City Oil Field, a waste recycling firm from South Korea, has recently struck a commercial deal with Vietnam’s largest environmental company BIWASE for recycling waste plastics in the Southeast Asian country.
In 2020, BIWASE partnered with City Oil Field to manage Vietnam’s first Extended Producer Responsibility (EPR) system-adopted chemical recycling project. Accordingly, the EPR requires manufacturers, in accordance with the relevant laws enforcing resource conservation and recycling promotion, to reuse more than a specific quantity of recyclable trash. This partnership was finalized in a Memorandum of Understanding (MoU) signed in August 2023.
Following the MoU, the South Korean firm will build a regenerated green oil plant on a recycling site owned by BIWASE. The agreement also includes the construction of Vietnam’s first chemical recycling facility to recycle plastic waste under EPR recognition. The partnership will commence in January 2024, coinciding with the implementation of EPR for additional packaging materials promoted by the Vietnamese government.
The majority of the plastic and vinyl garbage in Vietnam has been processed through incinerators. In order to lower greenhouse gas emissions, the nation has been making urgent acquisitions of green technologies. Vietnam also plans to launch several additional solutions for other recyclable packaging materials in 2024.
(Source: The Korea Times)