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SPECIAL REPORT

PHOTO: VIET DUNG
Environmental &

economic rewards

VET asked senior government leaders and development partners to share
their thoughts on Vietnam’s transition towards a circular economy.
Plan for a Circular Economy. This includes
the establishment and operation of an infor-
mation connection platform, data sharing
on the application of the circular economy
model, the issuance of guidelines for the
implementation and evaluation of the cir-
cular economy, and the creation of incentives
and financial mechanisms for the develop-
ment of the circular economy in a competitive
market. It also encourages the participation
of the business community in the process
of restructuring management, innovation,
technology adoption, and advanced pro-
duction methods to contribute to Vietnam’s
Mr. Dang Quoc Khanh transition to a circular economy.
Minister of Natural Resources and Environment In order to prepare for the immediate
implementation of the National Action
he commitment to building a green, Circular Economy”. The Forum was held Plan for a Circular Economy, upon its
circular, and environmentally- on the eve of COP28, and conveyed Viet- issuance by the Prime Minister, and to
T friendly economy is clearly reflected nam’s profound message to the international motivate economic and social development
in the government’s orientations, guidelines, community about the challenges, risks, and and environmental protection, MoNRE
policies, and laws. The resolution from the negative impacts of climate change, as well suggests that central ministries and local
13th National Party Congress affirms the as the country’s proactive and positive authorities integrate the circular economy
direction to “Build a green, circular, and efforts in coping with climate change. into the process of formulating development
environmentally-friendly economy” and The active participation of business enti- strategies, programs, plans, and projects.
outlines the need to “Develop a roadmap, ties, including pioneering companies in They should also coordinate with MoNRE
mechanisms, policies, and laws to form greenhouse gas emission reduction activities to develop and issue a circular economy
and operate a circular economy model”. (those implementing carbon neutrality implementation plan that aligns with the
In order to implement these major direc- plans, energy conversion, etc.), was also national plan and the characteristics of
tions from the government to promote a emphasized. The Forum aimed to promote each industry, sector, and locality.
circular economy in Vietnam, the Ministry cooperation with bilateral and multilateral In addition, the business community and
of Natural Resources and Environment partners, international organizations, and production, business, and service establish-
(MoNRE), in cooperation with the United international financial institutions to mobi- ments are responsible for establishing man-
Nations Development Program (UNDP) lize support for Vietnam in implementing agement systems and applying measures to
and domestic and international partners, the circular economy model. conserve and efficiently use resources, reduce
organized the “Vietnam Circular Economy Contributions made at the Forum will emissions, and enhance recycling from the
Forum 2023”, with the theme “Developing serve as a crucial foundation for MoNRE project design phase to the production and
a National Action Plan to Implement a to continue refining the National Action distribution of products and goods. %

22 | VIETNAM ECONOMIC TIMES | DECEMBER 2023 en.vneconomy.vn