To understand the internal and external issues that may impact the company’s sustainability challenges, PVCFC has undertaken activities to analyze and understand the context, including:
Market and fertilizer industry analysis.
Identification of relevant stakeholders.
Analysis of business operations, products, and markets.
Assessment of contextual factors affecting sustainability activities, both internationally and in Vietnam, and by sector.
Consultation with customers, partners, shareholders, and investors to conduct the analysis.
Seeking expert and consulting firm opinions on specific strategic projects.
Based on the above context, we identify the impacts of the company’s business activities concerning environmental and social dimensions, both positively and negatively. These factors are determined through various information sources, including internal assessment reports and external evaluations. We also consult stakeholders about issues they believe the company should focus on from an environmental and social perspective.
For actual negative impacts, their significance is measured based on the severity of both financial and non-financial manners.
For potential negative impacts, significance is assessed through two main groups of factors: potential severity and likelihood of occurrence. This evaluation method is similar to our enterprise risk management (ERM) framework.
Positive impacts are measured by the scale and scope of their actual and potential effects.
During the significance assessment, we also consider the perspectives of relevant stakeholders.
Evaluating the significance of impacts helps us focus resources on actions that generate the best outcomes and assists in prioritizing reporting content.
Based on the significance of impacts from Step 3, we compile a list of material topics from both the company’s and stakeholders’ perspectives.
These material topics will be reviewed and approved by the General Director and the Board of Directors.