FOREIGN TRADE UNIVERSITY

DEPARTMENT OF INTERNATIONAL ECONOMICS

==========

MACROECONOMICS 1
Assignment
CIRCULAR ECONOMY AND ITS APPLICATION
IN VIETNAM
Team 1 – Class: KTEE204.3
Hoà
ng Lê Giang. MSV: 2012450015
Ngu
yễn Anh Tú. MSV: 2013450063
Ngu
yễn Quỳnh Anh. MSV: 2013450004
Chu
Nam Khánh. MSV: 2011450202
Hà
Phương Thảo. MSV: 2014450216
Trịn
h Thị Thu Hiền. MSV: 2013450018
Ngu
yễn Linh Chi. MSV: 2013450007
Ngu
yễn Kim Chi. MSV: 2013450008
Trầ
n Phương Ngọc. MSV: 2013450045
Trầ
n Hoàng Tùng. MSV: 2014450337
 Ph
ạm Khánh Linh. MSV: 2013450032
 Ng

Hanoi, March 18, 2021

 Table of Contents

Introduction 1
Chapter 1: Overview of Circular Economy 2
1.1. Definition of circular economy 2
1.2. Difference between traditional economy and circular economy 2
1.2.1. Difference in process 2
1.3. Components of circular economy 3
1.3.1. Closed cycles 3
1.3.2. Renewable energy 3
1.3.3. Systems thinking 3
1.4. Examples of circular economy in the World 4
1.4.1. Examples from Germany 4
1.4.2. Examples from Japan 6
Chapter 2: Potential of Circular Economy in Vietnam 8
2.1. Opportunities and challenges of circular economy in Vietnam 8
2.1.1. Opportunities of circular economy in Vietnam 8
2.1.2. Challenges of circular economy in Vietnam 8
2.2. The practical application of circular economy in Vietnam 9
2.2.1. Circular Economy Policy in Vietnam 9
2.2.2. Circular economy in Vietnam’s practice 10
2.3. Achievements and Limitations of Circular economy in Vietnam 10
2.3.1. Achievements of circular economy in Vietnam 10
2.3.2. Limitations of circular economy in Vietnam 11
Chapter 3: Recommendations for applying circular economy in Vietnam 13
3.1. Promoting research and technology development 13
3.2. Investing in renewable energy 13
 3.3. Applying comprehensive waste treatment measures 13
3.4. Imposing "sustainable taxation" 14
3.5. Improving education and people's awareness 14
3.6. Continuing to reform the current legal framework 15
Conclusion 16
References 17

List of Tables

Table 1.1: Estimated CO2 Reduction by 2020 Compared to 2005 (UBA, 2020) 6

List of Figures

Figure 1.1: The large reuse of raw materials in a circular economy (PBL, 2019)
2
Figure 1.2: The difference between eco-effectiveness and eco-efficiency (EPEA
GmbH, 2013) 3
Figure 1.3: Some of the elements of a circular economy mentioned above and
others in relation to each other (Source: PBL, 2019) 4
Figure 1.4: Municipal Waste Recycling Rates in European Countries, 2004 and
2012 (Source: Eurostat, 2013) 5
 Introduction

1. Reason for choosing the topic

Global economic implementation has achieved great achievements but has also
resulted in a scarcity of natural resources and increased emissions. To address
those issues, countries all over the world, including Vietnam, are striving to
develop a circular economy to address economic growth challenges while also
protecting the environment.
For that reason, our team has chosen the topic “Circular Economy and its
application for Vietnam”, looking systematically into the situation of circular
economy in countries around the world, in general, and in Vietnam in particular
for a better understanding of the issue, and from the results, deriving lessons and
recommendation for Vietnam in its path to a circular economy.

2. Objective of the report

The report delves into the circulation economy situations of different countries around
the world and the opportunities as well as the challenges of circulation economy on
economic growth in respective nations. Afterward, the report examines the conditions
in Vietnam, and offers recommendations suitable for the economic environment as
well as the progress of the country, at both the micro and macro level.

3. Scope and object of the report

In order to have a comprehensive view of the global circular economy, the report will
research circular economy in some leading countries. It will also study the reality of
the circular economy in Vietnam alongside its plausibility of reaching sustainable
growth.

