Pham Tien Da ; Nga Phan Thi Hang; Hang Le Thi Thuy
A icle
Fac o s a ec ing he ci cula economy in Vie nam
Con empo a y Economics
P o ided in Coope a ion wi h:
VIZJA Uni e si y, Wa saw
Sugges ed Ci a ion: Pham Tien Da ; Nga Phan Thi Hang; Hang Le Thi Thuy (2025) : Fac o s a ec ing
he ci cula economy in Vie nam, Con empo a y Economics, ISSN 2300-8814, VIZJA Uni e si y,
Wa saw, Vol. 19, Iss. 2, pp. 132-147,
h ps://doi.o g/10.5709/ce.1897-9254.558
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/323487
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En i onmen al pollu ion and esou ce deple ion a e inc easingly ad e sely a ec ing human li e, equi -
ing many coun ies o ac i ely build and de elop a ci cula economy, including Vie nam. Besides, Vie -
nam pa icipa es in many new-gene a ion ee ade ag eemen s and commi men s o sa e y s anda ds
and he ecological en i onmen . Applying he ci cula economy is an ine i able end owa d sus ain-
able de elopmen . Building a ci cula economy model has a close ela ionship wi h ac o s such as:
Reduce, Reuse, Recycle, Re hink, and Re use. They ha e played an essen ial and g oundb eaking ole in
shaping closed-loop sys ems. The e o e, he a icle aimed o disco e c i ical ac o s a ec ing he ci cu-
la economy and p oposed policy ecommenda ions. The au ho s applied quali a i e and quan i a i e
me hods o p ocess da a h ough SPSS 20.0. The au ho s su eyed 450 leade s and o he people wo k-
ing o 30 p o inces in Vie nam. Based on s uc u al equa ion modeling, he au ho s es ed he o e all
i o he da a. The main indings explo ed he Reduce (Red) ac o as he mos subs an ial impac o
he i e ac o s a ec ing he ci cula economy, wi h a signi icance o 1.0 pe cen . Based on he esea ch,
he au ho s p oposed he policy ecommenda ions such as a clea legal co ido o he o ma ion and
de elopmen o he ci cula economy, mechanisms and policies o de eloping ad anced echnology,
euse, and ecycling o was e. The a icle's no el y has analyzed he policies ha Vie nam is ying o
de elop economically sus ainably, minimizing ad e se impac s on he en i onmen , and he ci cula
economy is a model o in e es and de elopmen o ien a ion.
1. In oduc ion1. In oduc ion
O e he yea s, he ci cula economy has been
implemen ed in many ields, b inging socioeconom-
ic and en i onmen al bene i s and associa ed wi h
sus ainable de elopmen wo ldwide (Lah i e al.,
2018; O mazabal e al., 2018). The c i ical pu pose
o a ci cula economy is o op imize esou ce use by
ci cula ing p oduc s, componen s, and ma e ials ha
a e used a hei highes u ili y in bo h he enginee -
ing and biological cycles, h ough hose p oduc s o
ma e ials in he eco-economy will be con inuously
main ained, eused, and ecycled o no longe ex-
ploi esou ces o c ea e was e. This has become one
o he c i ical componen s o ca bon educ ion plans
in many coun ies. The ci cula economy also aims
o decouple economic g ow h om esou ce use
h ough he educ ion and ci cula iza ion o na u-
al esou ces, achie ing bo h goals, esponding o
esou ce deple ion and educing esou ce use inpu s
and en i onmen al pollu ion in de elopmen a he
ou pu (Acco si e al., 2015; Smol e al., 2017).
Fac o s A ec ing he Ci cula Economy in Vie nam
ABSTRACT
F63, O10, Q01.
KEY WORDS:
JEL Classi ica ion:
ci cula , economy, sus ainable, de elopmen , policy.
Uni e si y o Finance - Ma ke ing (UFM), Ho Chi Minh Ci y, Vie nam
Co espondence conce ning his a icle should be add essed o:
Le Thi Thuy Hang,
Uni e si y o Finance - Ma ke ing (UFM), Ho Chi
Minh Ci y, Vie nam
E-mail: [email p o ec ed]
Pham Tien Da , Nga Phan Thi Hang , and Le Thi Thuy Hang3
P ima y submission: 10.03.2024 | Final accep ance: 09.05.2024
133
Pham Tien Da , Nga Phan Thi Hang, Le Thi Thuy Hang
10.5709/ce.1897-9254.558DOI: CONTEMPORARY ECONOMICS
Vol. 19 Issue 2 132-1472025
The bene i s o he ci cula economy in he
socioeconomic and en i onmen a e all owa ds
sus ainable de elopmen . The ci cula economy o -
e s a high po en ial o economic g ow h and mo e
jobs. Th ough he economical use o esou ces,
businesses can p oduce a a low cos by p o iding
p oduc s and se ices wi h mul iple bene i s (Dong
e al., 2016; Ki chhe e al., 2017; Meye e al.,
2017). The ci cula economy model can sa e mo e
aw ma e ials han he linea me hod ex ac ion o
s anda d aw ma e ials. While he demand o aw
ma e ials will inc ease due o he inc ease in wo ld
popula ion and consume demand, he ac i i ies in
he ci cula economy use ewe aw ma e ials by o-
cusing on p olonging he li e cycle o he ma e ials.
