MEASURING THE LEVEL OF ESG TRANSPARENCY IN ACCORDANCE WITH GRI STANDARDS: EVIDENCE FROM VINAMILK DURING THE 2021 - 2024 PERIOD

Abstract

In the context in which ESG (Environmental, Social, and Governance) standards are increasingly standardized through international reporting frameworks such as the GRI, the objective assessment of the extent and quality of ESG disclosure has become an important empirical issue for reflecting corporate transparency. However, empirical studies in Vietnam have rarely evaluated disclosure extent and disclosure quality jointly within a standardized GRI-based rubric, leaving an open question of whether observed transparency improvements reflect broader indicator coverage or deeper informational substance. This study aims to measure the scope and quality of ESG disclosure of Vinamilk over the period 2021 - 2024 across the environmental, social, and governance pillars, based on content analysis and the GRI dual scoring system for disclosure scope (0 - 1) and disclosure quality (0 - 2). To enhance methodological rigor, all retained GRI indicators were systematically coded against a standardized scoring rubric, with scoring decisions documented in an auditable coding log and boundary cases resolved by reference to the GRI 2021 Glossary. The results indicate that both the extent of disclosure and the level of informational detail have improved over time, with more notable improvements observed in the environmental and governance pillars, while several quantitative indicators - notably scope - disaggregated greenhouse gas emissions, training hours and occupational safety statistics, and anti - corruption metrics - remain insufficiently reported. The study provides empirical evidence from a single information-rich case in an emerging-market context and offers case-based practical implications for firms, investors, and regulators considering similar disclosure trajectories, while broader generalizations to other Vietnamese listed firms should be interpreted cautiously.