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Circular Economy: Drivers and Barriers to Development – Experience from Other Countries to Vietnam

In: Proceedings of the International Conference on Emerging Challenges: Strategic Adaptation in the World of Uncertainties (ICECH 2022)

Author

Listed:
  • Thuy Trinh Thu

    (Hanoi University of Science and Technology, School of Economics and Management)

Abstract

As resource use is increasing globally, natural resources are nowadays more constraint and expensive, the extraction and usage of resources have a remarkable impact on the environment. The efficient use of resources is at the heart of current policies across countries. All policies recognize the need to improve and enhance human welfare, along with the resource efficiency and environmental protection. Many countries have approached and applied the circular economy model to promote resource efficiency and sustainable development. Vietnam is currently working on establishing a legal framework for the application of circular economy models to production, business activities and daily life. Circular economy is being studied and integrated into economic development policies and strategies at all levels. By the desk research, this paper is aimed to synthesize the drives and barriers of circular economy development. The main findings indicate that (i) the barriers are more than drivers; (ii) government policies, macroeconomics, information and consumers are main important drivers to promote circular production in business; (iv) some successful circular models in Vietnam relate to agricultural fields and (iv) the experience of other countries is meaningful for Vietnam in developing circular economy models and sustainable development.

Suggested Citation

  • Thuy Trinh Thu, 2023. "Circular Economy: Drivers and Barriers to Development – Experience from Other Countries to Vietnam," Advances in Economics, Business and Management Research, in: Tra Lam Pham & Quang Huy Pham (ed.), Proceedings of the International Conference on Emerging Challenges: Strategic Adaptation in the World of Uncertainties (ICECH 2022), pages 320-341, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-150-0_22
    DOI: 10.2991/978-94-6463-150-0_22
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