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Purpose: This article aims to clarify the current situation and the factors influencing the early stages of applying environmental, social, and governance (ESG) in the Vietnamese economy. Design/methodology/approach: We employed a large-scale survey with 130 responses from November 2023 to January 2024 and statistics analysis using SPSS 26.0. Findings: We found that awareness of leaders, accountants' levels, pressure on ESG, state guidance, management process, information base, and women on boards, respectively, influence the early stages of applying environmental, social, and governance in Vietnamese enterprises. Research, Practical & Social Implications: This study illuminates the factors that influence the early stages of ESG performance in Vietnam, an emerging Asian economy. The findings highlight the crucial role of leaders' awareness and accountants’ levels in this process. This understanding can guide the country's leaders and policymakers in formulating strategies to promote ESG adoption for the sustainable development of the whole economy. Originality/value: This study stands out for its originality. It comprehensively analyzes the early period of ESG adoption in an emerging Asian country, particularly Vietnam. Its findings offer objective evidence to understand the situation and impacted factors on ESG application, aiding governments and related parties in formulating appropriate policies for sustainable development with ESG.
Dung et al. (Wed,) studied this question.