4. Methodology
The report uses qualitative research methods; however, due to restrictions of
geography and the wide scope of subjects, the report will derive and analyze data
through existing documents from various sources.

5. Structure of the report

Aside from the introduction, literature review, conclusion remarks, and references, the
report comprises 3 chapters:
Chapter 1: Overview of Circular Economy

1
Chapter 2: Potential of Circular Economy in Vietnam
Chapter 3: Recommendations for Applying Circular Economy in Vietnam

2
 Chapter 1: Overview of Circular Economy

1.1.Definition of circular economy

A circular economy (also referred to as "circularity") is an economic system aimed

at eliminating waste and the continual use of resources (Prosper Economy, 2019).
Circular systems employ reuse, sharing, repair, refurbishment, remanufacturing and
recycling to create a closed-loop system, minimising the use of resource inputs and
the creation of waste, pollution and carbon emissions (wikipedia).

1.2.Difference between traditional economy and circular economy

There are 2 fundamental differences between circular economy and linear economy.
In a linear economy all products that are made from raw materials are often thrown
away after use. On the contrary, in a circular economy, All raw materials happen in
closed cycles, minimising the use of resource inputs and the creation of waste,
pollution and carbon emissions.

1.2.1. Difference in process

What elements does a circular economy include? They are the 3Rs: reduce, reuse and
recycle. Besides, using goods with more people, such as shared car is also considered
the parts of the 3Rs. In the system, based on value preservation, value is created.

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 Figure 1.1: The large reuse of raw materials in a circular economy (PBL, 2019)

The way in which value is created or maintained is the primary difference between
the circular system and the linear.

1.2.2. Difference in focus

The circular economy focuses on developing sustainability that never seems to exit in
a linear economy. The core point of sustainability within a linear economy is eco-
efficiency, which means minimizing the resources used in producing a unit of output
(Di Maio, Rem, Baldï, and Polder, 2017).

To illustrate the difference between eco-efficiency and eco-effectivity, let’s do a

detailed analysis about the production of beef. Altering the way cows are fed to
reduce the amount of methane gas emitting to the environment means that we can
create and maintain sustainability from beef production.

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Figure 1.2: The difference between eco-effectiveness and eco-efficiency (EPEA
GmbH, 2013)

1.3.Components of circular economy

According to Korhonen, Nuur, Feldmann & Birkie (2018), there are 3 main factors
making a crucial contribution to system change:

1.3.1. Closed cycles

In a circular economy, material cycles are closed following the example of an
ecosystem. It is essential to eliminate toxic substances and residual flows are divided
into a biological and a technical cycle. Producers take back their products after use
and repair them for a new useful life (Ellen MacArthur Foundation, 2015) . In this
system, we put an emphasis on selecting materials properly and producing high-
quality items as well.
1.3.2. Renewable energy
In a circular economy, producers pay attention to not only the quality of raw
materials and recycled products but also how long energy lasts. The renewable
energy source is the key point of the circular economic system. Renewable energy,
which is useful and clean energy, is collected from natural sources or processes which
are constantly replenished, such as the co-production of heat and power.

1.3.3. Systems thinking

Besides, systems thinking is also indispensable factors in the circular economy. All
actors in the economy (company, person, organism) are connected to each other. To

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take this into account, the short and long term consequences must be considered, as
well as the influence of the entire value chain (Ellen MacArthur Foundation, 2015).

Figure 1.3: Some of the elements of a circular economy mentioned above and others
in relation to each other (Source: PBL, 2019)

1.4.Examples of circular economy in the World

1.4.1. Examples from Germany
Resource Efficiency and Circular Economy Strategies and Policies
Germany is the country that laid a primary foundation for a more efficient and
sustainable growth in the circular country.Germany government conducts strategies
to foster a circular economy, ranging from recycling to waste minimisation or waste
incineration for electricity and heat generation.

In 1991, the German packaging law that was a recycling policy came into force,
obliged manufacturers to recycle all packaging materials. As a result, the German
industry has built and developed a collection system of recyclable materials and
regular waste-collection systems.Duales System Deutschland help improve the
recycling rate from the current level of 62 percent (Figure 1.4) of the municipal waste
(EEA, 2013).