The Minis y o Na u al Resou ces and En-
i onmen ecen ly said ha shi ing om a lin-
ea economy o a ci cula economy is becoming a
global end. In he cu en con ex , ansi ioning
om a s aigh o a ci cula economy is essen ial
o all coun ies wo ldwide, no wi hs anding Vie -
nam. The ou main easons ha his ansi ion is
equi ed include (a) The inc ease in demand o
aw ma e ials, while his esou ce is inc easingly
deple ed, especially o mine al esou ces, which
a e non- enewable esou ces; (b) Dependence on
o he coun ies, especially coun ies dependen
on o he coun ies o aw ma e ials. This depen-
dence leads o global poli ical ension; (c) Impac s
on clima e change (emissions o g eenhouse gases,
especially CO2) inc ease he p ocess o ex eme
clima e change, causing se e e consequences. The
ansi ion o a ci cula economy wi h he goal o
sus ainable ene gy use will educe clima e change;
(d) C ea e economic oppo uni ies, especially o
business and science in inno a ion, design, ecy-
cling, and c ea i i y. Sol ing p oblems ela ed o he
sca ci y o aw ma e ials, using sus ainable ene gy,
minimizing was e in each s age o he p oduc li e
cycle, eusing a ailable ma e ials, e c., signi ican
in es men in quali ied scien i ic human esou ces,
inc easing he economy's compe i i eness.
The ole o he ci cula economy is o encou -
age companies o in oduce dis up i e echnologies
and new ci cula economy models. The de elop-
men o Indus y 4.0 has p omo ed as well as some
limi a ions o he implemen a ion o he ci cula
economy model. Technology con ibu es signi i-
can ly o he ci cula economy model's success be-
cause was e euse and ecycling equi e ad anced
and mode n echnology. In addi ion, egula ions
and policies o sus ainable de elopmen and sus-
ainabili y goals, equi emen s, and equi emen s
will signi ican ly a ec he abili y o deploy he
Ci cula Economy. The ans o ma ion o a g een,
ci cula business model will help businesses mee
he ma ke 's and consume s' equi emen s in he
cu en pe iod.
In addi ion, he ci cula economy is an ine i-
able end in he wo ld, including Vie nam. The
wo ld aces many challenges and di icul ies when
he global li ing en i onmen is h ea ened. Each
coun y mus be esponsible o de ising solu-
ions o sol e he p oblem o sa ing uel, ensu ing
p oduc ion and business ac i i ies, c ea ing high
economic alue, and p o ec ing he en i onmen .
Vie nam has ini ially implemen ed he ci cula
economy model well and achie ed speci ic esul s.
Howe e , Vie nam has no ye comple ed egula-
ions on his new ci cula economy model, and
he e has been no o icial su ey on ac o s a ec ing
he ci cula economy. The e o e, pe ec ing he law
and explo ing he ac o s a e essen ial o he ci -
cula economy o de elop sys ema ically, become
mo e obus , and become sa e . This is a new poin
compa ed o o he domes ic and in e na ional
s udies and is also he basis o policy esea che s
o e e o in o mula ing policies.
Thus, he a icle aims o explo e c i ical ac-
o s a ec ing he ci cula economy and gi e pol-
icy ecommenda ions o imp o ing he ci cula
economy. The pape is s uc u ed as ollows: pa
1 e iews he li e a u e and p esen s he heo e i-
cal amewo k o his esea ch; pa 2 desc ibes he
da abase used and he me hodology applied; pa
3 o e s and discusses he analysis esul s; and he
a icle ends wi h some inal conclusions.
