Circular economy gains momentum back home

Feb 21st at 16:35
21-02-2023 16:35:52+07:00

Circular economy gains momentum back home

The circular economy has begun to gain traction in Viet Nam for its potential to optimise resource use, stabilise supply, and offer competitive advantage opportunities for businesses.

 

Pham Minh Thien, general director of Thanh Binh Company Ltd, revealed that his company's production process had been designed so that waste in one stage becomes fodder for another.

He said his company had bought land in the Tan Hong region to grow a particular strain of rice, which can easily do without fertilisers, pesticides, and crop care. As such, the strain causes a minimal impact on the environment.

At harvest time, its straw is reused as a medium to grow mushrooms whereas its rice husk as a biomass fuel for export. Its rice bran is processed to produce bran oil and animal feed. The residue from this oil-making process is reclaimed to feed poultry.

"The global demand for these by-products is considerable. For instance, bran oil has become much sought after by Japanese traders," said Thien.

The circular economy embraced by Thanh Binh Company Ltd has proved to be highly beneficial to its stakeholders, not only economically but also environmentally.

As a result of the sustainable farming practices, the soil cultivated by the company, which was contaminated previously by chemical substances, has been gradually improving in quality.

Nestle Viet Nam Company Ltd is another name that has managed to incorporate the circular economy into its production.

The company has put coffee grounds to good use by turning them into biomass, which is used to fuel its boilers. The ash left after the combustion will serve as a raw material for the production of bricks.

Coffee sludge is processed into microbial fertilisers to enrich the soil, whereas the steam from the boilers goes to the cooling towers for further reuse. Even the wastewater is not wasted: it will be recycled into A-standard clean water to close the production loop.

Tran Thi Hong Minh, head of the Central Institute for Economic Management, asserted that the circular economy would serve businesses well by enabling the efficient use of resources and facilitating their deeper involvement in the global supply chains.

She said the circular economy is no longer an option but an imperative for businesses because global customers have become more eco-conscious and willing to shift toward a more sustainable buying behaviour.

Vu Kim Hanh, chairman of the Association of Vietnamese High-quality Products, opined that the Government needs to take active steps to lay the groundwork for a broad-based transition to the circular economy.

The to-do list should comprise a long-term scheme for the transition and the entry into force of a sufficient number of legal documents that regulate the notion.

She also said the feasibility of the circular economy in the country would hinge on technological, institutional, infrastructural, and human resources factors.

Nguyen The Chinh, director of the Environmental Economic Policy Institute, underlined several obstacles in the way of businesses trying to embrace the transition.

The first obstacle involves advanced technology, which is not always readily accessible to a large number of businesses. Without advanced technology at their disposal, many businesses get stuck in their traditional linear way of production.

The second obstacle centres around the rigidity of domestic consumption habits. For instance, a wide range of consumers back home keep using plastic bags for their convenience and show a reluctance to shift gears, posing a setback for recyclable bags. 

bizhub



NEWS SAME CATEGORY

Foreign firms eye VN but more efforts needed to improve investment climate

As several foreign investors are eyeing Viet Nam for opportunities, the country must make greater efforts to improve the investment climate.

Vietnamese entrepreneurs need to prepare for the funding winter

Vietnamese entrepreneurs have to think for the long term as raising funds for startups has become more challenging in recent years.

Vietnamese and Japanese startups eye cooperation

Vietnamese and Japanese startups gathered on February 15 at the Vietnam-Japan Economic Forum to discuss the possibilities of further cooperation.

Enterprises accelerate investment to anticipate new opportunities

As 2023 is forecast to be a difficult year driven by increasing inflation and economic recession at the global level, enterprises in Vietnam have actively built...

Eurocham Whitebook 2023 highlights green economy and sustainable development

The new edition of the Eurocham Whitebook presents policy recommendations to resolve regulatory hurdles and facilitate the growth of the country's economy.

Binh Duong Province attracts second most FDI in Viet Nam

Binh Duong Province as of the end of 2022 has attracted more than 4,082 foreign direct investment (FDI) projects with nearly US$40 billion of registered funds...

Vietnam pledges consistent policies for European investors

Vietnam's top lawmaker affirmed that people and businesses are put at the center of the country's consistent policy in the process of development and international...

Vietnam PM assures foreign investors of their interests

The Government will remove obstacles in real estate, finance, securities, and corporate bond issuance so that investors enjoy a healthy, sustainable, and secure...

Forum promotes ties between Vietnam and Japan

The 2023 Vietnam-Japan Economic Forum marks the 50th anniversary of diplomatic relations between Japan and Vietnam and represents an opportunity for business...

Vietnam an attractive spot for startups: Bloomberg

Bloomberg on February 14 published an article “Silicon Valley talent is helping grow Vietnam’s startup hub”, quoting founders’ opinion that an abundance of...


MOST READ


Back To Top