Contest seeks innovative solutions to recycle plastic
The innovative solution contest 2024 was launched in Hanoi on April 12, aiming to seek solutions in the plastic circular value chain, especially new and creative solutions in improving the capacity to collect, process and recycle plastic packaging.
Hanoi (VNA) – The innovative solution contest 2024 was launched in Hanoi on April 12, aiming to seek solutionsin the plastic circular value chain, especially new and creative solutions inimproving the capacity to collect, process and recycle plastic packaging.
The contest, jointly held by the Ministry of NaturalResources and Environment, Unilever Vietnam, the British Chamber of CommerceVietnam, the Startup Vietnam Foundation, the British Embassy in Vietnam and the Standard Chartered Bank, is expected to encourage, promote and invest in newinitiatives and solutions on collecting, sorting and recycling plastic packagingwaste suitable for the Vietnamese market.
Its further goal is to promote the circular economic model inplastic waste management, supporting the implementation of regulations onproduct and packaging recycling responsibilities of manufacturers andimporters.
Taking place from April to August, the contest is forindividuals and organisations with products, services or technology in thefield of plastic waste collection and recycling. Within the framework of the contesta discussion on unlocking the plastic circular economy through innovation willbe held.
Addressing the launching ceremony, Deputy Minister ofNatural Resources and Environment Tran Quy Kien emphasised that Vietnam faces many risks from plastic waste. The volume of plastic waste and plastic packaging isincreasing rapidly, coupled with socioeconomic development and consumption activities.
The contest is apractical action to seek, honour and invest in innovative andcreative initiatives in sorting, collecting and recycling plasticpackaging waste, especially soft, low-value plastics in Vietnam, he said.
The Deputy Minister called on organisations, individuals and businesses,especially startups to join the contest, and asked for investment and supportfrom financial institutions for initiatives and solutions found through thecontest to be deployed and replicated in Vietnam.
A report released by the International Finance Corporation and the World Bankshowed that every year in Vietnam, about 2.62 million tonnes of plastic waste is notrecycled, leading to a loss of 75% of the material value of plastic, equivalentto 2.2 - 2.9 billion USD per year. The recycling industry in Vietnam has richraw material sources but has not yet developed, with the plastic recycling rateonly reaching 33%. The cost of recycled products is about 25-30%higher than conventional plastic products, it said./.
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At the launch of the contest (Photo: qdnd.vn) 
