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2018-01-10 12:40:00

IMF WANTS VIETNAM

IMF WANTS VIETNAM

IMFFor Vietnam, Greener Growth Can Reduce Climate Change Risks

Higher global temperatures, rising sea levels, and more frequent and more intense extreme weather events are taking its toll on the Vietnamese economy and its people, as seen by the recent November flooding caused by Tropical Cyclone Damrey. How the country adapts and develops innovative solutions to mitigate the impact of climate change will be key.

By 2100, climate change could impact more than 12 percent of the Vietnamese population and reduce growth by 10 percent. The Vietnamese government considers the response to climate change a vital issue and has implemented environmental policies to better cope with these risks.

But the country—which has relied heavily on fossil fuels and overexploitation of natural resources—needs to further adapt its economy toward a more sustainable and ecofriendly growth model.

Climate change is here

Vietnam's vulnerability is exacerbated by its 2,150-mile-long coastline and proximity to the tropics. Vietnam's 95 million people and the bulk of its economic assets, including a large rural population, are concentrated in the coastal lowlands, which are susceptible to typhoons.

Every year since 1990, natural disasters have cost on average about one percent of GDP and caused 500 casualties. In 2017, Vietnam was affected by 12 major storms, which caused deadly floods and destroyed hundreds of thousands of homes and hectares of crops.

Climate change will likely exacerbate pressure on the environment: more frequent and more intense storms could affect crop yields and production, impacting rural incomes, food security, and commodity exports. Increased rainfall intensity will damage roads and railroad networks. Higher temperatures will raise demand for electricity. Risks will weigh disproportionally on the poor who could be forced to migrate inland or towards large cities.

Wanted: more sustainable growth

Vietnam's strong economic performance has helped reduce poverty over the past decades. However, rapid industrialization since the late 1980s has relied on intensive and unsustainable exploitation of forests, fisheries, and other renewable and nonrenewable natural resources.

Moreover, Vietnam's stock of natural capital has declined as mineral and nonmineral resources were depleted. Agriculture and industry have contributed significantly to degradation of natural capital. Vietnam's extensive use of fertilizers contributes largely to polluting land and water and adds to legacy issues related to the war.

Vietnam is among the top ten countries affected by air pollution: in large cities and industrial zones, levels of fine particulate matter are much above safe levels and comparable to that of China. Greenhouse gas emissions are expected to double between 2010 and 2020 and triple by 2030. Electricity production from coal fired plants is a major contributor to air pollution, with a quarter of the domestic supply produced from coal.

Transitioning to a green economy

The Vietnamese authorities recognize the challenges posed by climate change and a more sustainable, greener growth model is at the core of their development agenda. Vietnam ratified the 2016 Paris Agreement on Climate and committed to reducing greenhouse gas emissions by at least 8 percent by 2030 and to achieving the United Nations Sustainable Development Goals (SDGs) by 2030.

The recently created National Committee on Climate Change, chaired by the Prime Minister and including key ministers, oversees climate change and green growth programs.

Policies that can better prepare Vietnam for the future impact of climate change should focus on:

  • Lowering the intensity of fossil fuels in Vietnam’s GDP: raising the contribution of renewable energy would help to break the link between greenhouse gas emissions and output.
  • Providing stronger incentives for households, firms, and government to pursue green growth: taxation of fossil fuels that fully prices environmental and health externalities would nudge energy demand toward renewables and generate revenue to finance adaptation and mitigation plans.
  • Investing in climate resilient infrastructure would help households and firms cope with storms. The expected cost of natural disasters could be usefully included in public debt sustainability analyses.
  • Promoting research and development and other innovation policies can provide further incentives to investment in existing clean energy sources and improvements in clean technologies.
  • Shifting to autonomous, electric, shared vehicles, as already planned in Singapore, would help reduce congestion and pollution in cities. Improved government capacity to coordinate technological change and promote innovation and green growth would be key.

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Earlier:

 НОВАТЭК - TOTAL - SIEMENS ДЛЯ ВЬЕТНАМА
2017, December, 4, 22:40:00

NOVATEK - TOTAL - SIEMENS FOR VIETNAM

NOVATEK - PAO NOVATEK (“NOVATEK” and/or the “Company”) announced today that its subsidiary NOVATEK Gas and Power Asia Pte Ltd signed a Memorandum of Understanding (MOU) with Total Gas & Power Business Services S.A.S and Siemens Aktiengesellschaft.

 SOUTH CHINA CEA CALM
2017, November, 13, 10:40:00

SOUTH CHINA CEA CALM

Vietnam’s state television said Chinese President Xi Jinping had told Vietnam’s General Secretary Nguyen Phu Trong he wanted to work with Southeast Asian nations on a code of conduct in the sea. China’s Xinhua news agency said China and Vietnam had agreed to properly handle maritime issues and strive to maintain peace and stability.

 

 VIETNAM & U.S. UNDESTANDING
2017, November, 13, 10:30:00

VIETNAM & U.S. UNDESTANDING

Vietnamese and U.S. companies on Sunday signed memorandums of understanding on gas development, automobiles, as well as aircraft engine purchase and support during U.S. President Donald Trump’s visit to Vietnam.

 

 ВЬЕТНАМ И ГАЗПРОМ - КЛЮЧЕВЫЕ ПАРТНЕРЫ
2017, November, 11, 08:56:00

VIETNAM & GAZPROM: KEY PARTNERS

Vietnam is one of Gazprom’s key partners in Southeast Asia. Together with PetroVietnam, we successfully conduct geological exploration and produce hydrocarbons, as well as make preparations to develop the country’s NGV market.

 IMF: SOUTHEAST ASIA'S TRANSFORMATION
2017, September, 13, 15:10:00

IMF: SOUTHEAST ASIA'S TRANSFORMATION

IMF - When we think about Asia’s economic future, we know that this future is being built on strong foundations—on the richness and diversity of its cultures, on the incredible energy and ingenuity of the people who have changed the world by transforming their own economies. China and India have been driving the greatest poverty reduction in human history by creating the world’s largest middle classes. In a single generation, Vietnam has moved from being one of the world’s poorest nations to being a middle-income country.

 

 VIETNAM - INDIAN DEAL
2017, July, 7, 07:35:00

VIETNAM - INDIAN DEAL

Vietnam has extended an Indian oil concession in the South China Sea and begun drilling in another area it disputes with China in moves that could heighten tensions over who owns what in the vital maritime region.

 

 ВЗАИМОДЕЙСТВИЕ РОССИИ И ВЬЕТНАМА
2017, June, 30, 08:45:00

ВЗАИМОДЕЙСТВИЕ РОССИИ И ВЬЕТНАМА

Стороны намерены создавать благоприятные условия для работы российских и вьетнамских профильных компаний ("Газпром", "Зарубежнефть", "Роснефть" и PetroVietnam) на территории России и Вьетнама, налаживать взаимодействие на перспективных направлениях, включая нефтепереработку и нефтехимию, поставки во Вьетнам сжиженного природного газа, производство и сбыт на рынке этого государства газомоторного топлива.

 

 

Tags: IMF, VIETNAM, ENERGY

Chronicle:

IMF WANTS VIETNAM
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

IMF WANTS VIETNAM
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

IMF WANTS VIETNAM
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

IMF WANTS VIETNAM
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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