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South Korea to develop resource recycling industrial park in Vietnam

A memorandum of understanding for a resource recycling industrial park has been signed by Vietnam’s Ministry of Natural Resources and Environment and South Korea’s Ministry of Environment, according to The Investor

Of note, Vietnam is one of the world’s largest waste producers, generating roughly 60,000 metric tons daily, according to the Ministry of Natural Resources and Environment. 

Despite the staggering volume of waste generated, waste treatment in the country remains ineffective. Currently, 70 percent of trash is buried, around 10 percent recycled and the rest, processed in other ways. According to the National Environmental Status Report in 2021, the majority of waste is taken to landfill sites, with only 20 percent meeting national sanitary requirements.

Also certain products, such as batteries and accumulators, still cannot be recycled and for products like plastics, packaging, and electronics, recycling is possible, but the infrastructure is weak, and the scale of recycling is insufficient, Mrs. Xuan Thi Quach, Coordinator of the Vietnam Zero Waste Alliance, told Vietnam News back in April.

Moreover, recycling operations in Vietnam are still characterised by manual and small-scale processes, which do not yet meet the quality requirements for producing recycled materials for export.

That said, this does mean that there is ample room for investment.

The Vietnamese waste management market is projected to reach US$6.98 billion in 2024 and US$9.73 billion by 2029, on a compound annual growth rate of 6.84 percent, according to Mordor Intelligence.

See also: How to Open a Factory in Vietnam: Ultimate Guide 2024

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