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Around the world, central banks are increasingly worried about climate change. Rising temperatures, lengthy droughts, weather disasters and high sea levels have deep economic and financial consequences. Pierre Monnin, senior fellow and Patrick Lenain, senior associate of the Council on Economic Policies, share their view on what the State Bank of Vietnam can do to limit those risks.
A project on the impact assessment of the EU’s Carbon Border Adjustment Mechanism (CBAM) and recommendations on carbon tax policies for Vietnam officially kicked off this month.
Exchange rate volatility is increasing due to geopolitical shocks across the globe. Thanks to its sound policy framework, Vietnam has remained largely immune to such international turbulence. However, exchange-rate depreciation is not without risks, writes Patrick Lenain, senior associate at the Council on Economic Policies.
About $184 billion at current value – that’s the estimate of the potential investment opportunities for the private sector over the next couple of decades to help Vietnam on a climate-resilient and net-zero development pathway.
Despite the US Federal Reserve’s latest interest rate hike, the Vietnamese currency has seen only limited depreciation when compared to the currencies of its regional partners.