DISCUSSION AND CONCLUSION

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In the sutchi catfish manufacturing process, with application of science and technology, none of the fish part is dissipated, such as skin, fat, intestines, which were once considered unusable. In addition to the main product - fish fillet, the company has taken advantage of fat to produce fish oil, fish skin for snack, collagen, gelatin, bubbles and frozen fish intestines, etc.

Table 3.3: Comparison of Vinh Hoan’s products before and after applying circular economy model Before applying circular economy

model

After applying circular economy model

Revenue - Fish fillet - Fish processed foods

- Fish fillet - Fish processed foods

- By-products (Collagen, fish oil, Gelatin, livestock feed)

(Source: Author) Products such as collagen, fish oil are high-end products, which increase revenue from certain sales and service: apart from the main revenue from traditional products such as fish fillet and fish processed foods, applying a circular economy model allows another stream of income from by-products, production wastes. The sales from by-products have been increasing regularly: in 20219 the revenue was 967 billion Dong, by 2020 it was 1,253 billion Dong. This enhances business efficiency in terms of economic perspective. At the same time, utilizing input materials helps Vinh Hoan improve business efficiency in terms of social perspective by increasing its recycling indicator.

In the manufacturing process, Vinh Hoan Joint Stock Company has turned waste into resources: wastewater from the farming area can be used for crop irrigation; dead fish and sludge are processed into compost; redundant packages are used as materials for waste treatment or fertilizer manufacturing plans. This process not only helps the company improve business efficiency by generating revenue from agricultural products such as fruit trees, crops and fertilizers, but also guarantees the treatment of waste in the production process, reduces environmental pollution, and achieves the sustainability goal. In addition, overseeing from seed - farming - harvesting - processing - production - marketing - sales enhances company’s self-control in the quality and quantity source of input materials, being independent on external suppliers, thereby stabilizing costs, improving product quality and improving business efficiency. Other seafood enterprises can refer to the circular economy model applied by Vinh Hoan Joint Stock Company in accordance with the situation and goals.

procedure cause environmental pollution, especially water pollution, this leads to many difficulties in the enterprises’ operation. Building a circular economy model aligning with their goals and business situation will improve seafood enterprises’ business efficiency while ensuring sustainable development goals.

Difficulties when applying circular economy model to listed seafood enterprises in Vietnam

The implementation of the circular economy model for seafood enterprises still has certain difficulties such as:

Firstly, the policy framework for the development of the circular economy model is incompleted: the current circular economy model is an unfamiliar concept in Vietnam. The national program for supporting the business community to implement the model in the 2021-2025 period has not been widely deployed. There is no regulation on the set of indicators for transforming the circular economy model.

Secondly, the circular economy awareness is still limited. Inconsistent implementation for each industry, each field needs compliance from all levels of authorities to each enterprise. Due to the lack of a policy framework as well as specific regulations on the construction and development of a circular economy model, although it has been introduced since 2016, the awareness of businesses about this model is still extremely limited. As a result of the lack of consistency in the implementation of the circular economy, each industry and each enterprise are building a separate circular economy model.

Third, resources for implementing the transition from linear economy to circular economy development are inadequate. The circular economy must be associated with scientific innovation and access to advanced technology. In addition, developing a circular economy requires a collective of good experts to solve problems, from the beginning to the end of the process and people.

In order to assist seafood enterprises to conveniently apply the circular economy model in production and business, the author provides the following recommendations:

For Government:

First, completing the legal framework to assist the development of the circular economy.

There should be specific regulations on the responsibilities of business in the recovery, sorting and recycling; payment of disposal costs based on the number of products sold on the market;

managing projects according to the life cycle; establishing a roadmap for the development;

and implementation of environmental regulations and standards. Simultaneously, there must be guidelines and models for each economic sector based on experiences of applying circular economy from countries in the region and around the world.

Second, the Government needs to have a convenient and flexible structure for converting land use purposes so that seafood businesses can lease land in the long term to create and develop a model of integrated aquaculture with fruit trees or crop cultivation. There should be preferential policies on land, income tax and loan interest to encourage enterprises to invest in applying the circular economy model.

