Bắc Ninh
New value chain in circular economy
The Government has just issued a national action plan for putting circular economy into practice until 2035.
Central to this plan is the vision of establishing a sustainable production and consumption system that optimises the use of natural resources while reusing materials to their fullest potential.
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Promoting innovation and applying digital technology, environmentally friendly technology and the best available techniques to implement the circular economy. |
By minimising waste generation and reducing negative impacts on the environment, Vietnam will promote robust circular economy models in production and trade.
The plan also aims to drive innovation, enhance labour productivity, encourage green practices, foster a culture of sustainability, generate green jobs, and develop new value chains within the circular economy.
Between now and 2030, Vietnam is committed to reducing the extraction and use of non-renewable and water resources while simultaneously enhancing the efficiency of resource, material and energy usage.
The plan aims to achieve land, water and mineral resource efficiency levels that rival those of ASEAN's leading countries. Biomass and solid waste-based power plants are expected to reach a capacity of 2,270MW, or 1.5% of the country’s total power generation.
Renewable energy is set to make up at least 47% of the total primary energy, with the target to decrease national energy consumption by 8–10%.
The plan also aims for 95% of solid household waste in urban areas and 80% in rural areas to be collected and treated, with less than 50% of this waste going directly to landfill.
Models of efficient use of natural resources, reuse and recycling of waste, and production and business models applying circular economics are being built, replicated and developed appropriately for each industry, field, and region at each level.
This is forming and developing new, sustainable value chains associated with high added value, creating many new jobs through the application of the circular economy while strongly attracting resources from green credit, green bonds and other legal resources for investment projects in developing the circular economy.
By 2035, Vietnam envisions an inclusive circular economy that blends innovation, high competitiveness, economic prosperity, environmental sustainability, and social equity.
The aim is to position the country as a leading hub for innovation within the ASEAN Economic Community (AEC), attracting investment and providing cutting-edge technologies, equipment, and services that support circular economy practices.
Driven by increasing domestic consumption, production, and exports benefiting from global trade shifts, along with high-quality foreign direct investment (FDI) inflows and the government's determination to unlock public investment capital, Vietnam's economy is poised to move confidently into 2025.
India’s news site fibre2fashion.com has highlighted Vietnam’s economic development with positive signs.
The US-based financial, economic, and stock market news site investing.com said Vietnam's economy demonstrated continued resilience in November, with a substantial trade surplus and growth in exports and imports.
Developing regional and international financial hubs in Vietnam is expected to create new mechanisms and resources, and serve as a "boost" for the national economy, Deputy Prime Minister Nguyen Hoa Binh said while chairing a meeting discussing the implementation of the Politburo's conclusion on building the hubs in Hanoi on December 17.
Foreign direct investment (FDI) attraction has been a bright spot in the Vietnamese economic panorama in 2024, as the country has recorded 41,720 valid FDI projects worth 496.7 billion USD funded by investors from 147 countries and territories. The Ministry of Planning and Investment (MPI) reported FDI projects have been present in all 63 cities and provinces nationwide, with Ho Chi Minh City leading the way with over 58.4 billion USD.
BAC GIANG – Following the government's directions on further reforming, developing, and enhancing the effectiveness of the collective economy in the new period, with active engagement of local Party committees and authorities, cooperatives in Viet Yen township, Bac Giang province have seen positive growth in recent years, creating jobs and increasing incomes for workers.
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