Several business models in Viet Nam are heading towards the circular economy based on the principles of eliminating waste and recycling resources, Nguyen The Chinh, head of the Institute of Strategy and Policy on Natural Resources and Environment, told a conference in HCM City.
The models include recycling villages and eco-industrial parks, he said.
Eco-industrial parks in Ninh Binh Province, Can Tho and Da Nang save US$6.5 million a year, he revealed.
But not all waste is reused and recycled and the technologies available for it is outdated, he said.
Nguyen Tu Anh of the Party Central Committee’s Economic Commission said changing from the traditional to circular economic model is vital for Viet Nam.
The country has seen environmental and water pollution and “The circular economy will help Viet Nam address these challenges.”
A legal framework would be created for circular economic development, but more technologies to aid it would be needed, he said.
The conference was followed by the Viet Nam National University-HCM City announcing the establishment of the Institute for Circular Economy Development to aid change from the traditional economic model.
Assoc Prof Dr Nguyen Hong Quan, the institute’s head, said it would recommend policies that could bring economic and social benefits like environmental protection and achieving sustainable development goals based on the proper use of materials and energy.
Assoc Prof Dr Huynh Thanh Dat, president of the Viet Nam National University-HCM City, said the institute would advise on methods and policies for the country’s sustainable development, and connect enterprises, the Government and universities. — VNS