2. Li e a u e Empi ical Re iew 2. Li e a u e Empi ical Re iew
2.1. The Ci cula Economy
The ci cula economy and he business models
belong o di e en sec o s (manu ac u ing, se ices,
o high knowledge-in ensi e sec o s). Fo example,
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Fac o s A ec ing he Ci cula Economy in Vie nam
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he bio echnology indus y is an inno a i e and
highly knowledge-in ensi e indus y ha shows
ha he business inno a ion p ocess esul s om
s i ing o ma ke compe i i eness, no achie ing
sus ainable de elopmen . Thus, inancial issues a e
as impo an as en i onmen al issues in he ci cula
economy. The e a e simila i ies and di e ences
be ween ci cula economy models in di e en
indus ies. T adi ional business models can also
be ans o med in o ci cula economy models
by inco po a ing ci cula s a egies in o a ious
sec o s. A he p oduc le el, assessing p oduc
alue, ci cula i y, and economic po en ial i he
ci cula economy model is applied and e alua ing
he p oduc and se ice sys em o he supply
chain's ci cula i y shows he ela ionship be ween
he ci cula economic model and he p oduc .
The e o e, di e en p oduc ypes wi h hei own
cha ac e is ics and ex ended p oduc li e cycles
will a ec he selec ion and applica ion o he
app op ia e ci cula economy model o businesses.
The ci cula economy is becoming a end
in coun ies, signi ican ly when he wo ld's
esou ces a e inc easingly deple ed, helping o
sol e he p oblem be ween economic bene i s and
en i onmen al p o ec ion. A ci cula economy is
an indus ial sys em ha es o es o egene a es
by in en and design. I ansi ions o enewable
ene gy, elimina ing haza dous chemicals and
was e ha deg ades eusabili y h ough he
supe io design o ma e ials, p oduc s, sys ems,
and scope. These a e business models. O , o pu
i simply, a Ci cula economy is u ning he was e
ou pu o one indus y in o an inpu esou ce o
ano he sec o o ci cula ing wi hin an en e p ise
i sel . The ci cula economy pa ly con ibu es
o adding alue o businesses, educing esou ce
exploi a ion, was e ea men cos s, and minimizing
en i onmen al pollu ion. In he con ex o mode n
socie y's de elopmen , high consump ion causes
many ac o s ha nega i ely impac human heal h
and ecosys ems, b inging many dange s o he
en i onmen and sus ainable de elopmen . The e
ha e been many in e p e a ions o he ci cula
economy (Geissdoe e e al., 2017; Sch oede e al.,
2019; Tseng e al., 2018; Zink & Geye , 2017).
Zink and Geye (2017) showed ha he ci cula
economy is an indus ial sys em es o ed o ec ea ed
acco ding o in en and design. I ansi ions o
enewable ene gy, elimina es haza dous chemicals
ha cause euse, and e u ns o he biosphe e
h ough he supe io design o ma e ials, p oduc s,
sys ems, and issues business model. Ünal e al.
(2019) de ined he ci cula economy as anscending
he cu en ex ac i e indus ial model, ocusing on
posi i e socie al bene i s. I en ails economic ac i i y
g adually sepa a ing om he consump ion o ini e
esou ces and limi ing was e gene a ion, and a he
same ime con e ing o enewable ene gy sou ces
(Ko honen e al., 2018; Go indan and Hasanagic,
2018; Ghisellini e al., 2016). 5R Model: De eloped
based on he 3R model wi h he addi ion o 2Rs
Re hink and Reco e .
2.2. Reduce (Red)
Reduce unnecessa y hings you a e s ill using,
such as esou ces, ene gy consump ion, and was e
(Geissdoe e e al., 2017; 2018). P e ious li e a u e
main ains ha he consump ion habi s o people,
communi ies, and socie y need o be changed
o educe excessi e consump ion leading o he
consump ion and deple ion o na u al esou ces.
To p omo e his goal, many communi ies and
coun ies ha e applied he sha ing economy
model wi h high e iciency ( he model o sha ing
appliances, household appliances, sha ing means
o anspo , e c.), sha ing logis ics in as uc u e
in anspo a ion and s o age o goods...). Thus, he
au ho s p oposed H1 below:
H1: Reduce is signi ican ly a ec ing he ci cula
economy in Vie nam.
2.3. Reuse (Reu)
Reuse is o euse any hing used epea edly o
p olong he li e o he i ems o he same pu pose o
o ano he pu pose be o e eplacing hem (Ga das
e al., 2019; Geissdoe e e al., 2017). Reuse is an
ac i i y; consume habi s need o be changed o
con inue using p oduc s and goods many imes and
can be used o many di e en pu poses ins ead o
jus using one and hen h owing i away. Howe e ,
o e ec i e euse, he p oduc s and goods mus
ha e quali y and ea u es o be eused (Geissdoe e
e al., 2018). In addi ion, o enhance euse ac i i ies,
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Pham Tien Da , Nga Phan Thi Hang, Le Thi Thuy Hang
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Vol. 19 Issue 2 132-1472025
en e p ises and manu ac u e s mus ensu e he
o ma ion and p o ision o wa an y, main enance,
componen eplacemen , epai se ices, e c., o
p olong he se ice li e. Thus, he au ho s p oposed
H2 below:
H2: Reuse is signi ican ly a ec ing he ci cula
economy in Vie nam.
