The Role of Industry 5.0 in Increasing ESG Disclosure: A Case Study in Vietnam

ESG is an acronym for E-Environmental; S-Social and G-Governance are standards to measure factors related to sustainable development and the impact of businesses on the community. In the current new trend of economic globalization, the community increasingly understands the necessity of sustainable development for the economy in general and each business in particular. ESG acts as a "Guideline" to help stakeholders clearly understand how businesses manage risks, as well as sustainable development opportunities for businesses. Industry 5.0 has begun, bringing about a vision of an industry that not only takes efficiency and productivity as the sole goal but also enhances the role and contribution of industry to society. Industry 5.0 puts people at the heart of production and uses new technologies to deliver growth beyond work while respecting the earth's resources. Through the lens of stakeholder theory, legitimacy theory, transaction cost economic theory... The article studies the application of Industry 5.0 in enhancing ESG disclosure. The results of the study indicate that the underlying values of Industry 5.0 align with those of ESG that Industry 5.0 can support ESG functions and that Industry 5.0 is particularly useful in enhancing the authenticity of ESG disclosure. In addition, this paper also sheds light on governance aspects, challenges, and risks when using 5.0 technology in ESG disclosure by Vietnamese businesses.