Conference tackles role of women in economics and finance

Discussion panel of "Women in Economics and Finance: Economic Outlook and Climate Finance"

Panellists oat the conference included Janet Yellen, the US Secretary of the Treasury; Nguyen Thi Hong, Governor of the State Bank of Vietnam; Dang Quoc Khanh, Minister of Natural Resources and Environment; and Bui Anh Tuan, FTU president. They shared views and raised policy recommendations to strengthen cooperation to address global challenges in the economy and on climate change.

The speakers said that the world economy continues to face many difficulties in the post-pandemic period, such as persistent and high inflation, trend for monetary tightening, supply chain disruptions, slowing economic growth, and the risk of recession. Besides macroeconomic challenges, countries around the world are also struggling with climate change. These challenges are negatively affecting production and business activities.

Governor Hong said that the SBV has always been consistent with the goal of controlling inflation, stabilising the macroeconomy, and ensuring the safety of the banking system. To achieve this goal, the SBV closely monitors the situation, and proactively implements solutions and measures, so it can coordinate with fiscal policies and other macroeconomic policies.

Yellen said that the US was pursuing policy priorities to strengthen supply chain resilience and promote strong and inclusive growth.

"The government is pursuing an approach we call modern supply side economics and industry focus to boost growth by investing in public infrastructure, people, and research and development to boost the pace of innovation. Importantly, the US is focused on policies that are inclusive and that benefit the community, increase labour supply, improve infrastructure and education," she said.

She added that the US was willing to work with Vietnam to overcome challenges and develop the economy.

Women in Economics and Finance: Economic Outlook and Climate Finance

They also discussed solutions to respond to climate change. Minister Khanh said it was the most serious challenge facing humanity today.

"As one of the countries hardest hit by climate change, Vietnam has always been active and responsible in reducing greenhouse gas emissions and adapting to climate change as well as taking steps to transform the development model towards greening," Khanh said. "At COP26, Vietnam committed to net-zero emissions by 2050 and recently adopted the political declaration establishing a just energy transition partnership with partners inside and outside the G7."

Hong from SBV said that as an important financial supply of the economy, Vietnam's banking industry had always determined its role and responsibility in "greening" investment capital flows for sustainable development goals.

She agreed with Yellen that countries can diversify their capital sources for green projects, especially through multi development banks such as the World Bank and Asian Development Bank to utilise and promote long-term capital sources at a reasonable capital cost to address challenges from climate change.

Bui Anh Tuan, FTU president said, "Climate change and response to climate change is a global issue. So it is necessary to cooperate more deeply and comprehensively among countries, international organisations, and actors in each country."

"Higher education institutions and research institutes play an important role in promoting global cooperation to solve climate change issues and respond to climate change, overcoming barriers of political, cultural and social culture. Besides suggesting support from governments, universities and institutes have to improve their own capacity, and prepare the necessary and sufficient conditions to be ready for international cooperation in climate change transformation and adaptation, economic development and climate finance," he said.

The conference had the participation of more than 300 delegates including female leaders who hold important roles in the Party, National Assembly, government, ministries, agencies, institutes/universities, international organisations, commercial banks, and FTU students.

The conference affirms the role and interest of women, the awareness and determination of the young generation in joining hands to respond to global challenges like climate change towards a greener society, a sustainable and prosperous future for all.

Vietnam, US further promote financial cooperation Minister of Finance Ho Duc Phoc highly evaluated financial cooperation between Vietnam and the US as he received US Secretary of the Treasury Janet Yellen in Hanoi on July 21.

How the SBV deals with climate risks 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.

Green finance and technology solutions for net-zero emissions As climate change has become a serious international issue, many countries have taken action to reduce greenhouse gas emissions and achieve net-zero emissions by 2050. In Vietnam, the government has made a tremendous effort to combat climate change by ratifying the Paris Climate Agreement in 2016, pursuing the National Green Growth Strategy for 2021-2030, and implementing the Law on Environmental Protection which came into effect at the beginning of 2022.