On July 21, 2023, within the framework of the official visit in Vietnam of H.E. Ms. Janet Yellen, US Secretary of the Treasury, a Seminar titled ‘Women in Economics and Finance: Economic Outlook and Climate Finance’ was organized at the Foreign Trade University (FTU) in Hanoi.
The roundtable Discussion Session on Economic Outlook and Climate Finance
The speakers at the Seminar were Secretary Janet L. Yellen of the US Department of the Treasury ,Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV), Mr. Dang Quoc Khanh, Minister of Natural Resources and Environment, Mr. Bui Anh Tuan, FTU President.
Speaking at the Seminar, the speakers all agreed that the world economy is still facing numerous difficulties in the post-COVID period, such as the high and persistent inflation, the trend of tightening the monetary policies, the disruptions of the supply chains, the sluggish growths, and recession risks. Besides, countries around the world have also had to cope with the serious challenges posed by climate change. These problems have been negatively affecting the production and business activities as well as the quality of life.
An overview of the Seminar
In light of the above-mentioned problems, according to SBV Governor Nguyen Thi Hong, the SBV has always been consistent with the targets of controlling the inflation, contributing to maintaining the macro-economic stability and supporting the economic growth. In order to implement these targets, the SBV has constantly monitored closely the situations both internationally and domestically, proactively conducted appropriate measures and tools, identified the focus of each period to take appropriate actions, and closely coordinated the monetary policy with the fiscal and other macro-economic policies.
On the side of the U.S. Department of the Treasury, Secretary Janet L. Yellen mentioned the US is pursuing the policy priorities that aim to strengthen the resilience of the supply chains and to promote a strong and comprehensive growth, and that the US would like to cooperate with Vietnam to overcome the current challenges and develop the economy.
Talking about the climate change responses, Minister Dang Quoc Khanh of the Ministry of Natural Resources and Environment shared that climate change is an irreversible trend and the most serious challenge to humanity at present. Therefore, the climate change response is becoming one of the priorities in all development decisions around the world. As one of the countries most affected by climate change, Vietnam has been very active and responsible in the efforts to reduce the greenhouse gas emissions and to adapt to climate change, and the country has taken steps to transform the development model toward a green one. At COP26, Vietnam had made a strong commitment to achieving net zero emissions by 2050, and has recently approved a political declaration on the establishment of the Just Energy Transition Partnership (JETP) with several G7 members and non-members.
Agreeing with the viewpoint of the Minister of Natural Resources and Environment, Secretary Janet L. Yellen said that in order to minimize the adverse impacts of climate change, countries would need a lot of time and resources. The US highly acknowledges the role of the multilateral development banks (MDBs) and the private sector in mobilizing finance for climate change response projects and programs.
On the SBV’s side, Governor Nguyen Thi Hong shared that as a critical source of finance for the economy, Vietnam’s banking sector has always been aware of its role in and responsibilities for “greening” the capital resources for the sustainable development goals The SBV Governor also share Secretary Janet Yellen’s viewpoint that countries should diversify the capital sources for “green” projects through the MDBs like the World Bank (WB), the Asian Development Bank (ADB), etc., in order to use their long-term loans with reasonable costs to resolve the climate change challenges.
FTU President Bui Anh Tuan stated one important thing that needs paying attention to is the promotion of the cooperation in the education and training areas, as well as the transfer of technologies related to climate change at both the international and the national levels, etc.
SBV Governor Nguyen Thi Hong and U.S. Secretary of the Treasury Janet L. Yellen shared their views with FTU students
Following the Roundtable Discussion Session, the speakers spent some time to share their views with the FTU students
The Seminar, which attracted the participation of over 300 participants, including many female policy-makers from the Party, the Government and the National Assembly agencies, as well as the FTU faculties’ staff and students, affirmed the women’s role in economics and finance, as well as the awareness and determination of the youth in joining hands to respond to the global challenges, such as climate change, in order to achieve a greener society and a sustainable and prosperous future for all people.
Le Hang