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Top 50 listed companies in Vietnam by Forbes for five consecutive years, but has also
been highly acclaimed and honored by the Vietnam Business Council for Sustainable

Development (VBCSD), being recognized in the Top 100 sustainable development
enterprises in 2020.
PAN has applied the circular economy model as follows:
(1) Regarding by-products: by-products are processed into products that serve
agriculture and livestock farming.
Figure 8. By-products are reused
Shrimp heads and shells Research on chitin, chitosan, and glucosamine

animal feed, aquafeed
Fish heads, bones, and skin animal feed
fish sauce residue animal feed

rice husk fuel
cashew shell fuel, material production in industrial
manufacturing
other nut shells fuel
food production waste and animal feed
by-products

agricultural waste composting organic fertilizer
aquaculture waste sludge making organic fertilizer for the surrounding
gardens
drying to reinforce the pond banks

Source: PAN's Sustainable Development Report, 2022
(2) Use of materials, energy, and water: The company tends to use recycled
materials, reduce plastic use, and employ environmentally friendly materials. Both
office operations and production facilities, as well as farms and service provision
activities, are efficiently monitored for energy use. Water usage and recycling are
implemented across all factories, utilizing treated wastewater up to 30-40%. Water
quality is monitored at aquaculture farms.

(3) Emissions and waste: Processing plants are equipped with exhaust gas
treatment systems and continually upgrade these systems to control emissions by
adjusting input materials, thus reducing pollution. Within the company, research on
suitable farming processes includes the effective use of pesticides and fertilizers to
reduce the feed conversion ratio (FCR), achieving economic value while minimizing
environmental waste.

(4) Biodiversity: PAN also implements various measures to conserve biodiversity
and stabilize the environment, aiming to reduce the impacts of agricultural activities on
land and underwater ecosystems, alongside reforestation efforts.
3.4. Circular Economy Model of Century Fiber Corporation
In the field of fashion and apparel, renowned global brands have announced their
commitment to sustainable development (SD), thus requiring manufacturers and

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