Vice Chairman of VCCI, Hoang Quang Phong, spoke at the Hanoi PlasPrintPack 2023 event.

To meet international commitments and pursue the standards of a circular economy, the Vietnamese Government has implemented various sustainable policy initiatives. One of them is to promote collection, recycling, and reuse efforts to minimize the depletion of natural resources and reduce plastic waste in the environment.

For the plastic, packaging, and printing industries in Vietnam, there are significant opportunities and challenges. Firstly, it presents an opportunity for technological and material innovation towards greening the industry.

According to Vice Chairman of VCCI, Hoang Quang Phong, despite the impact of Covid-19 and global economic recession, Vietnam's plastic, packaging, and printing industry have continued to grow. It is considered a significant supporting industry in the country's production.

According to the Vice Chairman of VCCI, plastic, packaging, and printing are crucial supporting industries.

"The plastic, packaging, and printing industry has been experiencing rapid growth and is considered a high-potential supporting industry that increasingly demands products with advanced technology, modern production processes, and management to enhance competitiveness in the market," said Mr. Hoang Quang Phong at the Hanoi PlasPrintPack 2023 Exhibition on June 8.

However, Vietnam's industry in this sector also faces numerous challenges amidst the new trends. The growth rate of the industry has shown signs of slowdown since the beginning of 2023 due to external factors. Additionally, this industry is still heavily dependent on imported raw materials, accounting for 70-80% for many years. The machinery and equipment system is also not domestically produced but entirely imported from abroad.

Therefore, in order to truly harness the potential for sustainable transformation, plastic enterprises in Vietnam need to have a clear understanding of the circular economy roadmap. This involves aligning partners in the plastic value chain and collaborating in the design, use, and reuse of plastic.

Plastic waste remains a challenging issue for the Vietnamese economy, requiring investment for resolution (Photo: VTV).

Furthermore, the government should continue to encourage prioritizing materials that contribute to plastic recycling and reuse. There should also be a system in place to hold plastic packaging producers accountable and invest in recycling infrastructure.

According to VCCI leaders, the circular economy that Vietnam is pursuing focuses on the reuse of materials, reducing resource consumption, improving production efficiency, and minimizing environmental impact.

Therefore, transitioning towards a model that ensures economic and social development while safeguarding the environment is an inevitable trend for the industry. It aims to achieve economic, social, and environmental objectives in the future.