July 16, 2023 | 09:00 GMT+7

Businesses readying to cut carbon emissions and transition to a circular economy

Giang Hoang -

Seminar hears of efforts to promote the move to a circular economy in the local business community.

Speakers at the “Businesses and Net Zero Targets: Circular Economy and Carbon Emission Reduction Solutions” seminar. (Photo: VnEconomy)
Speakers at the “Businesses and Net Zero Targets: Circular Economy and Carbon Emission Reduction Solutions” seminar. (Photo: VnEconomy)

The “Businesses and Net Zero Targets: Circular Economy and Carbon Emission Reduction Solutions” seminar was held on July 13 in Ho Chi Minh City by the Vietnam Chamber of Commerce and Industry (VCCI) in cooperation with the Vietnam Business Council for Sustainable Development (VBCSD).

In his address to the seminar, Mr. Nguyen Quang Vinh, Vice Chairman of VCCI and Chairman of VBCSD, highlighted the importance of promoting the circular economy in Vietnam’s business community. VBCSD has been involved in various activities, such as communications, research, training, policy recommendations, and cooperating in projects related to the circular economy. Emerging trends in the global business community, such as changing mindsets, value chain reconfiguration, accountability, and digital transformation, have significantly impacted sustainable business practices. It was recommended that Vietnam’s business community pay attention to such matters to stay abreast of international green trends.

Dr. Nguyen Cong Thanh, Head of the Department of Economics - Resource and Environmental Management at the National Economics University, emphasized the connection between implementing the circular economy and achieving carbon neutrality and sustainable development. Fifty-four countries worldwide have developed national strategies or action plans for implementing the circular economy.

In Vietnam, the circular economy and related issues such as waste classification at the source, extended producer responsibility (EPR), green financing, and green bonds have been incorporated into the 2020 Law on Environmental Protection. The Ministry of Natural Resources and Environment is now developing a national action plan for implementing the circular economy by 2030 with a vision to 2050.

Speakers from the PAN Group, Home Credit Vietnam, AEON Vietnam, and Schneider Electric Vietnam shared solutions for the circular economy and carbon emissions reductions. They provided multidimensional perspectives, shared good practices, and made practical recommendations to promote and disseminate the circular economy model and take action towards achieving the country’s net-zero target.

Mr. Pham Hoang Hai, Head of Partnership Relations and Secretary of VBCSD, believes that advancements in science and technology are driving the transition to the circular economy. Businesses play a crucial role in implementing the circular economy by changing production, creating markets, and making policy recommendations. Nestle Vietnam has achieved the goal of zero waste to landfill since 2015, implementing circular economy initiatives to maximize resource efficiency.

After the seminar, there will be further discussions and exchanges at the 2023 Vietnam Corporate Sustainability Forum (VCSF), with the theme “Global Green Race: From Strategy to Sustainable Business Practices” and being held on August 23 in Hanoi.

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