Solving the Plastic Waste Problem: Exploring Development Opportunities for Startups

Plastic Waste, A Global Dilemma That Demands Urgent Action

Plastic is widely used worldwide because of its convenience and low cost. It brings unpredictable dangers, having a significant impact on the socioeconomic development of each country. According to UN Environment Programme, each year, the amount of plastic waste on a global scale is enough to cover four times the area of ​​the Earth’s surface, equivalent to 400 million tons, of which 13 million tons are dumped into the ocean.  Specifically, about 1 million plastic bottles and 5000 billion plastic bags are consumed every minute. Of the plastic waste generated, up to 79% is landfilled or thrown into the environment, 12% is burned, and only 9% is recycled.

In particular, Southeast Asia has emerged as a hot spot for plastic pollution. According to a report by the Asian food industry (FIA, 2019), in Vietnam alone – 1 in 5 countries has The world’s most significant amount of plastic waste dumped into the ocean, leaking into the sea 545,000 tons of plastic waste in 2017.

As a share of plastic waste globally total in 2010 (Source: UNEP)

In addition, the emergence of the Covid-19 pandemic has exacerbated the worrying situation of plastic due to the demand for masks, bottles of cleaning and disinfecting solutions and packaging for direct delivery increased line during the pandemic.

Plastic Waste Problem, Exploring Development Opportunities for Startups

The rate of 9% of plastic waste being recycled has raised alarm bells and prompted countries worldwide to promote policies to combat and reduce and recycle plastic waste. In March 2023, more than 100 countries banned, restricted or taxed plastic bags. These policies help the government save a significant budget on plastic collection and treatment activities.

In addition, consumers’ awareness is growing and paying more attention to environmental protection, health, and the use of environmentally friendly products has become a trend, even creating a fever. “boycott” plastic on social networks through impressive campaigns on a large scale.

Not only that, today, many organizations are willing to give financial support or design separate programs for ideas to solve the problem of plastic waste, such as the program “Recycling Challenge”. Southeast Asia plastic waste” organized by The Incubation Network, has supported and brought attractive growth opportunities for startups in this field. Incubation Network – a network connecting entrepreneurs investing with startups with an environmental goal – has helped attract $59 million since its inception in 2019.

That same year, Circulate Capital launched the world’s first investment fund for startups and small businesses dealing with the ocean plastic threat. Or it is easy to see that in Vietnam, recent investors are very interested in sustainable development startups such as ITI Fund, AFC Vietnam Fund, Hustle Fund,…

ITI Fund is a domestic investment funds in Vietnam that is actively interested in sustainable development startups (ESG)

Revolutionizing the Future: Innovative Startups Tackling Plastic Waste Head-On

PVA Pro – eco-friendly packaging 100%

Established in Ho Chi Minh City in 2021, PVA Pro is a startup that uses Aquaflex production technology, a type of plastic that melts as soon as it meets water and decomposes into CO2, meaning that if they fall into the ocean, it will become organic waste and make food feed for microorganisms. According to the founder, a few companies worldwide have developed similar technology in the form of laundry tablets or medicine wrappers. Still, these materials are only used for cold water and are unsuitable for making bags and packaging.

PVA Pro is the first factory in Vietnam specializing in water-soluble packaging technology

PVA Pro’s technology can create resins that dissolve in hot water at 70 °C, remain quality under light rain or water jets in small quantities, and completely decompose in 6 months in cold water.

Robries – turns plastic waste into furniture

Robries has successfully researched, designed, and applied recycling processes to turn plastic waste into furniture, from tables and chairs to brightly coloured vases, at prices that are accessible to a wide range of customers. A chair made entirely of recycled plastic for $41 or four plastic coasters for under $10. Robries is looking to enter the global market and will soon introduce its products throughout Indonesia to educate more people and encourage them to join the zero-waste movement.

ReForm Plastic – converts low-value plastic into construction materials

ReForm Plastic – a startup operating in Vietnam and expanding to many branches across Southeast Asia, has succeeded in converting low-value plastics into sheets of materials, using them as building materials or raw materials for construction, manufacturing finished consumer products, similar to the manufacturing process of wood, metal or cardboard. The ReForm founder said that the startup has turned more than 500 tons of low-value plastic into valuable products and processed 6,000 tons of waste in 2022. The company aims to increase from 8 to 100 facilities by 2030 and increase capacity from 6,000 to 100,000 tons of plastic waste. This startup will positively impact the environment by replicating the model and becoming the first choice to treat poor-quality waste.

Solving plastic waste is a dilemma that requires long-term measures and everyone’s cooperation through raising awareness about the use of plastic, limiting use, recycling plastic waste or using environmentally friendly plastic materials,… although these are only small actions, they will play a vital role in protecting the living environment.