Vietnam's plastic solution competition promotes innovations for sustainable economy

The journey of "turning waste into resources" and advancing a circular economy in Vietnam is in full swing. Far from just a competition, Plastic Circular Innovation Solutions 2024 is catalyzing groundbreaking approaches to combat plastic waste.

Organized for the first time by the Ministry of Natural Resources and Environment, Unilever Vietnam, the British Chamber of Commerce (BritCham), and the Vietnam Science and Technology Entrepreneurship Fund (SVF), the competition attracted over 500 participants from various sectors. Nearly 100 innovative proposals were submitted, each presenting fresh ideas to address the urgent plastic waste problem in Vietnam.

"Plastic waste is pervasive, harming the environment across urban, rural, and coastal areas. It threatens wildlife, ecosystems, and human health. This challenge requires urgent action from all sectors of society to reduce its impact," stated Deputy Minister of Natural Resources and Environment Le Cong Thanh.

Deputy Minister of Natural Resources and Environment Le Cong Thanh speaks at the final round of the Plastic Circular Innovation Solutions 2024 competition. Photo courtesy of Unilever Vietnam

While Vietnam has taken significant strides in reducing plastic pollution, broader societal support is essential. The Plastic Circular Innovation Solutions 2024 competition aims to engage individuals, businesses, and organizations in creating solutions for collecting, processing, and recycling plastic waste.

"I believe the solutions emerging from this competition will have a meaningful impact on both the environment and the economy. They will support the implementation of Extended Producer Responsibility (EPR) and promote the circular economy in Vietnam," said Thanh.

Unilever Vietnam, as a major player in production and consumption, is committed to sustainability through circular economy practices.

Circular plastic economy model at Unilever. Photo courtesy of Unilever Vietnam

Nguyen Thi Bich Van, General Director of Unilever Vietnam, emphasized the company's dedication to reducing plastic waste by optimizing product design and packaging.

"We are working to decrease virgin plastic use and increase recyclability while maintaining product quality and consumer experience. To date, we've reduced virgin plastic use by over 50%, and 64% of our packaging is now recyclable," Van said.

She said Plastic Circular Innovation Solutions 2024 is a vital platform for discovering and fostering circular economy solutions.

"This competition is not just about ideas; it's about pioneering a greener future. Every participant here today is playing a key role in shaping that future."

Nguyen Thi Bich Van, Chairwoman of Unilever Vietnam. Photo courtesy of Unilever Vietnam

Plastic, once seen as a revolutionary material, has now become an environmental challenge. However, innovative solutions are emerging to turn this issue into an opportunity.

Bui Quang Thinh, Deputy General Director of Tan Tien Packaging Joint Stock Company, praised the competition as a crucial step in a nationwide effort to address plastic waste. He noted that it has brought together dedicated participants and motivated them to continue advancing research and development in this field.

Experts have shown strong support for the solutions in the final round. Many ideas have already been tested in real-world applications, enhancing their potential for broader use. Recognition in the competition provides teams with essential resources—both technical and financial—to refine and scale their solutions.

Nguyen Ngoc Nhu Uyen, Investment Director at Circulate Capital, highlighted some promising solutions, including bioplastics with microbial technology that self-decompose at home and multi-layer packaging that can be transformed into valuable products for industry, construction, and commerce.

"As an investor, I see tremendous potential in many of the ideas presented here," Uyen said. "Our role at Circulate Capital is to not only provide funding but also help connect teams with strategic partners, build sustainability capacity, and provide the technical expertise needed for scaling."

Over six months, from idea launch to award ceremony, the Plastic Circular Innovation Solutions 2024 competition has built positive momentum for addressing plastic waste in Vietnam. By connecting innovative ideas with funding and support from financial institutions and businesses, the competition has the potential to create new job opportunities, drive economic growth, and improve the quality of life for Vietnamese citizens - all while protecting the environment.

In closing, Nguyen Thi Bich Van said, "The solutions developed through this competition will not only help combat plastic waste but also create a foundation for a more sustainable, circular economy in Vietnam. It's an exciting time for innovation, and we are proud to be part of this transformative journey."