Minister of Natural Resources and Environment Tran Hong Ha emphasized that the circular economy is a solution to sustainable development with green growth and a low-carbon economy, during his address to a conference on developing the circular economy organized on June 28 by the Ministry of Natural Resources and Environment, with media support from Vietnam Economic Times and vneconomy.vn.

In regard to fighting climate change and changing fossil fuels to renewables and switching to green energy, Mr. Ha said that this is a major challenge and requires innovative thinking. Pressing issues require a more efficient economic development model in terms of resource use, climate change prevention, pollution reduction, and environmental protection.

Emphasizing cooperation between countries and international organizations to promote the circular economy model, he said the whole world must work on solidarity, cooperation, and sharing. A low-carbon economy requires technology transfer and removing barriers such as those on intellectual property rights, as technology is important for developing countries. The key to achieving the circular economy is green technology and modern technology.

According to the Minister, the development of a circular economy will demonstrate the responsibility of Vietnam in resolving environmental challenges and climate change while improving the capacity and competitiveness of its economy. The circular economy makes use of used materials, minimizes exploitation and makes maximum use of natural resources, and minimizes waste and emissions.

This can change the world, moving from an economy based on fossil fuels to one based on renewable energy. Mr. Ha said it is necessary to adopt an action plan and gain a clear commitment from the government, and introduce mechanisms and policies to encourage the participation of organizations and enterprises in the movement.

He hopes that the domestic and foreign business communities will work together to spread successful models. In particular, it is necessary to support and create pioneering enterprises to take the lead in developing the circular economy.