Circular economy a suitable measure for sustainable development

A draft national action plan for a circular economy by 2030 prepared by the Ministry of National Resources and Environment (MoNRE) in coordination with relevant ministries, agencies, and centrally-run localities will be submitted to the Prime Minister for approval by the end of this year.

A circular economy has been applied by many countries around the world and received a positive response from the business community.

Vietnam is among the first ASEAN countries to introduce regulations relating to a circular economy, in the Law on Environmental Protection 2020 and other documents on environmental protection.

Article No. 142 in the Law identifies concrete regulations on a circular economy, while Government Decree No. 08/2022/ND-CP provides detailed regulations and measures for the implementation of the Law, including criteria and guidelines encouraging the application of a circular economy.

The government has also issued policies encouraging producers and consumers to protect the environment, thus contributing to boosting the circular economy.

Under the draft national action plan for a circular economy, a mechanism for an information connectivity platform and data sharing on a circular economy will be completed by 2025. Meanwhile, a guideline for the implementation of the plan will be promulgated for all agencies, sectors, industries, and localities.

By 2030, a circular economy is to have been broadly applied nationwide. To that end, focus will be placed on increasing awareness and knowledge as well as practices in a circular economy; completing mechanisms and policies for a circular economy, including effective State management regulations; supporting the application of circular economy criteria in production, business, and consumption; recapturing “waste” as a resource to manufacture new materials and products; and intensifying cooperation between sectors, industries, and localities in implementing a circular economy.