Scientific Forum on “Implementing a Circular Economy in Vietnam Under New Conditions”

3/28/2025 1:46:59 PM

Hanoi, October 17, 2024 – The Vietnam Institute of Economics, under the Vietnam Academy of Social Sciences, organized the scientific forum “Implementing a Circular Economy in Vietnam Under New Conditions.” The event aimed to raise awareness, disseminate policies, and identify challenges associated with Vietnam’s forthcoming National Action Plan on Circular Economy, which is set to be approved by the government.

Circular Economy as a Key Development Strategy
In his opening remarks, Assoc. Prof. Dr. Nguyen Duc Minh, Vice President of the Vietnam Academy of Social Sciences, emphasized that the circular economy is founded on the principle of “one product’s output becoming another product’s input.” This model operates on three principles: conserving natural capital, optimizing resource use, and improving system efficiency. The approach aligns with Vietnam’s Environmental Protection Law of 2020, reducing raw material extraction, extending product life cycles, and minimizing waste to lower environmental impacts.

Dr. Minh highlighted that the circular economy is integral to Vietnam’s socio-economic development strategy for 2021–2030. The government has established key policies, including the Environmental Protection Law 2020 and Decision 687/QD-TTg, to promote this model. However, while offering opportunities for sustainable development, transitioning to a circular economy presents significant challenges requiring careful policy planning and implementation.

Insights from Keynote Speakers
Former Deputy Minister of Public Security and Vice Chairman of the Central Theoretical Council, Lieutenant General Nguyen Van Thanh, underscored the global relevance of circular economies, citing successful examples in countries like Germany, Japan, and South Korea. He noted that while Vietnam faces challenges in awareness and policy support, positive progress has been observed in areas like integrated agricultural systems and renewable energy development.

Lt. Gen. Thanh projected that transitioning to a circular economy could contribute $4.5 trillion to global economic growth by 2030 and help restore natural systems. He called for Vietnam to leverage these opportunities in its pursuit of sustainable growth.

Policy Recommendations and Challenges
The forum featured presentations from economic experts and policymakers addressing practical and scientific solutions for advancing circular economy initiatives in Vietnam. Key issues discussed included:

• Policy bottlenecks: Incomplete frameworks for localizing circular economy strategies and addressing existing limitations.
• Resource mobilization: Challenges in financing and incentivizing green initiatives.
• Sector focus: Prioritizing agriculture, manufacturing, renewable energy, and construction materials.

Dr. Tran Thi Hong Minh, Director of the Central Institute for Economic Management (Ministry of Planning and Investment), suggested policies for green credit, industrial parks, and technological innovation to support circular economy adoption.

Progress and Future Goals
Dr. Mai Thanh Dung, Deputy Director of the Institute of Strategy and Policy on Natural Resources and Environment, stated that circular economy practices are globally recognized as a means to harmonize economic growth and environmental protection. While Vietnam has incorporated circular economy principles into national strategies, most initiatives remain small-scale. The National Action Plan, involving 38 specific tasks assigned to ministries, sectors, and localities, aims to extend product life cycles, reduce waste, and foster innovation by 2030.

Forum Takeaways
In his closing speech, Prof. Dr. Mai Trong Nhuan, Vice Chairman of the Policy Advisory Council under the National Committee on Climate Change, summarized the forum’s discussions and emphasized the importance of translating the insights into actionable policy recommendations.

The forum reaffirmed Vietnam’s commitment to integrating circular economy principles into its development strategies, providing a platform for collaboration among experts, policymakers, and international partners. It concluded with a collective call for innovation and policy enhancements to drive sustainable economic transformation.