First Institute of Circular Economy Development established in Vietnam

The signing of a collaboration agreement between the Institute of Circular Development and Institute of Strategy and Policy on Natural Resources and Environment

Nguyen Hong Quan, chairman of the Institute for Circular Economy Development (IECD), said that the institute will contribute to the achievement of 17 United Nations Sustainable Development Goals, which is also Vietnam's promise for further international integration.

The fact that the linear economy of take-make-dispose causes the fast depletion of natural resources, with heaps of waste and heavy water shortages and air pollution. The new institute would promote a more sustainable alternative based on the rules of reducing, reusing, and recycling natural resources. “This is an efficient solution for our sustainable development,” said Philipp Rösler, former CEO of World Economic Forum and consultant for ICED.

Vietnam has strong prospects for sustainable development due to the enormous contributions of both its political system and society. The country will soon see the first benefits of a sustainable economy promoted by the state and the government, enterprises willing to take a big leap forward, international support, as well as engagement by the academia and social groups.

At the establishment ceremony, Associate Prof. Dr. Huynh Thanh Dat stated that the world economy is coping with big challenges, including increasing demand for raw materials; interdependence between nations resulting in political tensions and instability bringing about economic risks; severe and serious negative impacts of climate change; and the plastic waste problem. The conversion from linear to circular economy would somewhat respond to these challenges.

The ICED has signed contracts with Nutifood Group, VinaCapital Group, the Institute of Strategy and Policy on Natural Resources and Environment under the Ministry of Natural Resources and Environment, the Institute of Research and Development under the People’s Committee of Ho Chi Minh City and the Packaging Recycling Organization Vietnam (PRO Vietnam) to receive financial and management support.