Minister: Vietnam targets shift to circular economy

Minister of Natural Resources and Environment Tran Hong Ha (Photo: VNA)

Hanoi (VNA) – 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.

The minister made the statement during an webinar which was held in Hanoi on June 2 on the 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 and Environment, the Asian Development Bank Institute (ADBI) and the Finnish Innovation Fund (SITRA), the event aimed to introduce policies and case studies on the circular economy, relevant principles and recommendations, and discuss green economic recovery after the COVID-19 pandemic.

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

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

In accordance with the Law on Environmental Protection 2020, the MoNRE 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 with the Finance Ministry, is restructuring the system of economic and financial tools in the field of natural resources and environment, thus ensuring national financial safety and meeting environmental protection requirements in each period.

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

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