2.4. Recycle (Rec)
Recycle: Recycle disca ded i ems and
unnecessa y i ems in o use ul ones, and con e
was e in o esou ces and ene gy by applying new
echnology & echniques (Geissdoe e e al., 2017).
Recycling is a esou ce eco e y ac i i y ha
includes collec ing, classi ying, and ea ing
disca ded p oduc s a e use and was e o eco e
all esou ces and p ocess hem in o ecycled
ma e ials. These ecycled ma e ials will be e u ned
o he nex p oduc ion cycle a an app op ia e a e
o mee p oduc quali y equi emen s o p oduce
new p oduc s acco ding o socie y's cus ome
needs (Bei zen-Heineke e al., 2017).
Acco ding o he gene al end o he wo ld,
in manu ac u ing goods, businesses need o be
esponsible o eco e ing, eusing, ecycling,
and disposing o hei p oduc s a e use. Thus,
igh om he design s age, he selec ion o
p oduc ion ma e ials, packaging ma e ials, e c.,
he manu ac u e had o calcula e and choose he
mos op imal solu ion o sol e all he p oblems in
e ms o p oduc ion cos s, cos s o eco e y, euse,
ecycling, and disposal o he en i e p oduc li e
cycle. Thus, he au ho s p oposed H3 below:
H3: Recycling is signi ican ly a ec ing he
ci cula economy in Vie nam.
2.5. Re hink (Re )
Re hink: Change you mind/ e hink abou
main aining he ecosys em. Weigh you op ions,
conside hei en i onmen al impac , and e iew
all o he Rs holis ically and holis ically (Bei zen-
Heineke e al., 2017; Esposi o e al., 2017;
Geissdoe e e al., 2017).
Re hink and Redesign: Requi es all
manu ac u e s o change hei hinking and
app oach when deciding and p oducing any new
commodi y p oduc s in e ms o esponsibili y o
eco e y, euse, and ecycling p ocess and p ocess
his p oduc a e use, he eby de e mining he
design and selec ion o p oduc ion ma e ials,
packaging... in he mos op imal way (Geissdoe e
e al., 2017). A he same ime, o manu ac u ed
goods, i is also equi ed o imp o e and change he
design o mee he abo e " esponsibili y" and b ing
highe e iciency. Thus, he au ho s p oposed H4
below:
H4: Re hink is signi ican ly a ec ing he ci cula
economy in Vie nam.
2.6. Reco e /Re use (Re )
Reco e : Reco e ing p ac ices o pu was e o
use, epai ing des oyed ecosys ems o es o e
alues (Geissdoe e e al., 2017; Wang e al.,
2014). Besides, eco e y is he ac ion o consume s,
communi ies, and socie y o show suppo i e
a i udes owa ds g een, en i onmen ally iendly,
eusable p oduc s de i ed om ac i i ies. The
p oduc ion p ac ices, and a he same ime, e use
o use p oduc s ha a e no en i onmen ally
iendly, consume a lo o esou ces and ene gy in
he p ocess o use, a e single-use, a e no ecyclable,
and a e no ecyclable O iginal. Thus, he au ho s
p oposed H5 below:
H5: Reco e is signi ican ly a ec ing he ci cula
economy in Vie nam.
Thus, he ope a ion o he ci cula economy will
ha e no was e on he en i onmen , hus sol ing
he p oblem o dealing wi h he ela ionship
be ween economics and he en i onmen . The
ci cula economy can accomplish wo hings:
(a) Minimizing he exploi a ion o aw ma e ials
om he na u al en i onmen and main aining
he ecosys em; (b) No longe eleasing was e in o
he en i onmen causing en i onmen al pollu ion
and deg ada ion, and main aining en i onmen al
quali y (Adams e al., 2017; Adle e al., 2017;
Allwood e al., 2011;).
I is no only abou ecycling ma e ials bu
also abou educing he use o di icul - o- ecycle
ma e ials. Acco dingly, no only dec easing
dependence on esou ces and limi ing emissions,
ci cula economic models s ill b ing signi ican
bene i s and p omo e economic g ow h.
Figu e 1 showed ha he e we e i e ac o s
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Fac o s A ec ing he Ci cula Economy in Vie nam
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a ec ing he ci cula economy in Vie nam, i e
ac o s including Reduce (Red); Reuse (Reu);
Recycle (Rec); Re hink (Re ); Reco e / and Re use
(Re ).
3. Me hodology and Da a3. Me hodology and Da a
3.1. Quali a i e Resea ch
In his a icle, he quali a i e me hod in his esea ch
is i s desc ibed, and second, he quan i a i e app oach
is p esen ed.
