Việt Nam targets to shift to a circular, green economy with low carbon emssions. — VNA/VNS Photo for illustration

HÀ NỘI — Việt Nam is working to shift from a linear economy to a circular economy based on the three pillars of designing and prolonging material lifespan, reducing waste and emissions, and restoring the ecological system, Minister of Natural Resources and Environment Trần Hồng Hà has said.

The minister made the statement during a webinar held in Hà Nội on Wednesday on the sidelines of the World Circular Economy Forum.

Organised by the Ministry of Natural Resources and Environment (MoNRE)’s Institute of Strategy and Policy on Natural Resources and Environment, the Asian Development Bank Institute (ADBI) and the Finnish Innovation Fund (SITRA), the event aimed to introduce policies and case studies on the circular economy, principles and recommendations, and discuss green economic recovery after the COVID-19 pandemic.

Speaking at the event, Hà said the shift to a circular, green economy with low carbon emissions is an indispensable trend and a revolution of the green industry, presenting a chance for the global community to deliver on international commitments in environmental protection and climate change response.

In response to the World Environment Day (June 5), Việt Nam has launched a number of programmes during the Action Month for the Environment to encourage the development of the circular economy via sustainable production and consumption, he said.

The MoNRE is working with agencies to build regulations on criteria, roadmaps and mechanisms to encourage the development of the circular economy in the country.

The MoNRE, in collaboration with the Finance Ministry, is restructuring the system of economic and financial tools in the field of natural resources and the environment, thus ensuring national financial safety and meeting environmental protection requirements.

According to the minister, the MoNRE is also partnering with the Ministry of Information and Communications, ministries and agencies to build a database to serve national digital transformation.

Participants at the event looked into the legal framework, national and regional policies and regulations, opportunities for the private sector and innovations in cities, and the best solutions to the shift to the circular economy. — VNS