PRIVATE SECTOR CHAMPIONS OF CIRCULAR ECONOMY

In December 2023, the Vietnam Chamber of Commerce and Industry (VCCI) and the Vietnam Business Council for Sustainable Development (VBCSD) co-organized the prestigious 2023 Announcement Ceremony of Sustainable Businesses. This event recognizes and honors enterprises contributing significantly to Vietnam’s sustainable development.

From a competitive pool of 500 applicants, a rigorous evaluation process identified 100 outstanding businesses for commendation. Notably, the top 10 most sustainable enterprises showcase a balanced composition: 40% foreign-invested, 60% Vietnamese, and 25% state-owned. This diversity underlines the widespread commitment to sustainability across sectors.

The manufacturing and production sector shines with 10 honorees, including industry giants like Nestlé Vietnam, Heineken Vietnam, Coca-Cola, Sao Ta Foods, and Vinamilk.

10 honored enterprises in manufacturing sectors ©baochinhphu.vn

Beyond recognizing established players, the ceremony also celebrated pioneering enterprises in two critical areas:

Implementing circular economy models and low-carbon solutions: This category champions businesses leading the way in resource efficiency and climate change mitigation.
Developing diverse, equitable, and inclusive values: These forward-thinking enterprises prioritize inclusivity and social responsibility within their operations.

VCCI President, Mr. Pham Tan Cong, emphasized the profound impact of sustainable practices: “Only by embracing responsible engagement and action towards sustainable strategies can enterprises overcome challenges and achieve long-term success.”

Facing mounting pressures from climate change and resource depletion, Vietnamese businesses are increasingly embracing circular economy principles – a shift aligning with the country’s sustainable development goals. In July 2022, Decision 687, a landmark act promoting circular economy, was ratified by the Vietnamese government, further bolstering national efforts towards green solutions and decarbonization.

Since then, the private sector has witnessed the successful implementation of various “make-use-recycle” projects, enabling sustainable growth and enhanced competitiveness for enterprises. Examples include the nationwide development of eco-industrial parks and the adoption of circular business models within diverse industries. This proactive approach positions Vietnam as a pioneer in circular economy within ASEAN, having already integrated it into its Environmental Protection Law.

Deep C Industrial Park in Hai Phong province has implemented the circular economy principles with the support of UNIDO project and Swiss government ©vneconomy.vn

Vietnam’s commitment to circularity extends beyond domestic ambitions, aiming to contribute to global environmental well-being. As one of the world’s leading plastic polluters, Vietnam prioritizes plastic waste reduction and recycling across sectors like food delivery, F&B, and tourism. Initiatives like the cutlery opt-in/opt-out option in food orders illustrate this commitment, alongside the widespread adoption of sustainable alternatives like rice, bamboo, paper, and grass straws.

To ensure effective implementation of the Environmental Protection Law, a collaborative effort is essential. Enterprises, both local and foreign-invested, are encouraged to establish recycling facilities and comply with the Ministry of Natural Resources and Environment’s reporting requirements. Through collective efforts from government, businesses, and society, the successful application of circular economy can not only fuel Vietnam’s economic growth but also prove instrumental in fulfilling its COP26 climate commitments.