Circular Economic Development Ensures Sustainable Development In Vietnam: Opportunities And Challenges

Document Type : Primary Research paper

Author

Institute of Strategic Development, Thu Dau Mot University, Binh Duong Province, Vietnam

Abstract

The United Nations forecasts that by 2030, the demand for natural resources will increase threefold compared to today. This is beyond the supply capacity of natural resources, many of which have fallen into depletion or are in danger of being depleted. Recognizing this problem, countries around the world are moving towards the development of a circular economy to solve the challenge between economic growth and environmental protection. In Vietnam, economic activity has so far been mainly based on the traditional approach, which is linear economy. This is also the basic cause leading to the shortage of natural resources and especially causing serious environmental pollution. In order to realize rapid and sustainable development, to harmoniously deal with the relationship between economic growth and environmental protection, to "do not trade off" economic growth with environmental pollution and degradation, to switch to an eco-friendly economy. Circular economy is the right direction. However, this transformation requires seizing the opportunities and accepting the challenges that need to be overcome. The article analyzes opportunities and challenges of circular economy development and proposes solutions to promote circular economy development for Vietnam in the coming time.

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