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Third, local authorities need to develop regional planning for linkages, creating opportunities for companies, co-operative society and households in the chainlink of the circular economy model: aquaculturing and processing, fertilizer production, packaging, fruit tree planting, rice cultivation, etc.

Fourth, local authorities need to improve electricity, water, and transportation infrastructure to reduce the fossil fuel consumption, increase the use of renewable energy sources such as wind and solar energy, and at the same time create environment for businesses to have efficient energy to produce according to the circular economy model, while reducing adverse impacts on the environment and adapting to climate change.

For seafood enterprises:

First, enterprises need to renovate the management mindset and enhance their knowledge in the circular economy model and its role in enhancing business efficiency, which leads them to sustainable development.

Second, enterprises should actively learn and build their own circular economy model that suits their business traits and goals. For companies that have inadequate economical resources to apply circular economy, they should cooperate with local co-operative society and sole farmers.

Third, enterprises should train for higher quality workers, because the circular economy depends on technology development, digital economy, and Industrial revolution 4.0. New technology will assist the implementation of the circular economy model, reduce pollution, preserve nature and ecosystem, avoid exhausting natural resources; as well as create new job opportunities.

REFERENCES

1. Nguyen Trong Co, Nghiem Thi Tha (2010), Reading and analyzing financial reports, Financial Publishing House, Hanoi

2. Nguyen Van Cong (2005), Monograph of financial report and reading, examining and analyzing financial report, National Economic University Publisher, Hanoi

3. Institute of Strategy and Policy on Natural Resources and Environment (2020), Research, evaluate and propose circular economy development models suitable for Vietnam in the context of implementing sustainable development goals and responding to climate change.

4. Institute of Strategy and Policy on Natural Resources and Environment, UNDP Vietnam (2020), Seminor “Research results on circular economy and policy recommendations”.

5. https://cafebiz.vn/

6. https://monre.gov.vn/

7. https://vinhhoan.com/

PhD. Nguyen Thi Kim Lien¹

Abstract: In the management of state budget expenditure, the traditional budget management method based on input control and short-term has led to a lot of waste and loss. Over the past time, Vietnam has actively implemented many solutions to manage the state budget expenditure cycle, contributing to improving the efficiency of the management and use of the state budget, promoting economic growth and development of the country. country. However, when analyzing and evaluating the current state of the state budget expenditure cycle in Vietnam, it is also facing a number of challenges and risks. The Paper makes some recommendations to renovate the state budget expenditure cycle in Vietnam based on the output results to suit the country’s current socio-economic situation, taking into account progressive trends. in the world on state budget management.

Keywords: State budget expenditure cycle, State budget expenditure cycle management based on the output results.

1. INTRODUCTION

In the socialism-oriented market economy in Vietnam, the State plays a particularly important role not only in social management, but also in economic management. The state budget is one of the most important tools and means for the State to perform its tasks. State budget is a centralized monetary fund of the State, is the basic financial plan of the state, holds a leading position in the financial system. State budget as internal financial force for development, over the years has affirmed its role for the entire national economy. Since the Law on State Budget 2015 came into effect and took effect until now, the state budget management activities in general and the state budget expenditure management cycle in particular in Vietnam have made a lot of progress.

However, in addition to the achievements, the implementation of the state budget expenditure management cycle has revealed a number of limitations that become obstacles to the process of operating and managing the state budget in a timely manner. effective way to save money. One of the reasons for the above limitations is that the management of the state budget in general and the expenditure management cycle in particular in Vietnam under the 2002 State Budget Law has not yet implemented the state budget management according to the output results. In order to renew and overcome the limitations of the 2002 State Budget Law in general and the state budget expenditure management cycle according to input results in particular, one of the new points of the 2015 State Budget Law (No. 83/2015/QH 13 approved by the 13th National Assembly of the

1 Email: kimlien788@gmail.com

Hanoi University of Mining and Geology

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Socialist Republic of Vietnam on June 25, 2014 and took effect since 2017) is an innovation in the state management. The State budget based on the results of task performance with the method of making estimates, implementing and finalizing the budget based on the results of task performance (Article 3, point 13 of the 2015 2015 State Budget Law).