Hanoi (VNA) –A workshop held in Hanoi on October 14 highlighted the circular economy as thefuture of equal and sustainable economic growth.

The event, part of theannual Vietnam Corporate Sustainability Forum 2021, was organised by theVietnam Chamber of Commerce and Industry (VCCI) and the Vietnam Business Councilfor Sustainable Development (VBCSD). It saw the participation of about 500delegates from ministries, sectors, business associations, domestic internationalorganisations, and enterprises via videoconference.

Nguyen Quang Vinh, SecretaryGeneral of the VCCI, said over the past years, thanks to efforts by theGovernment, relevant agencies, and many enterprises, the concept of “circulareconomy” has become much more familiar to the business community.

A circular economy brings a new approach to the use of materials in a more effective andeconomical manner while constantly reminding people about using limited resources like water,energy, materials, and food in a way that gives those resources a longer lifecycle and higher value compared to the existing method.

An economy can achieve a“closed cycle” thanks to the all-round engagement of sectors, industries,and consumers through the sharing of information, the application of newbusiness models, and the combination of supply chains so as to reach science-basedtargets with support from the legal system and management rules from theGovernment, said Vinh, who is also Secretary General and Vice Managing Directorof the VBCSD.

Mai The Toan, DeputyDirector of the Institute of Strategy and Policy on Natural Resources andEnvironment, held that the State should strongly encourage the development of modelsfor connecting and sharing the circular use of products and waste, and mobilisethe engagement of different sources of resources in society.

Brendan Edgerton, Director of Circular Economy at the World Business Council for SustainableDevelopment, pointed out that the global economy is just 8.6 percentcircular. Without strict monitoring, global material use in 2060 would double thatin 2015.

He also maderecommendations about the road map for building a circular business strategy,noting that each enterprise needs to improve its production process, products,and business model./.