Hanoi: A circular economy is the future of every nation’s economy, of all production and business activities. It is the key for rapid and sustainable development, participants heard at a recent forum, entitled “Circular Economy: Direction for Sustainable Businesses in Vietnam”.
Speaking at the event in Hanoi, Deputy Minister of Planning and Investment Tran Quoc Phuong said that the development of a circular economy has gradually become a trend among nations, especially developed countries with few resources and when the world’s resources are increasingly becoming depleted, report agencies.“Vietnam has faced an increasing amount of generated waste while raw materials and fossil fuels are increasingly exhausted. In addition, most Vietnamese businesses have outdated technology, small production scale and lack of resources to invest in recycling,” said Phuong.
Therefore, Phuong said, implementing a circular economic model will help Vietnamese enterprises achieve their sustainable production and consumption goals.
“Following a circular economy for Vietnam is an inevitable requirement to overcome the limitations of the traditional growth model. Circular economic development helps Vietnam avoid depending on the outside economy, especially for raw materials and fuels for production,” stressed Phuong.
“The transition to a circular economy is a great opportunity for Vietnam to develop rapidly and sustainably, not only achieving its economic, social, environmental, and climate change responses, but also helping to achieve goals of the 2030 Agenda for Sustainable Development,” added Phuong.
At the forum, delegates exchanged knowledge and shared experience for businesses in the implementation of initiatives and business models related to the circular economy such as: measures to help businesses develop sustainably; opportunities and challenges for circular economic development in Vietnam; eco-industrial parks - an efficient model of the circular economy; and cyclic model in a company’s sustainable development strategy.
General Secretary of the Vietnam Chamber of Commerce and Industry (VCCI) Nguyen Quang Vinh said that the circular economy was a new model, but was very effective and suitable for all economies. In which, the awareness of environmental protection should go hand in hand with practical actions to protect the environment in the process of rapid and sustainable growth of economic activities.