A forum on circular economy development in Vietnam on October 23, 2020  (Photo: VNA)

A circular economy is an economic model in which wastes generated by one sector are resources for other sectors toward, reducing greenhouse gas emissions and coping with climate change. As Vietnam’s resources become depleted, every each business needs to apply the circular economic model to promote green growth, reduce environmental pollution, and cope with climate change. Lê Thị Ngọc Mỹ, Head of Sustainablity for Heineken Vietnam, said that last year the company had dumped almost no waste because 99% of its by-products and wastes were reused, a step that also generates income for workers: “At Heineken Vietnam, we reclaim CO2 because we can sell it. Wastes are not dumped anymore, but are resources to be used. Once we embrace the circular economy, we think about responsible consumption and minimize single-use products.”

Doctor Vo Tri Thanh, Director of the Institute for Competition and Brand Name Strategy Research, said a sufficient legal framework and in-depth research into each sector and locality are needed to develop a circular economy: “The circular economic model is a tool to generate jobs, create added values, and reduce greenhouse gas emissions and production costs. This is a trend and also a future economic model for Vietnamese businesses to improve their competitiveness.”

Moving toward a circular economy will create a great opportunity for Vietnam’s rapid and sustainable growth. The model will help Vietnam achieve socio-economic targets, protect the environment, respond to climate change, and bring benefits to businesses. It is the future of all businesses.