'Pepper king' Phuc Sinh wins another sustainable development feather in its cap

Phuc Sinh JSC, a major pepper and coffee exporter, has continued to make its mark as an environmentally-friendly firm, being chosen as one of Vietnam’s top 50 Outstanding Sustainable Development Enterprises in 2024.

The recognition was awarded by the Nhip Cau Dau Tu (Investment Bridge) magazine last Friday. Organizers said that Phuc Sinh excelled in notable ESG categories like carbon footprint reduction, outstanding CSR activities, and ESG leadership.

The award acknowledges and celebrates businesses that have significantly contributed to raising public awareness, inspired sustainable development, and protected the environment. It seeks to advance the trend of sustainable development within the business community and Vietnamese society.

The award marks a significant milestone in Phuc Sinh’s ESG journey. As a pioneering Vietnamese enterprise in ESG implementation, the company boasts more than 14 years’ experience in sustainable development, demonstrating its mettle in the environment (E) and governance (G) pillars.

In 2014, Phuc Sinh had become the first Vietnamese company to receive the Rainforest Alliance (RA) certification. To date, the company has earned more than 20 types of certifications related to sustainable development.

Additionally, Phuc Sinh has been at the forefront of Vietnam’s digital transformation in agriculture, having launched the SAP Analytics Cloud (SAC) solution, a reliable tool for comprehensive assessment and risk mitigation before investing in new projects.

In terms of corporate governance, it has recognized and acted on the importance of recruiting and training top talent from around the world. It has become known for its highly skilled, disciplined workforce with extensive professional knowledge and management expertise.

As Phuc Sinh embarked on its ESG journey and focused on the society (S) pillar, it paid special attention to the ethnic minority communities near its raw material areas. It has invested billions of VND (VND1 billion = $39,740) in community support, including technical and safety training for farmers and labor protection equipment for local communities living around its project areas.

Phan Minh Thong, general director of Phuc Sinh, remarked that ESG was a global trend. For a business to thrive, it must prioritize sustainable development, implement in-depth processing strategies, and continuously innovate to discover new products and niche markets, he said.

Phuc Sinh is committed to being different, pioneering and constantly innovating as it targets sustainable development in all its activities and results. This approach has helped build a strong business community that creates significant value for both the industry and the country, he said.

Thong told The Investor that the company began its focus on sustainable development as early as 2010, exploring traceability and certification possibilities. This commitment was driven by customer needs, including those of a major European client.

“We launched our sustainable development program in 2010, and by 2014, we had received our first sustainability certification. For sustainable development, business leaders need clear direction, determination, and financial resources,” Thong said.

Thong stressed that he believed investing in sustainable development was as essential as breathing.

While the domestic agricultural sector, especially the pepper and coffee industries, has few companies fully embracing ESG principles, Phuc Sinh has continued to lead the market, he added.