The au ho s applied he in-dep h in e iew o collec
quali a i e in o ma ion h ough di ec exchange, con-
e sa ion, and discussion wi h a esea ch subjec . The e,
he esea ch subjec s can eely sha e hei pe sonal
opinions and iews, helping he esea ch implemen -
e s o exploi in de ail and go in o many di e en a eas
and aspec s o he p oblem o he ci cula economy.
The quali a i e me hod is ca ied ou acco ding o he
ollowing p ocess: he au ho s conduc ed a e iew o
he o e iew documen s ela ed o he esea ch pape ,
which is he ci cula economy, o ind he gaps in p e i-
ous s udies, esea ch hypo heses, and p oposed heo e -
ical esea ch models; A he same ime, he au ho s dis-
cuss wi h 30 economic expe s who a e knowledgeable
in he ield o economics and sus ainable de elopmen ,
he ci cula economy wi h many yea s o expe ience o
comple e he p elimina y esea ch scale.
Quali a i e esea ch showed ha 30 ci cula econo-
my expe s ag ee ha he 5R model, de eloped based
on he 3R model wi h he addi ion o 2Rs Re hink and
Reco e , is a c i ical de e minan o he ci cula econ-
omy. Acco dingly, quali a i e esea ch was conduc ed
h ough discussions wi h 10 manage s and 10 leade s
o p o inces, and 10 people eaching abou he de elop-
men economy a many public uni e si ies in Vie nam.
3.2. Quan i a i e Resea ch
Quan i a i e esea ch was conduc ed o assess he eli-
abili y o ci cula economy componen s om he s udy
conduc ed be ween Janua y and June 2021. The au ho s
applied a ques ionnai e su ey o collec quan i a i e
in o ma ion on a la ge scale, using ques ionnai es o
su ey and su ey, syn hesizing all p epa ed ques ions
o collec da a om esea ch subjec s. The ques ions
a e usually 'closed' wi h a gi en answe op ion and/o
Figu e 1
Analy ical F amewo k and Resea ch Hypo heses
137
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Vol. 19 Issue 2 132-1472025
mo e open op ions o esponden s o sha e and u he
explain hei answe s. The s udy was conduc ed wi h
450 ques ionnai es sen di ec ly o 30 p o inces. The
o icial quan i a i e esea ch sample includes 450 lead-
e s. The o icial quan i a i e esea ch sample consis s o
450 leade s and o he people wo king o 30 p o inces in
Vie nam. Each p o ince su eyed 15 leade s and o he
people. This s udy used desc ip i e s a is ical ools, mea-
su ing mean alue and s anda d de ia ion. In he sim-
ples e ms, when designing a ques ionnai e whe e he
esponses a e coded as ollows, i is a Like scale. (a)
S ongly disag ee, (b) Disag ee, (c) Neu al, (d) Ag ee,
(e) S ongly ag ee. A e collec ing da a om he su ey,
he au ho s p oceed o use he da a p ocessing me hod
h ough de ailed s eps as ollows:
Fi s ly, he au ho s applied he e alua ion o C on-
bach’s alpha eliabili y coe icien : Acco ding o Hai e
al. (2021), o calcula e C onbach's alpha o a scale, he
scale mus ha e a leas h ee measu emen a iables.
C onbach's alpha coe icien is a iable [0.0-1.0]. Theo-
e ically, he highe he C onbach's alpha, he mo e eli-
able he scale is. Howe e , i C onbach's alpha coe icien
is oo la ge (α > 0.95), i shows ha many a iables in he
scale do no di e . They measu e he exac con en o he
esea ch concep , which is he phenomenon o o e lap
in measu emen .
Secondly, he au ho s applied he explo a o y Fac o
Analysis (EFA): Acco ding o Hai e al. (2021) showed
ha he explo a o y ac o analysis EFA aims o educe a
se o obse ed a iables o highly signi ican ac o s, bu
o explo a o y ac o analysis, he ollowing p ocedu es
should be pe o med: KMO es (Kaise -Meye -Olkin)
measu e) is mo e c i ical han 0.5, Ba le 's es means
Sig < 0.05. The case o KMO less han 0.5 indica es ha
his analysis is no sa is ac o y on ac ual da a om he
ma ke . Fac o s wi h Eigen alue < 1 will be elimina ed,
only accep ing elemen s wi h Eigen alue is 1.0 and o al
a iance ex ac ed 50%. Acco ding o Hai e al. (2021),
he how Eigen alue and a iance ex ac ed mus be
based on he ex ac ion me hod and ac o o a ion said
ha i i s ac o s ha e a highe load ac o han ha ac o
and he load ac o is smalle han he unmeasu able ac-
o , hen his obse ed a iable mee s he equi emen s
and each obse ed a iable is di e en . Load weigh di -
e ence eaches 0.30 o mo e. Acco ding o Hai e al.
