Shifting to green economy and green growth will help businesses increase their competitiveness and catch up with trends on the domestic and foreign markets.
Vietnamese enterprises’ knowledge about circular business is limited, with only 20 – 30 per cent clear and 3 – 6 per cent very clear, according to CIEM’s survey.
As more consumers become aware of environment safety and the concept of circular economy becoming more influential in Vietnam, enterprises need to switch to packaging that meets sustainability requirements and is easily recyclable to stay competitive.
Dairy businesses in Vietnam are pioneering in applying circular economy solutions on their progresses.
The circular economy is an alternative to traditional linear economies, where people take resources, make things, consume them and throw them away. This way of living uses up finite raw materials and produces vast quantities of waste.
The objective of the project is to facilitate collaboration between consumers, waste pickers, recyclers, and local authorities to pilot the new and innovative approach of circular economy for plastic waste.
The transition towards a circular economy offers $4.5 trillion in economic opportunities globally by reducing waste, stimulating innovation, and creating employment, according to UNDP's representative.
Source separation of waste is seen as core solution in the circular economy application, and has been applied by countries having high recycling rates.
Using international experiences, lots of Thailand’s large enterprises have joined more in Vietnam’s projects based on circular economy model.
Mondelez Kinh Do and the social enterprise Green Connect have signed MOU on partnership of “Upcycle food waste into free-range chickens and eggs” project, aiming to convert organic waste into nutrient-rich organic fertilizer for plants and produce feed that serves as an abundant source of protein for livestock, poultry and aquatic products.
Signing an agreement with Trung Hieu Investment and Development Corporation for the production of low-carbon, circular economy concrete products using the Geoprime solution is Betolar’s next step to commence its plan in the Asia Pacific region.
At the conference to kick off the National Action Plan on circular economy, UNDP Viet Nam resident representative Caitlin Wiesen shared some recommendations for Vietnam to drive forward a circular economy for net zero.
The success of deposit-return system operation in some European countries recommends that Vietnam can apply the model to boost the circular economy in the future, especially when the informal waste collection workforce reduce.
Mondelēz Kinh Do affirms it is willing to cooperate with other companies to find solutions that benefits environment, aiming at realizing circular economy model.