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Figure 1.4: Municipal Waste Recycling Rates in European Countries, 2004 and 2012
(Source: Eurostat, 2013)

Low-Carbon Development Strategies and Policies

Germany is committed to decline GHG release by 40 percent in case the other EU
member states execute the agreement with the EU’s 30-percent reduction target for
2020. Germany’s Integrated Climate and Energy Program putting forward policy
measures for the energy sector is in the framework of this economy wide aim.

For example, the Renewable Energy Act makes a profound contribution to boost
innovation and development in renewable energy industries, such as photovoltaics
and wind power. Businesses receive a feed-in tariff, which is well above the average
price to bridge the gap in the current price of thermal-powered electricity renewable
energies.
Description of the Key Policies Related to the Industry Case Study: National Policies
for Reducing GHG Emissions from Road Transport in Germany

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Germany conducts the transport measures to reduce GHG emissions by 30 million
metric tonnes per year by 2020 compared to 2005 (ITF, 2010).
With the view to decreasing by 7 percent the CO2 releases related to diesel and
petrol consumption, the federal government is under obligation to expand the use of
biofuels. However, infact, it is impossible to gain emission when the entire impact of
the measures will not be sufficient. Thanks to the effective combination off the
measures, GHG emissions reductions are estimated to account for 28 million metric
tonnes or about 18 percent below the 2005 levels (IEA,2012).

Table 1.1: Estimated CO2 Reduction by 2020 Compared to 2005 (UBA, 2020)

1.4.2. Examples from Japan

Japan is the forerunner Asian nation who has started a circular economy by carrying
out closed cycle waste management and ensuring environmentally compatible waste
disposal and assimilative waste capacity.

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The government put comprehensiveness and collaboration at the heart of the
system. The system has 3 key features:
- Recycling infrastructure is co-owned: The laws requires a consortium of
manufactures to run disassembly plants, ensuring they directly get benefit from
recovering materials and parts.
- Consumer friendly collection: For appliances, collecting old one for recycling
is so comprehensive and easy. For old IT equipment, the manufacturer can be
requested to get it by local authorities from the doorstep, or it can be taken to
any post office to be returned to them.
- Consumer pay fees up front: for electronics, the cost of transport and recovery
is paid for at the point of purchase, meaning that the customer does not have
any disincentive to participate when a product comes to the end of its life.
Penalties for fly tipping are also stiff.
In fact, The Government of Japan has developed a comprehensive legal framework
for the country’s move towards a recycling-based society (METI, 2004; Morioka et al.,
2005)

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 Chapter 2: Potential of Circular Economy in Vietnam

2.1.Opportunities and challenges of circular economy in Vietnam

2.1.1. Opportunities of circular economy in Vietnam
First, circular economy is a global trend that has been successfully demonstrated in
many countries around the world, such as Sweden, Denmark, Finland, Canada, Japan,
China, Singapore ..., so Vietnam will learn from the experience of such pioneers and
this will go in line with the general trend.

Second, Vietnam is perfecting its socialist-oriented market economy institution; the

transformation from "linear economy" to "circular economy" contributes to rapid and
sustainable economic development.

Third, encouragement and new mechanisms for the development of the private
economic sector in a competitive market will create ample opportunity for its
investment in implementing a circular economy in the future.

Fourth, we have been heading to the Fourth Industrial Revolution; therefore,

implementing a circular economy associated with high technology, moving from a
physical world to a digital one will be a great opportunity to boost economic growth
compared to the previous growth stimulating methods.

Next, the pressure of resource depletion, environmental pollution, huge amount of

waste, especially plastic one, will be reduced in the circular economy. Besides,
Vietnam is implementing Sustainable Development Goals (SDGs) and responding to
climate change. Adopting circular economy helps to reduce greenhouse gases
because they are recovered almost completely, no emissions to the environment.
Developing a circular economy is exactly the way to achieve many goals and targets
of SDGs.

Last, circular economic development will receive high consensus and support from
the society since it addresses resource scarcity, environment protection, climate
change responses and brings about high economic efficiency.