(2021), he load ac o o he scales eaching 0.3 is ac-
cep able. I g ea e han 0.4 is good, i g ea e han 0.5
is e y good o esea ch, bu o his s udy, he ac o
loading ac o used by he au ho s is om 0.5 o mo e.
Thi dly, he au ho s applied he con i ma o y ac o
analysis (CFA): CFA analysis was pe o med o es he
sui abili y o he scale, unidi ec ionali y, combined e-
liabili y and o al a iance ex ac ed, con e gen alue,
and disc iminan alue. When he CFA is e alua ed wi h
good esul s, i will se e as a basis o es ing he p o-
posed hypo heses in he SEM heo e ical model. Uni-
di ec ionali y: Measu ing he i o he model wi h he
collec ed in o ma ion, he s udy conside s Chi-squa e
(CMIN), Chi-squa e adjus ed o deg ees o eedom
(CMIN/d ), he i ness index Compa a i e Fi Index
(CFI), Tucke and Lewis Index (TLI), and Roo Mean
Squa e E o App oxima ion (RMSEA). I he model is
conside ed app op ia e when he TLI alue is ob ained,
he CFI is 0.9; CMIN/d ≤ 2, o some o he case CMIN/
d ≤ 3 (Hai e al., 2021); RMSEA ≤ 0.08, hen ma ke
da a a e conside ed app op ia e (Hai e al., 2008). How-
e e , ecen ly, many esea ch iews ha e sugges ed ha
GFI (Goodness o ix index) is s ill accep able when i
is less han 0.9 (Hai e al., 2010). E alua e he o e all i
o he da a based on he model i indexes such as chi-
squa e/d , compa a i e i index (CFI), Tucke –Lewis’s
index (TLI), he goodness o i index (GFI), oo mean
squa e e o s o app oxima ion (RMSEA).
Fou hly, he au ho s applied he s uc u al equa ion
model (SEM): S uc u al equa ion modeling (SEM) is
an ex ension o he gene al linea model ha allows he
esea che o es a se o eg ession equa ions simul a-
neously. The SEM model combines all echniques, such
as mul i a iable eg ession, ac o analysis, and co e-
la ion analysis (be ween elemen s in he ne wo k dia-
g am), o allow us o check he ela ionship complexi y
in he model. On he o he hand, he linea s uc u al
model (SEM) p o ides a p ecise es ima e o he a iance
pa ame e s, and he da a analyzed using he eg ession
me hod is based on he obse ed measu emen s. A lin-
ea s uc u al model can combine bo h obse able and
unobse ed a iables. In his case, he linea s uc u al
model e ec i ely examines he deg ee o di ec and in-
di ec in luence o es o mul icollinea i y. A c i e ion
is used o e alua e he ela ionship be ween concep s in
he heo e ical model, ha is, he alue o he academic
ela ionship o he hypo heses posed in he model; his
c i e ion is s a is ically signi ican i p- alue < 5%, hen
hese hypo heses a e accep ed (Hai e al., 2010). The
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138
Fac o s A ec ing he Ci cula Economy in Vie nam
This wo k is licensed unde a C ea i e Commons A ibu ion 4.0 In e na ional License.
maximum Likelihood (ML) es ima ion me hod and
Boo s ap es a e used o es he heo e ical model. The
heo e ical model mus also achie e app op ia e indica-
o s, such as CFA.
Finally, he au ho s applied he Boo s ap me hod o
iew he o iginal sample as he popula ion om which
i is d awn, also om he eplaceable esample o iginal
empla e whe e he o iginal empla e plays he ole o he
c owd. On he o he hand, his me hod also gi es an es i-
ma e (ML) om he a e aged sample, which ends o be
close o he popula ion es ima e. F om ha , showing ha
he smalle he di e ence be ween he mean es ima ed
by Boo s ap and he esea ch model es ima e wi h he
ini ial sample, i can be concluded ha he esea ch mod-
el es ima es can be us ed.
To de elop a ci cula economy in Vie nam, i is nec-
essa y o unde s and he na u e and jus i ica ion o his
de elopmen me hod. To c ea e he ci cula economy, i
is essen ial o summa ize and e alua e he exis ing de el-
opmen models o he ag icul u al, indus ial, and se -
ice sec o s and ields, he eby iden i ying de elopmen
me hods close o he ci cula economy app oach as he
basis o de elopmen acco ding o he ci cula economy
c i e ia. Awa eness o he oppo uni ies o ake ad an-
age o hem is necessa y. On he o he hand, one mus
also see he challenges o he de elopmen o he ci cula
economy ha will be encoun e ed o ake measu es o
o e come hem.
