Its purpose is to promote corporate social responsibility and encourage more economic sectors to participate.
The new council's deputy executive president and chairman Doan Duy Khuong said a sustainable environment, sustainable society and sustainable economy were the key to sustainable development.
It was the trend countries and companies wanted to follow on the way to growth.
It was necessary, entering the 21st century with its heightened opportunities and challenges, for enterprises to provide leadership and join hands for the sustainable development of the country and the region.
The establishment of the council would create a sustainable, dynamic and successfully-integrating business community for Vietnam.
Such a community would contribute significantly to economic development, social progress, poverty reduction, environmental protection and sustainable development.
Established by the Vietnam Chamber of Commerce and Industry, the council had 35 founding stakeholders including both domestic and foreign businesses, economic groups, multi-national companies and related business associations.
Founding members included Holcim Vietnam, Unilever, Son Ha Garment, Shell, APCO, Rolls-Royce (Vietnam) International Ltd, Dragon Clean Development, the Hanoi Trade Corporation, Vinacomin, Nippon Vietnam, Ho Chi Minh Securities Corporation, Saigontourist, Standard Chartered Bank and TATA Steel.
Domestic companies were expected to learn from the multinational companies, Khuong said.
The council would encourage an active role of businesses to implement a strategic orientation for sustainable development in Vietnam and promote a policy for sustainable development.
This would both attract foreign investments and improve the image of Vietnam.
It would also serve as a bridge between the government and businesses to exchange information and increase co-operation in implementing sustainable development programmes.
The council would promote its advisory role and policy recommendations and participate in activities with the government, ministries, agencies and the National Council for Sustainable Development.
TATA Steel, Southeast Asia, chief executive Indronil Sengupta said that enteprises should have more sense of corporate social responsibility (CSR).
CSR was not just a participation in charity programmes. It was all the activities that proved an enterprises responsibility for their workers and products, the environment and society, he said. Such activities would win them more trust from their customers and the society.