PROMOTING CIRCULAR ECONOMY IN EMERGING MARKETS: POLICY LESSONS FROM VIETNAM

In the context of globalization and climate change, the circular economy has emerged as a key development strategy, particularly in emerging economies such as Vietnam. This paper analyzes the circular economy policy framework in Vietnam, drawing upon institutional theory and public policy analysis to clarify institutional, financial, and implementation barriers. The study employs a qualitative approach supplemented by illustrative quantitative data, utilizing legal document reviews, green growth strategies, and expert interviews. The findings reveal that, despite Vietnam’s adoption of significant policies such as the 2020 Law on Environmental Protection and the National Green Growth Strategy, the implementation of the circular economy remains fragmented, especially at the local level. Building on practical lessons and international comparisons, the study proposes policy implications concerning institutions, green finance, communication, and performance measurement in order to enhance the effectiveness of circular economy implementation in Vietnam and comparable developing countries.