4. Resul s and Discussion4. Resul s and Discussion
4.1. Resea ch Resul s
Vie nam has many oppo uni ies and challenges.
Vie nam con inues o a i m ha as and sus ainable
de elopmen is a consis en and anspa en policy
and iewpoin in Vie nam's economic de elopmen
s a egy. P io i ize apid de elopmen o a oid all-
ing behind, educe he income gap be ween Vie -
nam and de eloping coun ies in he egion, and
de elop sus ainably. Sus ainable economic de elop-
men ha moniously sol es he ela ionship be ween
he wo coun ies ega ding economic g ow h and
en i onmen al p o ec ion. The conc e iza ion and
success ul implemen a ion o he applica ion o he
knowledge-based economy is signi ican and is he
ocus o p io i y in na ional de elopmen policy.
Many coun ies ha e succeeded in de eloping he
local economy model and eaping many bene i s.
Vie nam has he oppo uni y o lea n om he ex-
pe iences o p e ious coun ies and d aw lessons o
apply acco dingly o he domes ic con ex .
Rega ding oppo uni ies, he pa icipa ion o he
en i e Vie namese poli ical sys em in sol ing na-
ional p oblems and Vie nam's commi men o he
wo ld communi y in pa icipa ing in he Millenni-
um De elopmen Goals, achie ing he sus ainable
de elopmen goals is an oppo uni y o p omo -
ing he de elopmen o he knowledge economy in
Vie nam.
The policy amewo k o de eloping he local
economy model has no been clea ly and p ecisely
o mula ed abou he challenge. Ou coun y al-
eady has some eco-indus ial models and eco-
indus ial pa ks in ope a ion, bu he e is no legal
co ido o de eloping he eco-indus ial pa k. In
he coming ime, i is necessa y o ha e conclusions
and comple e synch onous de elopmen ins i u-
ions sui able o his economic model.
In addi ion, economic ac i i ies ha e been
mainly based on a linea economic app oach. The
ansi ion o a cen alized economy needs a clea
oadmap. Mo eo e , i is necessa y o emphasize
inno a ions in hinking and awa eness and encou -
age ini ia i es in he p oduc ion and supply chain o
suppo he ans o ma ion o a ma ke economy o
en e p ises. The co ec unde s anding o he eco-
economy needs o be made om inpu ma e ials,
design, consump ion, deploymen , euse, ecycling,
and disposal o each indus y. Each ield needs
consensus and ag eemen om leade s and man-
agemen o each en e p ise and people.
Wi h he goal o sus ainable de elopmen closely
associa ed wi h en i onmen al p o ec ion, Vie nam
needs o con inue in es ing hea ily in imp o ing
human esou ces quali y, pe ec ing ins i u ions
and policies, and aising awa eness o he whole so-
cie y abou applying he knowledge economy in li e,
digi al echnology, was e ea men and ecycling
echnology, and in as uc u e o indus ial pa ks
and ecological ag icul u e.
Towa ds building a ci cula economy, he Go -
e nmen o Vie nam has made g ea e o s in
en i onmen al p o ec ion h ough many c i ical
legal documen s, s a egies, and o ien a ions, ypi-
139
Pham Tien Da , Nga Phan Thi Hang, Le Thi Thuy Hang
10.5709/ce.1897-9254.558DOI: CONTEMPORARY ECONOMICS
Vol. 19 Issue 2 132-1472025
cally he Law on En i onmen al P o ec ion, he
Na ional sys em on g een g ow h o he pe iod o
2021 - 2030, wi h a ision o 2050; Vie nam's e-
newable ene gy de elopmen s a egy o 2030, i-
sion o 2050; Na ional s a egy on in eg a ed solid
was e managemen o 2025, ision o 2050. A he
same ime, o achie e he se a ge s, Vie nam has
been implemen ing a se ies o ela ed p og ams o
de elop he ci cula economy.
Se e al ci cula economic models ha e been im-
plemen ed in Vie nam, b inging speci ic e iciency
(Thai, 2021). In addi ion, o g adually o m and de-
elop he ci cula economy, o e he pas ime, he
Go e nmen has gi en ax incen i es, capi al, and
land suppo o build was e ecycling acili ies, gi -
ing p io i y o he ci cula economy in he indus-
ial sec o . In he ag icul u al indus y, Vie nam
con inued ecycling and eusing indus ial was e
as aw ma e ials o cemen , building, and pape
p oduc ion.
