Part 1
Starting background of the project/
initiative
According to the Market Research Report for Vietnam – Opportunities and Challenges for Plastic Recycling conducted by IFC and the World Bank, annually, up to 2.62 million tons of non-recycled plastic waste lead to the loss of 75% of the plastic material's value, equivalent to USD 2.2 - 2.9 billion each year. The recycling industry in Vietnam has abundant raw materials but is underdeveloped, with a plastic recycling rate of only 33%. The main reason is the low demand for post-consumer recycled plastic (PCR) as the use of virgin plastic is easier and more cost-effective. In Unilever VN's efforts to protect the Earth's greenery, it emphasizes the establishment of a circular economy. This is a sustainable development trend aimed at two goals: addressing the depletion of input resources and addressing environmental pollution during the production and business processes. The circular plastic economy model will be a key driver for the company to achieve the goal of bringing plastic into the recycling loop, simultaneously protecting the environment and increasing economic efficiency.