Building Credibility in Vietnam’s ESG Disclosures: Assurance Trends and Institutional Gaps

Abstract

This study examines how credibility is constructed in sustainability (ESG) disclosures among Vietnam-listed firms, with particular attention to the role of external sustainability assurance and the institutional conditions that shape its uptake and perceived value. Using a qualitative case-study approach, the manuscript synthesises secondary evidence (academic studies, professional guidance, and regulatory materials). It conducts qualitative content analysis of a corpus of sustainability reports published by representative listed firms over 2020–2025. The findings indicate a measurable improvement in disclosure quality and presentation, especially among HOSE-listed large-capitalisation firms, where reporting increasingly aligns with international frameworks (notably GRI and the UN SDGs) and, in leading cases, incorporates climate-related commitments (e.g., Net Zero pathways and emissions management). However, third-party assurance remains limited and concentrated among larger firms, reflecting cost constraints, uneven ESG data systems, a fragmented standards environment, and shortages of specialised assurance capabilities. The study concludes that strengthening ESG credibility in Vietnam requires a phased policy roadmap for assurance, capacity building for ESG data governance, and harmonisation with evolving international assurance standards (e.g., ISSA 5000), alongside measures to broaden access for smaller issuers.