Launch of Hue Circular Economy Hub and Circular Economy Village Techfest 2022

In the “Sustainable Innovation Business Development 2022” Forum, the Effective Development Of Circular Economy Program held on the morning of April 08, 2022 attracted the active participation of organizations and enterprises in the circular economy.

The circular economy is considered an inevitable trend of enterprises’ development worldwide. Applying the circular business model helps enterprises reduce waste and the number of materials and resources used for production; therefore, it can significantly solve global environmental issues. As a result, this will be a mindset foundation for startups and enterprises, in Thua Thien Hue and the Central region.

To maintain and develop the circular economy efficiently for the business ecosystem, in the forum, Hue Innovation Hub launched Hue Circular Economy Hub (HueCEHub). This was a turning point in accelerating the local startup and innovation ecosystems to have more startups with solutions to environmental problems and more enterprises changing their business models to develop sustainably, following the green environmental standards.

Mr. Lai Van Manh, on behalf of the Ministry of Natural Resources and Environment of Viet Nam, shared information about Viet Nam’s circular economy policy framework and circular economy network (with regard to the implementation, application, and putting the circular economy into practice).

He mentioned that the 3 most important reasons for implementing the circular economy were:

  • First, a circular economy could help achieve the simultaneous goals of GDP growth, economic growth, reduction in resource extraction, minimization of the negative impact on the environment, and efficient use of natural capital.
  • Second, a circular economy would create more jobs.
  • Third, in the context of post-Covid-19, with the disruption in materials supply chains, the Resolution on economy recovery pointed out that circular economy was one of the solutions to boosting the post-Covid-19 economy recovery.

Circular Economy Village – Techfest 2022

Mr. Francis Tuan Anh – Head of Circular Economy Village said that the mission of Techfest 2022 was connecting the circular economy development with 3 parties: Government to support policy and communication; Universities to change the mindset of students about the circular economy and waste management; and Enterprises to provide technologies, ideas, and solutions regarding the waste management.

With regard to the vision, in 2022, Circular Economy Village will hold several activities to create local impact, at 5 innovation hubs from Ho Chi Minh City, Can Tho, Hue, Ha Noi, and Khanh Hoa. Additionally, it will cooperate in organizing a competition, which is similar to the Ending Plastic Pollution Innovation Challenge (EEPIC), for pupils, students, and startups in the circular economy.

(From left to right) Ms. Le Thi Thu Thuy, Mr. Francis Tuan Anh, Mr. Hoang Thanh Vinh, Mr. Lai Van Manh

Mr. Hoang Thanh Vinh – UNDP Viet Nam Officer shared that the circular economy has been a hot topic. For example, in 2021, Laos’ GDP was 20 billion US dollars and its population was 7 million. If it applied circular economy models wholly, 16 billion US dollars would be added to its GDP, and 1.6 million jobs would be created. This meant the circular economy was both a solution and an opportunity for the new generation.

In the circular economy, the core factor is enterprises and the tool is creativity and innovation. Enterprises must change and bring inspiration into their sustainable production and consumption, through innovative programs. UNDP is looking forward to cooperating with Hue in researching and suggesting the implementation plan for the circular economy for the province in the near future.

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About the Sustainable Innovation Business Development 2022 Forum

Sustainable Innovation Business Development Forum is the annual event organized by Hue Innovation Hub. The aim of this forum is to connect the resources that support the development of local enterprises and startup ecosystem; thus, suggesting solutions to developing businesses, and assisting the innovation activity, especially accelerating the circular economy and international commerce for enterprises.

The forum was held from April 08 – April 09, 2022, including 4 programs: the Effective Development Of Circular Economy Program, Hue Pitching 2022, Commercial Development For Enterprises Program, and Green Innovation – Sparking Young Entrepreneurs Opentalk. In addition, there will be 20 showcase stalls on art creation, technology, and circular economy solutions.

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