2.1.2. Challenges of circular economy in Vietnam

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First, it is a significant challenge to foster full awareness of the circular economy from
design to implementation in all sectors and fields among businesses, citizens and
managerial levels, and leaders to reach a common consensus.

Second, the circular economy is associated with technological innovation and model
design while Vietnam is a developing country with outdated technology and small-
scale production.

Third, Vietnam has not had a legal corridor for developing a circular economy. This
issue needs to be resolved; otherwise, the implementation of circular economy is
spontaneous and subject to market dynamics.

Fourth, Vietnam has not developed a set of criteria to identify, evaluate, summarize
and give an accurate classification of circular economy development. This is a major
challenge to learn to what extent the current economic development in different
industries, fields and localities has approached a circular economy.

Fifth, circular economy is the culmination of zero-emission approach which requires a

truly coordinated sharing of economic benefits. Hence, the challenge to use
economic incentives and market mechanisms to engage stakeholders in
implementing circular economy is enormous.

Sixth, the implementation of circular economy requires good experts who are
capable of handling stages from designing to the final stage of reuse and recycling of
waste. Currently, there are no trained experts in this field and no training majors for
these experts.

Seventh, the circular economy requires classification and cleaning of waste before
being reused and recycled, which is a great challenge to the practice of Vietnam's
economy and the awareness of household sorting of waste at source.

2.2.The practical application of circular economy in Vietnam

2.2.1. Circular Economy Policy in Vietnam

The State Government issued plenty of strategies that supported one or more aspects
of Circular Economy, as follows:

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 - Sustainable Development Strategy of Vietnam period 2011-2020 included a task
to build a system of integrated solid waste management, in which solid wastes
are classified at source, collected, reused, recycled and thoroughly treated with
appropriate advanced technologies (Government of Vietnam, 2012)
- National Environmental Protection Strategy by 2020, with a vision toward
2030 detailed plenty of measures to enhance the reduce, reuse and recycle (3R)
(Government of Vietnam, 2012). The measures included improving the
institution and legal system for 3R, reducing the production and use of bags and
packaging that are difficult to decompose, waste-recycling capacity building
programs, etc. This Strategy was then followed by a plan for implementation
(Government of Vietnam, 2014) and Decision 50/2013/QD-TTg on prescribing
retrieval and disposal of discarded products (Government of Vietnam, 2013)
- The National Green Growth Strategy
- Strategy on Cleaner Production in Industry to 2020
- National Strategy for General Management of Solid Waste to 2025
- National Action Plan on Sustainable Production and Consumption up to 2020,

In sum, although the term “Circular Economy” has not been officially used in any
CPV’s document or Vietnam’s legal documents, many aspects of circular economy
have been addressed and supported. They include (i) consuming less raw materials,
reducing energy leakages and waste; (ii) enhancing the use of renewable energy,
limiting the use of fossil fuels; (iii) reducing the use of plastic and promoting the use
of environmentally friendly products, etc. These indicate that the Communist Party of
Vietnam and the State Government have great desire for the transition and have
actually initiated it toward Circular Economy. 

2.2.2. Circular economy in Vietnam’s practice

Turning to Circular economy in Vietnam’s practice, initially, Vietnam already has a

number of models approaching circular. Though there are many limitations, such as
causing environmental pollution, these models have also initially approached the
circular economy. Therefore, a number of new models have been formed towards
closer to the circular economy such as: the model of eco-industrial parks in some
localities; the "Zero waste to nature" initiative initiated by VCCI; models of processing
aquatic by-products; Vietnam Packaging Recycling Alliance; Vietnam's global plastic
partner; The business community is also very actively responding to the circular
economic model. 

We would like to point out the bio-based circular economy model. In a bio-based
circular economy, in an easy to understand way, material and nutrient flows form
loops and consequently, a significant amount of waste would be turned into useful

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materials. So far, Vietnam has witnessed several notable good practices which are
Biogas in Huế, Bio-fertilizer in Đà Nẵng and Solid waste recycling in Đà Nẵng.

2.3.Achievements and Limitations of Circular economy in Vietnam

2.3.1. Achievements of circular economy in Vietnam
Saving Resources, Waste Treatment
Currently, the linear economy operates like a flow, turning raw materials from natural
resources into products and then sold through a series of steps to add added value,
following the trend of selling more and more. the better, leading to a waste of
resources.

