Page 3 - Patrick Lenain News Today

While inflation has soared around the world, Vietnam has successfully kept it low. However Patrick Lenain, senior associate at the Council on Economic Policies, writes that it is too soon to claim victory because new bursts in food prices could occur, putting at risk the health of undernourished people.

The Ministry of Agriculture and Rural Development has recently approved an action plan for implementing the goals, tasks and solutions of the National Strategy on Green Growth for the period of 2021-30, and vision to 2050.

The United Nations and development partners, during discussions with Vietnamese ministries and sectors, expressed their willingness to support Vietnam in achieving the goal of net zero emission and energy transition.

Wärtsilä revealed that renewable-based power systems, backed by grid balancing engines and energy storage, can enable Vietnam to reach net zero by mid-century.

Last year Vietnam made a remarkable commitment to achieve net-zero carbon emissions by 2050. Patrick Lenain, senior associate of the Swiss-based Council on Economic Policies, shares some recommendations to encourage the private sector’s role in this ambitious target.

Although the Vietnamese government is advocating the development of a low-carbon economy, many businesses are scratching their heads over applying proper solutions to make their performance more environmentally friendly.

Implementing a global minimum tax rate will create conditions to increase tax revenue from foreign enterprises, but at the same time put Vietnam in front of new challenges. Patrick Lenain and Agustin Redonda from the Council on Economic Policies in Switzerland analyse the advantages and the risks of this type of tax for Vietnam.

From 2026, vehicles with three to five years of use or more must undergo periodic emissions inspection, and the vehicles that do not meet emissions standards in the zoned area will be restricted from traffic.

The US Federal Reserve has been increasing its interest rate at a difficult time for emerging markets. Patrick Lenain, senior associate at the Council on Economic Policies, offers his assessment of how the Fed’s interest rate hike affects the Vietnamese market and some solutions to respond to the fluctuations.

Having set aggressive decarbonisation targets, companies now face the challenge of executing at pace during a time of unprecedented turbulence.