A circular economy model

The draft decree proposes testing circular economic development in industries that have a potential to drive growth recovery.

Nguyen Hoa Cuong, Deputy Director of the Central Institute for Economic Management, said: "The trial period for the circular economy model is approximately five years. However, it is evident that Vietnam will require a significant amount of time, especially considering the recent historic commitment made by the Prime Minister at the UN Framework Convention on Climate Change 26 (COP26) in the UK."

"By 2050, Vietnam aims to achieve zero emissions. It’s crucial to prioritize policy formulation, encompassing commitments from the government, ministries, and various sectors as well as developing specific policies tailored to each sector to ensure effective implementation of the circular economy," said Mr.Cuong.