Reconciliation Between Economic Development and Sustainability: A Case Study in Vietnam

Abstract

Sustainability has increasingly become an essential factor in economic development. Environmental pollution, climate change and natural resource exhaustion are currently serous challenges to sustainability development as well as human life. However, the reluctance of firms to respond to these issues is not uncommon. Reconciliation between economic development and sustainability is still a challenge for not only firms but also most countries worldwide, particularly developing countries. In this research, we employ a qualitative approach, using single case study method to examine the issue in the context of a developing country, Vietnam. Our findings show that the environmental disaster by the Formosa Ha Tinh Steel Corporation causes severely negative effects on the environment, economics and social life of local communities. The research also finds that corruptions and corporate unethical behaviours are among key hurdles to sustainability development in Vietnam. This study contributes to the existing literature on sustainability development by providing qualitative empirical evidence on the issue of reconciliation between economic development and sustainability in the context of a developing country. The study also identifies key hurdles to maintain a balance between economic development and environmental sustainability in a developing economy and recommends some possible solutions.