Unlike a linear economy, a circular economy is like a lake, using the recycling of
redundant materials and waste to create new products as the main operating
principle. For example, cleaning a glass bottle and using it again is faster and cheaper
than recycling the glass or making a new bottle from ore. Or to put it another way, in
this circulating "lake", the waste of one product is the input of another product, every
type of waste is analysed, researched and recycled.

Save Production Costs

According to the cyclical principle, some industries will use the "waste" of this
product as input material for new products. So the price of this "material" is
extremely cheap, cheaper than the cost of buying new materials, saves input costs,
and saves natural resources.

Job Creation
The collection, repair, recycling, and re-production of waste is a long period, requiring
a lot of manpower to produce and research. So the Circulatory Economy is a model
that promotes job solving. Contribute to national construction and development.

2.3.2. Limitations of circular economy in Vietnam

Consumer's Habit
Today, Vietnamese people use 20 times more plastic than 50 years ago.  Vietnamese
per capita plastic waste is the third highest in Southeast Asia after increasing more
than 10-fold in the last three decades. Each Vietnamese person consumed only 3.8 kg
of plastic in 1990, but 28 years later this had risen to 41.3 kg, according to a report
released on Wednesday by Ipsos Business Consulting, a global growth strategy
consulting firm based in Paris.

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Figure 2: Waste Consumption of Gè Cát (HCM City) Landfill in 2003.

Changing thinking, raising the people's knowledge is as difficult as restoring

exhausted natural resources.

Low Technology, Lack of Infrastructure, Lack of Investment Capital

The technology of preliminarily processing, processing, classifying, researching trash,
operating the circulation chain properly and optimally is a difficult stage, requiring a
lot of capital investment in advanced technology and infrastructure. As a country on
the way of development, Vietnam faces great challenges in providing capital to
businesses.

Currently, the lack of infrastructure, investment capital and high technology is the
biggest barrier that makes Vietnam unable to make the Circular Economic model a
major development direction.

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 Chapter 3: Recommendations for applying circular economy in Vietnam

3.1. Promoting research and technology development

The realization of a circular economy should be associated with technological

development, digital economy, and industrial revolution 4.0. Technological innovation
is the core, an important factor determining the success of applying the circular
economic model. Technology will bring a lot of benefits to Vietnam, such as
implementing an efficient circular economy model, reducing pollution emissions,
conserving nature and biodiversity, avoiding overexploitation of resources, while
simultaneously creating new job opportunities and ensuring the target of this economic
model.

To accelerate technology development, the government should first encourage

education. They should invest more to award scholarships and expand learning
opportunities from developed countries, especially those that apply circular economy
models successfully such as The Netherlands, France, Italy, Belgium, Germany, Spain,
Sweden, Australia, and Denmark…

Besides, the government can also foster creativity and encourage inventiveness by
holding competitions in order to motivate learning and technology research.

3.2.Investing in renewable energy

According to the United Nations (2019), the global population will increase from 7.5
billion in current date to around 10 billion in 2050, which inevitably leads to a rise in
the demand for raw materials. New emerging economies and innovative technological
applications all require energy. Vietnam has enormous potential for wind, solar, and
tidal energy, with a coastline of more than three thousand kilometers. Being
considered a country with renewable energy potential in Southeast Asia, Vietnam
should find a way to optimize its potential. Renewable energy usage decreases the
burden to the economy and is one of the most important components of a circular
economy. 

To be able to provide enough renewable energy and successfully apply the circular
economy model, Vietnam's main mission is to encourage the expansion and
development of renewable energy and gradually reduce its dependence on traditional
forms of electricity generation such as fossil energy. It has been forecasted by local

15
experts that the development of renewable energy will help Vietnam reduce fuel
imports by as much as sixty percent and mitigate the risk of fluctuations in fuel prices.

