Participants attending the workshop on "Policies to encourage and support businesses to accelerate the circular economy" on September 7, 2022
The development of the circular economy is a major orientation of the Government of Vietnam and also an inevitable trend globally in order to optimize the usage of natural resources and minimize negative impacts of economic activities on the environment and human health as well as towards sustainable development in the long run.
On September 7, 2022, a workshop on "Policies to encourage and support businesses to accelerate the circular economy" was held in Hanoi. Its objective is to raise awareness of society and corporates on the matter, establishing a multi-stakeholder dialogue amongst government agencies, businesses, and experts to discuss the circular economy models being applied, the difficulties encountered as well as policy recommendations in order to successfully implement the circular economy activities in Vietnam.
The workshop was attended by Dr. Vo Tuan Nhan - Vice Minister of the Ministry of Natural Resources and the Environment; leaders of some departments at the Ministry of Planning and Investment, the Ministry of Natural Resources and Environment, the Ministry of Finance, the Ministry of Industry, the Ministry of Agriculture and Rural Development, the Ministry of Science and Technology; experts on Environmental-Economic; business associations and representatives of some leading corporations such as Tan Hiep Phat, Vinamilk, Nestle, Vingroup, Thuan Thanh Environment, etc
Speaking at the workshop, Mr. Le Xuan Dong, Managing Director of Market Research and Consulting Division of FiinGroup, discussed the current situation, potentials, and recommendations to develop the plastic recycling sector in Vietnam.
Mr. Le Xuan Dong, Managing Director of Market Research and Consulting Division of FiinGroup
Vietnam generates approximately 3.2 million tons of plastic waste each year, of which 75 percent is buried without treatment in landfill sites, burned, or disposed into the environment. According to a recent study by the World Bank, the material value loss of plastic waste in Vietnam is equivalent to USD 2.2 to 2.9 billion. Meanwhile, every year, Vietnam spends about USD 8.6 billion to import primary plastic resins and plastic scrap for domestic production. Therefore, plastic waste is assessed as a resource that is not yet optimally exploited and utilized in Vietnam.
Vietnam’s plastics recycling industry is expected to grow strongly in the future thanks to the new regulations on environmental protection of the Vietnam Government (e.g. Extended Producer Responsibility (“EPR”) regulations, specific guidelines for waste separation and collection at source ...) as well as the commitment of major brand owners in promoting plastic waste separation, collection, and recycling in Vietnam, etc.,)
Mr. Le Xuan Dong shared his in-depth analysis of the main challenges faced by local plastics recycling businesses as well as suggested some policy recommendations for transitioning towards a circular economy including developing a stable and quality supply of plastic waste; stimulating a sustainable demand for recycled plastic; facilitating local plastic recycling businesses accessing green financial resources.
In recent years, FiinGroup has implemented various consulting projects in the fields of waste treatment, wastewater, recycling (including plastic waste, electronic waste, solvent waste, etc.), and waste-to-energy to support foreign investors in penetrating and/or expanding their business in Vietnam.
In addition, FiinGroup is currently the first and only organization in Vietnam authorized by the Climate Bonds Initiative to appraise and certify green debt instruments (including bonds, bank loans, financial leases, etc.). This certification helps eco-friendly businesses (including the plastics recycling industry) improve their reputation, accessing and mobilizing green finance sources from local and international financial institutions and investors.
Please find the full presentation of FiinGroup HERE