29. Circular economy in the mechanical industry, lessons learned and solutions to implement circular economy for VinaTechno Precision Mechanical Co., Ltd., Soc Son commune, Hanoi city

Abstract

This study focuses on analyzing the circular economy in the mechanical industry in the world and in Vietnam, thereby learning lessons learned and proposing solutions to implement the circular economy at VinaTechno Precision Mechanical Co., Ltd., Soc Son commune, Hanoi city. In the world, the circular economy in the mechanical industry has developed from theory to practice, many typical cases in the mechanical industry have shown the benefits of implementing the circular economy model, while in Vietnam, the circular economy in the mechanical industry is still in its early stages. The research results show that VinaTechno Precision Mechanical Co., Ltd., has taken initial steps in environmental management, but the integration of circular principles is still limited. The study proposed comprehensive solutions to help the Company apply circular economy, including (1) Optimizing production processes and automation to reduce waste of raw materials; (2) Reusing and recycling maximum by-products and waste; (3) Investing in clean technology and renewable energy; (4) Designing sustainable products and building a closed supply chain and (5) Some solutions on building plans and internal circular economy monitoring indicators and training programs, building a green innovation culture. This study not only provides lessons learned for the transformation to circular economy of the Company but also contributes to the general picture of the application of circular economy in manufacturing enterprises in the mechanical industry in Vietnam, thereby affirming the necessity of shifting from a traditional business model to a circular economy model, towards sustainable development.