When the global treaty on plastic pollution is adopted and enters into force, Viet Nam, like many other countries on the pathway to reducing plastic use, will need to ensure sustainable financial resources to effectively implement the commitments it has made.
Mr. Le Ngoc Tuan, Director General of International Cooperation Department, stated that in efforts to address plastic pollution in recent years, Vietnamese government agencies and local authorities have closely coordinated with international partners, non-governmental organizations, and businesses to implement programs and projects aimed at tackling plastic pollution. As a result, Viet Nam has achieved many notable accomplishments in reducing plastic pollution and has gradually improved its national image, removing itself from the list of countries considered among the world’s top plastic polluters.
To continue fulfilling its commitment to reducing plastic pollution, Viet Nam needs to seek financial instruments to address this challenge, create incentives for innovative initiatives, move toward a circular plastics economy, and promote green, inclusive, and sustainable economic development. Accordingly, it is recommended to deploy financial solutions to address plastic pollution in Viet Nam, ensuring the participation of stakeholders including government agencies, businesses, and financial institutions, and securing the resources needed to implement related activities.
Viet Nam releases an average of about 1.8 million tonnes of plastic waste into the environment each year, most of which consists of plastic bagsAccording to statistics, approximately 300 million tonnes of plastic waste are discharged into the environment globally each year. In Viet Nam alone, an average of about 1.8 million tonnes of plastic waste is released into the environment annually, of which between 0.28 and 0.73 million tonnes enter the marine environment. However, only 27% of this plastic waste is recycled or recovered by facilities and enterprises.
Plastic waste pollution poses a major environmental challenge that requires effective solutions and substantial financial resources. Projections indicate that by 2040, plastic leakage into the environment could reach 30 million tonnes per year, including around 9 million tonnes entering the oceans and aquatic environments. Countries in the ASEAN region are among the largest contributors of plastic pollution to the oceans, accounting for approximately 65% of total global marine plastic emissions.
Processing plastic bottles at a recycling facilityMr. Le Ngoc Tuan, Director General of the Department of International Cooperation, Ministry of Natural Resources and Environment, further noted that according to the OECD report “Policy Scenarios to Eliminate Plastic Pollution by 2040”, ending plastic pollution will require mobilizing significant financial resources. Global investment needs for plastic waste management are projected to reach approximately USD 2.1 trillion during the period from 2020 to 2040. In Viet Nam, investment requirements for implementing policies to reduce plastic pollution, combined with the application of circular plastics models and the acceleration of transformation within the manufacturing sector, are expected to be very substantial.
According to expert Pham Manh Hoai, the INC-5 negotiation session achieved several significant advances toward a legally binding global treaty on plastic pollution. However, major challenges remain, particularly in establishing equitable financial mechanisms and mobilizing resources effectively to address plastic pollution. In addition, it is essential to ensure a clear financial roadmap and to integrate treaty commitments into national plans for transitioning toward a circular plastics economy.
Effective solutions currently being proposed include results-based bonds, green bonds, blue bonds, plastic credits, and public–private partnerships, which can help unlock and mobilize financial resources to address this issue.