Hanoi (VNA) – Specific policies will serve as a launching pad forenterprises and industrial parks to promote circular business practices in themost effective way, Deputy Prime Minister Tran Hong Ha said on November 16.

At the Vietnam Circular Economy Forum 2023 held in Hanoi by the Ministry of NaturalResources and Environment in collaboration with the United Nations DevelopmentProgramme (UNDP), Ha stressed that besides a specific plan with detailedtargets and a consensus from the society, a legal corridor is needed to shapeup circular economy models which involve the responsibilities of all sectors.

The State must play a central role in creating policies and frameworks that facilitate sustainable practices, enterprises be the locomotive, and organisationsand individuals engage in the efforts to bolster the circular economy, he highlighted.

Laying an emphasis on building a national action plan to carry out the circulareconomy, Minister of Natural Resources and Environment Dang Quoc Khanh saidthat the plan will provide a specific strategy in both long and short term forthe country to shift to the circular economy towards sustainable development.

Over the past time, environmental and climate issues have been put at thecentre of the country’s agendas and development plan, setting a goal ofensuring people’s health, quality of the living environment, and protection ofbio-diversity and ecosystem, he added.

At the forum, domestic and international development partners discussed a draftnational action plan for the circular economy and an implementation roadmap.They highlighted that financial mechanisms such as carbon market developmentand innovative financing for biodiversity and ecosystem services as well as themobilisation of the private sector in sewage management are seen as importantresources to implement the circular economy in the coming time.

Within the framework of the forum, 20 booths were arranged, introducing modelsand solutions promoting the circular economy towards environmental protectionand sustainable development.

On the sidelines of the forum, UNDP Resident Representative RamlaKhalidi said the organisation believes building a sustainable, inclusive and prosperousworld by 2030 is not only necessary but also feasible.

By shifting to a low-carbon economy and circular economy, Vietnam is able tolead and orient its development roadmap to attain sustainable developmentgoals, she said, adding the country should invest in three strategic groups,namely better design for circular economy, acceleration of digital economy, andimprovement of human capital.

Meanwhile, President and CEO of Thailand’s Siam Cement Group said with anational action plan to implement the circular economy, more Vietnameseenterprises will apply the Environment, Society and Governance (ESG) standards,adding his group are expecting to cooperate with Vietnamese partners to promotethe circular economy with a view to enhancing the ASEAN bloc’s competitivecapacity in the international market./.