How to Develop the Circular Economy in Vietnam

Abstract

In the context of international economic integration, promoting the application of the concept of circular economy is a strong tendency in many countries over the world, especially when the world's resources are increasingly exhausted because it helps to better solve the problem of resolving the relationship between the economic growth and the environmental pollution control. Circular economy is a closed production cycle, the resources and wastes of the previous production process are reused, recycled, or salvaged, and the waste streams are turned into inputs for the new production cycle. In Vietnam, the process of accelerating industrialization and modernization has brought remarkable economic development achievements. However, it has to face serious challenges with resource depletion, environmental pollution, and climate change. That reality requires a new approach, i.e., a transition from a linear economy to a circular economy. This article is based on secondary data that has mentioned the benefits of the circular economy, the manifestations as well as the opportunities and challenges for the development of the circular economy in Vietnam, thereby proposing some recommendations for stakeholders to develop an economy that ensures the harmony between economic benefits and environmental protection, economic growth in parallel with reducing the harmful effects of climate change.