Developing a circular economy is a step towards sustainable development.

Circular economy helps humanity solve the challenges it faces

On November 16, in Hanoi, the Ministry of Natural Resources and Environment (MONRE) organized the "Vietnam Circular Economy Forum 2023: Developing a National Action Plan (NAP) to implement the Circular Economy".

According to the Ministry of Natural Resources and Environment , in recent times, environmental and climate issues have always been given the highest priority in the country's development agenda and plans with the goal of protecting people's health, ensuring the quality of the living environment, and protecting biodiversity and ecosystems. The Resolution of the 13th National Party Congress affirmed: "Developing a green economy, low waste, reducing greenhouse gas emissions, low carbon; encouraging the development of a circular economic model to comprehensively and effectively use the output of the production process".

At the event, Deputy Minister of Natural Resources and Environment Vo Tuan Nhan said that initiatives on green economy, blue ocean economy, low-carbon economy, circular economy, etc. are efforts of the international community to respond to the challenges of resource depletion, environmental degradation and pollution, and the increasing impacts of climate change that threaten sustainable development. In particular, circular economy (KTTH) is being evaluated by the international community as a suitable and practical approach to help humanity solve the challenges and achieve sustainable development goals. Circular economy can keep the flow of materials used for as long as possible, restore and regenerate products and materials at the end of each production or consumption cycle.

According to the Deputy Minister, developing a circular economy is a key solution to innovate the model, improve growth quality, improve national competitiveness, ensure sustainable production and consumption, and contribute to harmoniously resolving the relationship between the economy and the environment.

Speaking at the forum, Deputy Prime Minister Tran Hong Ha emphasized that the story of circular economy 5 years ago was a very distant thing, only in research, but now it is a solution, a step forward on the path of sustainable development, this is important.

Deputy Prime Minister Tran Hong Ha emphasized that the development of a circular economy cannot be discussed in theory forever, without clear goals it cannot be implemented. “We must develop and preserve resources forever, in this case renewable resources and intellectual resources. It requires us to turn theory into policy and legal framework, setting specific goals for each stakeholder. All costs and economic results must be accounted for, to see how beneficial the circular economy approach is,” the Deputy Prime Minister stated.

Implementing 5 specific goals to implement circular economy

Minister of Natural Resources and Environment Dang Quoc Khanh assessed that the development of a national action plan will provide a specific strategy in the short term, as well as the long term, to transition to a circular economic model, towards sustainable development.

The Ministry of Natural Resources and Environment has drafted a National Action Plan for the implementation of a circular economy and sent it to ministries, sectors, localities, and the business community for wide comments. The draft has identified five main viewpoints, general goals, and specific targets from now until 2025 and until 2030 for the implementation of a circular economy in Vietnam to promote the process of transforming the economic model towards sustainability, turning waste into resources, carbon neutrality, and net zero emissions by 2050.

On that basis, the draft proposes to apply 16 indicators to assess the implementation of circular economy at the national level, divided into 3 groups: Indicators on efficient use of resources and materials; energy saving, renewable energy development; indicators on extending product life cycle, limiting waste generation and reducing negative impacts on the environment; indicators on socio-economic efficiency, innovation and sustainability.

At the Forum, domestic and international partners will discuss the Draft National Action Plan for the implementation of circular economy and the implementation roadmap. The Forum is an opportunity to exchange and discuss appropriate approaches and financial mechanisms to promote circular economy in sectors and fields from central to local levels to ensure the implementation of Vietnam's international commitments on climate change, conservation of natural resources and biodiversity, and reduction of environmental pollution.

The circular economy models implemented in practice through the Environment – Society – Governance (ESG) approach are specific examples demonstrating their effectiveness in addressing the global challenges that Vietnam is facing.

Ms. Ramla Khalidi, Resident Representative, United Nations Development Programme (UNDP) emphasized: “We believe that building a sustainable, inclusive and prosperous world by 2030 is not only necessary, but also possible. By promoting the transition to a low-carbon and circular economy, Viet Nam can lead and orient the development path to achieve the sustainable development goals through investing in three strategic groups of issues: better design for circular economy, promoting digital transformation and improving human capital.”

“With the National Circular Economy Action Plan, I believe that more businesses in Vietnam will adopt ESG strategies in their business operations, to comply with the new direction and work together towards a common goal,” said Mr. Roongrote Rangsiyopash, President and CEO of SCG.

Mr. Roongrote Rangsiyopash also said that to further promote the impacts of the circular economy and its implementation, cross-sectoral cooperation is needed to achieve greater results. “We look forward to collaborating with our partners in Vietnam to apply and practice ESG principles, thereby promoting the implementation of the circular economy. Our goal is to grow more sustainably and stronger together, thereby enhancing the competitiveness of the ASEAN economic bloc in the international arena,” Mr. Roongrote Rangsiyopash said./.

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