ADVANCING RESOURCE EFFICIENCY: TRANSITIONING TO A CIRCULAR ECONOMY IN VIETNAM

Abstract

The implementation of a circular economy (CE) has become imperative in Vietnam due to the
pressure on the environment resulting from the country's economic growth, industrialization, and
modernization process. A CE involves a closed production cycle where waste is recycled, reused, or salvaged
to reduce non-renewable resource usage, carbon emissions, and achieve zero-waste goals. This paper examines
the benefits, challenges, and opportunities of transitioning to a CE in Vietnam while offering recommendations
to various stakeholders to enhance the implementation of this model. The authors utilized secondary data such
as published books, articles, documents, and policies to analyze the situation of CE development in Vietnam.
The results showed that CE offers an economic opportunity of $4.5 trillion globally and has the potential to
transform businesses in Vietnam to work towards preserving and regenerating natural capital. However,
several challenges, such as a lack of specific regulations and inappropriate energy planning, must be addressed
to accelerate CE development. The recommendations proposed include integrating CE into educational
programs, promoting circular design approaches, and increasing public awareness of CE benefits. Overall,
transitioning to a CE in Vietnam will require the collective effort of businesses, individuals, and governments
to achieve sustainable development.