Climate change risk assessment

Sustainable bonds are considered as an effective capital mobilization channel from the private sector for environmental and social projects.

The State Securities Commission of Vietnam (SSC) has launched a manual providing instruction on green, social and sustainability bonds.

Green bonds would help accelerate sustainable development in Vietnam. Source: World Bank/jamesteoh

The manual came from the cooperation among the SSC, Climate Bond Initiative (CBI), and Swiss State Secretariat for Economic Affairs (SECO), with the aim of providing guidelines for issuers and market participants to adopt regional, international and Vietnamese standards on green, social and sustainability bonds – or sustainable bonds, collectively.

“Those sustainable bonds are considered an effective capital mobilization channel from the private sector for environmental and social projects, which in turn support the realization of sustainable development goals and the 2015 Paris Climate Accord,” stated the SSC.

“As a member of the ASEAN Capital Markets Forum (ACMF), the SSC has been actively involving in the promotion of the ASEAN Green Bond Standards (AGBS), ASEAN Sustainability Bond Standards (ASUS), which are based on the International Capital Market Association (ICMA)’s Green Bond Principles, Social Bond Principles, and Sustainability Bond Guidelines, with an aim to form sustainable assets in Vietnam,” added the stock market watchdog.

SSC’s Vice Chairman Pham Hong Son expected the manual to help local investors better understand international practices on the issuance and management of capital for green projects, as well as disclosing information on the social and environmental aspects of each enterprises.

“Such step is important to promote sustainable development in each enterprise and contribute to support long-term growth of the stock market via the development of green products,” he added.

IFC Regional Manager for Vietnam, Cambodia, and Laos Kyle Kelhofer added the agency is looking for opportunity to join Vietnam’s potential green bond market in the coming time.

Kelhofer added the IFC expects green bond would open up opportunities for further fund raising for infrastructure and renewable projects, which are finding it hard to raise funds via traditional financial instruments.

The issuance of green bonds would help accelerate Vietnam’s efforts towards green and sustainable development, said Kelhofer.

A study from Moody’s suggests global issuance of sustainable bonds will hit a record $650 billion in 2021, a 32% increase over the $491 billion issued in 2020. Of the total, US$375 billion would come from green bonds, US$150 billion from social bonds and US$125 billion of sustainability bonds. Sustainability-linked bonds have strong growth potential, as they allow issuers to maintain the flexibility of general corporate purposes borrowing while potentially still appealing to sustainability-minded investors. Meanwhile, governmental policy will further support sustainable debt market growth and development in the year ahead, as governments around the world heighten their focus on climate change and link economic recovery plans with sustainable development goals, stated the rating agency.

Violence against women in Vietnam remains very much hidden and more actions must be taken to change the situation.

As many as 63% of Vietnamese married women have experienced one or more forms of physical, sexual, emotional and economic violence and controlling behaviors by their husbands in their lifetime, according to a newly-released study.

As many as 63% of Vietnamese married women suffer at least one kind of violence in their lifetime

It means that nearly two in three married women in Vietnam have suffered at least one kind of domestic violence, according to a study that is backed technically and financially by the United Nations Population Fund (UNFPA) and Australia’s Department of Foreign Affairs and Trade (DFAT).

This is the second study conducted in Vietnam, making it the only country in the world so far making a study that specifically uses cross-culturally validated methodology developed by the World Health Organization.

Managed by Vietnam’s Ministry of Labor, Invalids and Social Affairs (MOLISA) in collaboration with the General Statistics Office (GSO), this study enables a better understanding of what has changed since the first study in 2010, as well as what has not, and what needs to be in place for strengthening gender equality and ending gender-based violence in Vietnam.

The 2019 study has three parts: a quantitative survey, conducted by GSO; a qualitative study by the Center for Creative Initiatives in Health and Population (CCIHP); and an economic costing of violence by international experts commissioned by UNFPA.

Nearly 6,000 women aged 15 to 64 were interviewed, with the results showing that most of the violence against women in Vietnam is perpetrated by their husbands or partners.

The study also shows that with the exception of sexual violence, the prevalence of different types of violence against women, perpetrated by husbands, was slightly lower in 2019 than in 2010, and positive change may be happening among younger women.

