Evaluation of the circular economy model at Endota Technology Co., Ltd.
Published: August 8, 2026
Abstract
This paper evaluates the circular economy model implemented at Endota Technology Co., Ltd., a small and medium-sized agricultural enterprise that uses black soldier flies to convert organic by-products into larvae, frass or organic fertilizer, and biological products. The data include operational records from 2023 to 2025, a survey of 52 stakeholders, interviews, field observations, and internal documents. The results show that the volume of by-products treated increased from 310 tonnes to 560 tonnes, representing an increase of 250 tonnes or 80.6%. Revenue increased by VND 1,908.6 million, equivalent to 109.3% compared with 2023. However, profit after tax in 2025 decreased by VND 33.3 million, or 17.7%, compared with 2024, indicating that scale expansion does not automatically improve financial performance. The paper proposes standardizing operating procedures, batch codes, production logs, circularity key performance indicators, quality control, and value-chain linkages to improve the effectiveness of the model.
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