The Central Institute for Economic Management (CIEM) in its report revealed that the concept of circular economy is new to the Vietnamese business community.
While 60 - 70% of opinions believe that circular economy plays an important role, their understanding of circular business is still limited. Only 20 – 30% of them are partially aware of the new concept and only 3 to 6% of them are fully aware of it.
The survey also showed that 18 - 20% of businesses surveyed believe that Vietnam lacks a current legal framework for circular business activities. Additionally, only 2 – 15% receive government support in some form, including preferential credit.
However, in reality, in recent years, Vietnam has increasingly embraced green transition and circular economy to promote economic growth in a more sustainable way, said Mr. Nguyen Hoa Cuong, Deputy Director of CIEM, said at the conference report on circular business models.
The 10-year socio-economic development strategy 2021 - 2030 has set out orientations to build a green, circular, environmentally friendly economy, promoting circular economy to serve production.
Since then, the Vietnamese Government has approved the National Strategy for Green Growth in October 2022, issuing Decision No. 687/QD-TTg approving the circular economy development project. It has also approved the Scheme for Circular Economy to commit to the green path
