ESG disclosure positively impacts stock prices, with the environmental pillar being most meaningful to market participants.Why it matters for profitability: valuation effects can lower the cost of equity and widen strategic options (e.g., cheaper capital to invest in productivity, better terms with counterparties).
3) Real-economy sectors: disclosure is often “low,” but there are signals of benefits
A 2025 study on 98 manufacturing and energy firms listed on HOSE (2017–2021) finds environmental disclosure practices remain modest (including 12% of firms providing no disclosure during the period). Baseline models show a positive association between disclosure and ROA/ROE, while stricter fixed-effects specifications weaken statistical significance—suggesting part of the correlation is driven by deeper firm characteristics (governance quality, capabilities) that also enable disclosure.