Environment

Minister: Vietnam targets shift to circular economy

Vietnam is working to shift from a linear economy to a circular economy based on the three pillars of designing and prolonging material lifespan, reducing waste and emissions, and restoring the ecological system, Minister of Natural Resources and Environment Tran Hong Ha has said.
Minister: Vietnam targets shift to circular economy ảnh 1Minister of Natural Resources and Environment Tran Hong Ha (Photo: VNA)

Hanoi (VNA) – Vietnam is working to shift from a linear economy to a circulareconomy based on the three pillars of designing and prolonging material lifespan,reducing waste and emissions, and restoring the ecological system, Minister of Natural Resources and Environment Tran Hong Ha has said.

The minister made the statement during an webinar which was held in Hanoi on June 2 onthe sidelines of the World Circular Economy Forum.

Co-organised by the Ministry of Natural Resources and Environment(MoNRE)’s Institute of Strategy and Policy on Natural Resources andEnvironment, the Asian Development Bank Institute (ADBI) and the FinnishInnovation Fund (SITRA), the event aimed to introduce policies and case studieson the circular economy, relevant principles and recommendations, and discuss greeneconomic recovery after the COVID-19 pandemic.

Speaking at the event, Ha said the shift to a circular, green economy withlow carbon emissions is an indispensable trend of the era and a revolution ofthe green industry in the 21st century, presenting a chance for theglobal community to deliver on international commitments in environmentalprotection and climate change response for the sake of sustainable development.

In response to the World Environment Day (June 5), Vietnam launched a numberof programmes during the Action Month for the Environment to encourage thedevelopment of the circular economy via sustainable production and consumption, hesaid.

In accordance with the Law on Environmental Protection 2020, theMoNRE is working with agencies concerned to build regulations on criteria,roadmaps and mechanisms to encourage the development of the circular economy in the country.

The MoNRE, in collaboration withthe Finance Ministry, is restructuring the system of economic andfinancial tools in the field of natural resources and environment, thus ensuringnational financial safety and meeting environmental protection requirements in each period.

According to the minister, the MoNRE is also partnering with the Ministry ofInformation and Communications, ministries and agencies to build a database inthe field to serve the national digital transformation programme.

Participants at the event looked into the legal framework, national and regionalpolicies and regulations, opportunities for the private sector and innovationsin cities, and the best solutions to the shift to the circular economy./.

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