5 factors making ABA the most prestigious event for ASEAN enterprises

In 2020, the ASEAN Business Awards (ABA) has a special meaning – so here are five factors why the best ASEAN enterprises should join the award to be recognized by the community for their efforts throughout the year.

1. The award attracts significant attention from ASEAN leaders

As a prestigious international event held annually by the ASEAN Business Advisory Council (ASEAN BAC) since 2007, the ABA has made a strong impression on the ASEAN business community as winners of the award are all leading enterprises in many different fields.

ASEAN Leader’s interface with representatives of ASEAN BAC.

The ABA has always attracted great attention by senior leaders of ASEAN countries. In particular, at a dialogue session between the ASEAN BAC and ASEAN leaders in the framework of the 36th ASEAN Summit, Madame Nguyen Thi Nga – Member of ASEAN BAC Vietnam and Chair of ABA 2020 – reported to Prime Minister Nguyen Xuan Phuc and ASEAN leaders about the importance of ABA 2020. 

Madame Nga also reported on the importance and special significance of the award this year during a dialogue between ASEAN BAC and Economic Ministers of ASEAN.

The ABA 2020 ceremony is scheduled to be held in November in Hanoi, within the framework of the 2020 ASEAN Business & Investment Summit. This will be held adjacent to the 37th ASEAN Summit, with participation of government leaders from Vietnam and other countries in the region.

2. The award takes place in a meaningful context

This year has seen tremendous impacts on ASEAN enterprises having to deal with the effects of the Covid-19 pandemic, and with the current difficulties it is time for the ASEAN region to honor businesses. This is because their excellent work not only keeps their business stable but also contributes to the community with extremely valuable efforts in pandemic prevention.

Interface section between ASEAN BAC and Economic Ministers of ASEAN.

“The implementation of social responsibility is something any business should do because this is a vital part of its own sustainable development,” said Dr. Doan Duy Khuong, Chairman of ASEAN BAC 2020 and Vice President of the Vietnam Chamber of Commerce and Industry (VCCI). “However, in the context of Covid-19, enterprises themselves have to face many difficulties when the consumption market is shrinking, production declines, labor is in shortage, and the value chain breaks. So the partnering of enterprises with the government during the crisis is extremely valuable, showing the spirit of solidarity to overcome the difficulties of businesses for the country.”

3. Professionalism is guaranteed by reputable partners

In order to guarantee transparency and prestige, and to raise international standards for the business community in the region, Deloitte Vietnam was selected as a strategic partner for the ABA.

Deloitte Vietnam was selected as a strategic partner for the ABA.

With extensive experience and capabilities as one of the four leading consulting and auditing companies in the world, while understanding customers and markets and covering a wide regional network, Deloitte Vietnam will bring about publicity, fairness, and transparency for the entire ABA 2020 awards system.

In addition, some award categories at ABA 2020 have partnered with reputable international organizations such as GIZ from Germany, while the ASEAN Young Entrepreneurs Council will be knowledge partner of the Young Entrepreneur Award.

 4. Judge members from every ASEAN member state

In order to become winners at the ABA 2020 awards, businesses have to go through a very rigorous evaluation and selection process. After the enterprise completes the application and submits it online, the valid application will be selected to enter the judging round and will be evaluated by the Judging Council to select an enterprise winner in each category. 

A special feature of the ABA Judging Council is that it consists of a group of 10 people, one from each ASEAN member state. They are leading experts and economists representing ASEAN countries, and will judge the awards based on the criteria to find the best enterprises.

5. The awards system is built logically with the current economic situation

The ABA 2020 awards system is divided into nine categories, built on the inheritance and distillation of ABA in previous years. It has developed award categories suitable to the socioeconomic situation of the region today, including:

1. Priority Integration Sectors
2. SME Excellence
3. Young Entrepreneur
4. Female Entrepreneur
5. Family Business
6. Skills Development
7. Friends of ASEAN
8. Inclusive Business
9. Combating Covid-19

According to Dr. Khuong, by participating in ABA 2020, ASEAN businesses will be honored and value will spread to the community. In the context of businesses facing great difficulties due to the Covid-19 pandemic, this year’s ABA 2020 will also have a special category of awards to honor businesses that not only passively respond but also actively overcome Covid-19.