Vie nam has inc eased biomass ene gy and bio-
gas, building a p oduc ion model ha combines
was e ea men and ene gy egene a ion. In he
p oduc ion chain, p io i ize ecycling and use o
by-p oduc s and was e p oduc s om he ishe ies,
cons uc ion ma e ial p oduc ion, ex iles, oo -
wea , e c., and p omo e ene gy p oduc ion om
quali y u ban was e. Howe e , Vie nam is acing
an inc easing amoun o was e gene a ed while he
sou ce o aw and ossil ma e ials is inc easingly de-
ple ed, and echnological di icul ies exis .
Table 1 shows ha all o C onbach's Alpha ha e
o e 0.6 alues. This is he scien i ic basis o leade s
o make app op ia e decisions and ecommenda ions
o imp o ing he ci cula economy. Tha is he bes
way o deal wi h he ela ionship be ween economic
g ow h and ad e se e ec s on esou ce deple ion,
pollu ion, and en i onmen al deg ada ion. In o he
wo ds, we no longe ha e o ade-o be ween de-
elopmen and ecological deg ada ion, economic
and en i onmen al p o ec ion, simul aneously eal-
izing many sus ainable de elopmen goals. To ealize
his o ien a ion equi es he e o s o all sec o s o
socie y, especially businesses a e he cen al d i ing
o ce, he S a e plays he ole o c ea ing, leading,
and he communi y pa icipa es in he eal wo ld o
change he pe cep ion and beha io o he whole so-
cie y. Table 1 shows all i ems ha e a mean alue o
a ound 3.0. Besides, he S d. De ia ion has a alue o
app oxima ely 1.0. This da a is pe ec o imp o ing
he ci cula economy in Vie nam.
Figu e 2 showed ha he assessmen o he ac o s
a ec ing he ci cula economy in Vie nam: CMIN/
DF = 3.120 (<5.0), GFI = 0.881 (>0.800), TLI = 0.934
(>0.900), CFI = 0.944 (> 0.9) and RMSEA = 0.071
(<0.08).
Table 2 shows i e ac o s a ec ing he ci cula
economy in Vie nam wi h a signi icance le el o
0.01. Besides, hese esul s a e science e iden o
policy implica ions o de elop ac o s a ec ing he
ci cula economy in Vie nam. F om he a gumen
abou he ci cula economy, conside ing he na u e,
con en , o ma ion, and de elopmen p ocess ha
has ques ioned he ci cula economy in Vie nam, i
can be seen ha he e a e ac o s a ec ing he ci cu-
la economy his yea . Howe e , many o he ac o s
a ec bu ha e no been included in he esea ch
model, such as en i onmen al law, sus ainable de-
elopmen policy, and so on.
Figu e 3 showed ha he assessmen o he ac-
o s a ec ing he ci cula economy in Vie nam:
CMIN/DF = 2.221 (< 5.0), GFI = 0.915 (>0.800),
TLI = 0.962 (>0.900), CFI = 0.970 (> 0.900) and
RMSEA = 0.054 (<5.0).
Table 3 es ed Boo s ap 2000 samples o ac o s
a ec ing he ci cula economy in Vie nam wi h a
signi icance le el o 0.01. Besides, hese esul s a e
science e iden o policy implica ions o de elop
ac o s a ec ing he ci cula economy in Vie nam.
4.2. Resea ch Resul Discussion
F om he p ac ical expe ience o many coun-
ies in he wo ld and he pe spec i es on he ci -
cula economy, o p omo e his economic model in
Vie nam, he ollowing ecommenda ion should be
synch onously implemen ed:
1. The esea ch esul showed ha he “ educe”
ac o a ec ed he ci cula economy in Vie nam
wi h a signi icance le el o 0.01 and a s anda d-
ized es ima e is 0.380. The s udy esul s a e consis-
en wi h eali y and he same esul s as he s udy
(Geissdoe e e al., 2018). The ci cula economy
in Vie nam s ill aces many di icul ies and chal-
lenges. The bigges challenge in adop ing he ci cu-
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146
Fac o s A ec ing he Ci cula Economy in Vie nam
This wo k is licensed unde a C ea i e Commons A ibu ion 4.0 In e na ional License.
model o become popula , widesp ead, and highly
e ec i e. F om he e, con ibu ing o p omo ing
he de elopmen o he na ional economy, p o ec -
ing he li ing en i onmen , sa ing na u al esou c-
es, and c ea ing he economic alue we c ea e a e
uly meaning ul. Vie nam will g ow s onge and
ad ance in e na ionally by demons a ing he na-
ion's esponsibili y and obliga ions owa ds com-
mon global di icul ies.
Acknowledgmen sAcknowledgmen s
The au ho s hank all lec u e s and manage s o
he Uni e si y o Finance - Ma ke ing (UFM), Ho Chi
Minh Ci y. This a icle is suppo ed and unded by
UFM, Vie nam.
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