RECYCLE PLASTIC WASTE IN VIETNAM

No recycling plastic waste, Vietnam wasted nearly 3 billion USD per year.

About 1/3 of 3.9 million tons of plastic waste in Vietnam were recycled, making the economy wasted from nearly 3 billion USD each year.

In 2019, IFC and the World Bank published a market research report for Vietnam - opportunities and barriers for plastic circulation. According to the report, only 1.28 million tons (33%) of the 3.9 million tons of plastic types of all kinds are popularly used annually in Vietnam with recalled and recycled. The study estimates that the economy has wasted 75% of the material value of plastic, equivalent to 2.2 - 2.9 billion USD per year.

Many causes of low plastic recycling rate in Vietnam such as: lack of sustainable demand for recycled plastic in the locality, the financial access capacity of the recycling unit, especially small and medium enterprises. In addition, the low plastic recycling rate is due to irregular supply and risks from the informal area, depending heavily on import of plastic scrap, without design standards for recycling, and the management system. Waste physics prioritize collection and treatment more than recycling.

Some solutions can be implemented such as:

·       Expanding the scale of domestic recycling industry by improving the environment favorable for investment of the private sector

·       Government should invest in infrastructures to enhance waste management capacity

·       Establish "Recycle Rules" for products popular with people

·       Requirements to comply with the standards for plastic products, especially for packaging ...

A circulating economy is very important for Vietnam to achieve low carbon growth targets. Plastic recycling not only solves the problem of plastic pollution but also helps reduce greenhouse gas emissions and saves valuable materials. Improving the economic benefits of plastic recycling will help mobilize more investment of the private sector to resolve the resin pollution, and support important industries such as tourism, shipping, and fisheries, which are heavily affected.

INFORMATION SOURCE: IFC and the World Bank