Vietnam urged to promote circular economy
Swedish Ambassador to Vietnam Ann Mawe speaks at the workshop (Photo: Swedish Embassy)
Deputy Minister of Natural Resources and Environment Vu Tuan Nhan, told the workshop that after a long time of depending on and spending natural resources, Vietnam has made significant improvements in its socio-economic conditions. However, the country has had to trade off economic growth for environmental change and pollution.
“Transforming the current economic model to the circular economy is a suitable action that Vietnam is striving for so that it achieves the sustainable development goals,” he said.
Swedish Ambassador Ann Mawe said a circular economy will benefit both consumers and businesses.
She said: “Companies that are moving in this direction have proved that recycling used products can be more cost effective than creating them from scratch.
“Production costs are reduced, so the sale price is also lowered, thereby benefiting the consumers. I hope this is inspiring for Vietnamese businesses,” said the ambassador.
The two officials stressed that private firms should be called for deeper participation in the development of the circular economy.
According to Nguyen Hoang Nam from the Ministry of Natural Resources and Environment (MoNRE), World Bank in 2019 estimated that the impacts of environmental pollution might cut off 3.5 percent from Vietnam's GDP in 2035. Other statistics were also provided to prove the traditional linear economy was hampering natural resources, increasing waste volume and pulling down the world’s socio-economic development.
“The statistics create a big question whether we are moving forward or backwards with the current economic model,” said Nam, who is also an official at the Institute of Strategy and Policy on Natural Resource and Environment.
He said because of this it is important to promote the implementation of a circular economy to preserve and develop natural capital through rational use and re-generation of resources and use of renewable energy.
In addition, it would optimise the yield of resources and materials as much as possible in production cycles, and improve the overall system performance by minimising negative externalities through waste design, he said.
Related News
Vietnam and UAE trade sees billion-dollar growth
07:15 | 03/11/2024 Import-Export
Fiscal policy needs to return to normal state in new period
09:54 | 04/11/2024 Finance
Vietnam's daily import expenditure surpasses VND25,000 billion
09:30 | 31/10/2024 Import-Export
Vietnam - UAE trade grows to billions of dollars
08:55 | 30/10/2024 Import-Export
Latest News
Challenges in reviving stalled projects
14:21 | 06/11/2024 Import-Export
Ensuring fairness between domestically produced goods and imported goods
14:20 | 06/11/2024 Import-Export
Domestic exporters urged to shield against trade remedy threats
14:18 | 06/11/2024 Import-Export
Enterprises urged to further innovation, improve competitiveness to boost exports to Asia
14:16 | 06/11/2024 Import-Export
More News
Increasing opportunities for exporting agricultural products to China by rail
15:31 | 05/11/2024 Import-Export
Monthly aquatic exports top 1 billion USD again after 2 years
15:00 | 05/11/2024 Import-Export
EU partners no longer 'lenient', Vietnam must adapt through ESG policies
09:02 | 05/11/2024 Import-Export
Changes in Canada's trade defense laws
09:00 | 05/11/2024 Import-Export
Import and export are expected to reach 800 billion USD
13:32 | 04/11/2024 Import-Export
Fresh coconuts quenching new overseas markets
13:29 | 04/11/2024 Import-Export
Rice exports likely to set new record in 2024
13:25 | 04/11/2024 Import-Export
Vietnamese goods conquer halal market through trust and quality
09:57 | 04/11/2024 Import-Export
Exporters urged to have strategies to take advantage of UKVFTA for expansion
17:33 | 03/11/2024 Import-Export
Your care
Challenges in reviving stalled projects
14:21 | 06/11/2024 Import-Export
Ensuring fairness between domestically produced goods and imported goods
14:20 | 06/11/2024 Import-Export
Domestic exporters urged to shield against trade remedy threats
14:18 | 06/11/2024 Import-Export
Enterprises urged to further innovation, improve competitiveness to boost exports to Asia
14:16 | 06/11/2024 Import-Export
Increasing opportunities for exporting agricultural products to China by rail
15:31 | 05/11/2024 Import-Export