3.3.Applying comprehensive waste treatment measures

Currently, Vietnam is facing increasing production - consumption of plastic,

especially plastic packaging, and facing many problems related to plastic waste
management. There are a diverse range of reason for those problems. Dense
system of industrial zones where production occurs highly leads to mass-
production waste. At the same time, information and available data on formal
and informal sector organizations participating in waste management system,
and on effective sorting and recycling, remains limited. To completely solve
these problems, Vietnam should follow circular economic model. Not only
applying mechanisms and policies for clean technology development, waste
minimization, reuse and recycling to make waste be a resource in the economy
both in terms of production and consumption, but the goverment also need
administrate from the production stage strictly to reduce recycling costs.

3.4.Imposing "sustainable taxation"

Sustainable taxation is a tax on non-renewable energy and materials. It can be

applied on non-recyclable material usage as well as resource-exploiting
activities (e.g. mining, construction, manufacturing). At the same time, no
value-added activities and activities aimed at preserving value can be exempt
from tax.

3.5.Improving education and people's awareness

Circular economy is a global trend that has been successfully demonstrated in

many countries around the world, such as Sweden, Denmark, Finland, Canada,
Japan, China, Singapore..., Vietnam has a need for learning from the experience
of such pioneers thereby transferring and applying it to specific circumstances
of Vietnam.

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Vietnam needs to deploy extensive research on the development of circular
economy models from a global general approach to apply specifically to
Vietnamese circumstances and widely propagated to businesses, people,
managers to have the right view about circular economy.

Moreover, it would be useless when people are not taking steps to protect the
environment in their lives as the world's population grows substantially even if
the government invested heavily in the circular economy. Therefore, it is
necessary to consolidate social/cultural awareness towards environmental
sustainability which plays an important role in development of circular
economy, especially focusing on some kinds of waste treatment needs to be
sorted at source.

The government can encourage people to reduce using products that come
with non recyclable packaging, such as plastic or nylon bags, by using personal
baskets for goods from markets; to use personal wooden or bamboo cups,
spoons, forks, chopsticks… in place of one-time plastic one; to making use of
countless online resources; or to choose to use energy-saving devices and
renewable energy compatible appliances in your daily activities. Additionally, it
would be better for everyone to try to find and buy green products from
ecological companies, which apply the circular economy model.

3.6.Continuing to reform the current legal framework

Although the Ministry of Natural Resources and Environment issued Decree

155/2016 / NĐ-CP to punish administrative violations in the field of
environmental protection, and there have been changes in environmental
protection, there are still many obstacles in the process of implementing a
circular economy.

Therefore, Vietnam needs to continue to revise and perfect its legal corridor to
serve the development of a circular economy. Enterprises should be required
to manage projects according to the life cycle, set up a roadmap for
development, and apply environmental standards equivalent to those of

17
advanced countries in the region. Along with that, accelerate the completion
and enactment of incentive mechanisms and policies to support the promotion
of environmental industries, including the recycling industry.

The government needs to develop a detailed and clear roadmap for the
transition to circular economic model development, identifying development
priorities based on market needs and social demands. The experience of the
UK, France, Finland, the Netherlands and more recently Malaysia shows that it
is necessary to have a roadmap to realize a circular economy.

Enterprises are the central driving force, the State plays a constructive role. The
creation role of the State is shown in creating an environment for circular
economic development. Vietnam should consider incorporating these
approaches to realize circular economy.

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 Conclusion

The circular economy is an economic model in which design, production and service
activities aim to prolong the life of matter and eliminate negative environmental
impacts. This is an economic model in which special attention is paid to resource
management and regeneration in a closed loop, in order to avoid creating waste and
polluting the environment.

Therefore, Vietnam needs to take steps to encourage the development of circular

economy sooner rather than later. However, circular economic development in
Vietnam requires a clear understanding of the nature and justification of this model of
development. In order to develop a circular economy, it is necessary to review and
evaluate existing development models for the agriculture, industry, services, and
tourism sectors, thereby identifying the ways of development closer to approach the
circular economy as a basis for development. Circular economic development needs to
be aware of the opportunities to take advantage of these occasions. On the other hand,
it is also necessary to recognize the challenges that circular economic development
will face in order to take remedial measures. To develop circular economic, the
government needs to have appropriate solutions based on Vietnam's circumstances and
lessons learned from the world. The circular economic model will help improve the
economy's competitiveness. Therefore, in the coming time, we need to take advantage
of opportunities for circular economic development towards sustainable development.

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