In addition, the report estimated that violence against women cost Vietnam an estimated 1.8% of its gross domestic product (GDP) in 2018.

Key findings from the 2019 study

• In Vietnam, women were more likely to be abused by their husbands than by any other perpetrators.

• Nearly one in ten or 9% women experienced non-partner sexual violence since age 15. Almost all of this was perpetrated by males who were not family members (e.g. a male stranger, friend or acquaintance; a recent acquaintance; or someone at work).

• Violence against women remains very much hidden. Half of women who experienced violence by husbands had never told anyone. Almost all women (90.4%) who experienced physical and/or sexual violence from husbands did not seek any help from formal service providers.

• Children are also victims when living in violent environments. Of the women who experienced physical violence by a husband, 61.4% disclosed that their children witnessed or otherwise overheard the violence. Women who experienced physical and/or sexual violence by their husbands were more likely to say their children (5-12 years) had behavioral problems.

• Violence against women has a wide range of health impacts or consequences. One in four women (23.3%) who were physically and/or sexually abused by their husbands had physical injuries. Pregnant women are also at risk of violence from their husbands.

• Violence is a learned behavior. Women victims of violence are more likely to have a husband whose mother was beaten or who was himself beaten as a child.

Remarks on the national study

Nguyen Thi Ha, Deputy Minister of Labor, Invalids and Social Affairs (MOLISA) at the event on July 14. Photo: Nhandan

MOLISA’s Deputy Minister Nguyen Thi Ha said after nearly ten years since the first survey, the results show both positive changes and shortcomings.

The percentage of women suffering from these forms of violence has decreased slightly and positive change is clearly seen among young women who did not endure and showed their strength in fighting against violence, and women who have higher education are less likely to experience violence.

Naomi Kitahara, UNFPA Representative in Vietnam, at the event. Photo: UNFPA

“Ending violence against women and girls is one of the three transformative results that UNFPA has pledged to achieve worldwide,” said Naomi Kitahara, UNFPA Representative in Vietnam.

“In Vietnam, UNFPA has worked alongside the Government and stakeholders for more than a decade towards ending violence against women. Today, we have even more evidence to spur us to even greater action, and I call on everyone to join forces to eliminate this violence. Without addressing this, Vietnam quite simply cannot achieve the 2030 Sustainable Development Agenda and its Sustainable Development Goals, and ensure no one is left behind,” she added.

Australian Ambassador to Vietnam Robyn Mudie. Photo: Embassy of Australia in Hanoi

Australian Ambassador to Vietnam Robyn Mudie said “Australia is deeply committed to ending gender-based violence.” “We have supported this study because it leads us all to acknowledge just how many lives are affected by violence, coercive control and harassment. Each piece of data in this report represents the experience of a Vietnamese woman or girl, whether in their home, at work or in a public place. This report means that we hear them, we believe them, and we need to act.”

At the launch of the results, the government of Vietnam, government of Australia, and UNFPA all called for ever more urgent action to end violence against women.

“No matter where violence happens, in what forms, or who it affects, it must be stopped,” concluded UNFPA Representative Naomi Kitahara. “Together, we should work to create a world where both women and men, and girls and boys, can enjoy a life free from violence. We commend Vietnam for its commitment to achieving this vision.”

Conducted every 10 years, the survey was a joint effort between the NIN and the Ministry of Planning and Investment’s General Statistics Office, with support from many international organizations.

Deputy Health Minister Do Xuan Tuyen said the survey is the largest of its kind on a nationwide scale and involved 22,400 households in 25 cities and provinces representing six ecological areas. It collected anthropometrical data as well as those on micro-nutrients, individual food portions, food security, and food hygiene and safety.

He added that the survey reveals the overall landscape of nutritional intake in Vietnam, progress made over the past decade, and the challenges in the time to come.

Malnutrition is still too common around the country, particularly in disadvantaged and ethnic minority areas. Excessive weight and obesity are rising in both urban and rural areas and among people of different ages, leading to an uncontrollable rise in non-communicable diseases relating to diet. Besides, there remain problems in quality and safety of food consumed by people in daily life.

Tuyen said the survey is significant in assessing goals in the national nutrition strategy for the 2011-2020 period and in providing scientific evidence to serve the drafting of national nutrition strategies in subsequent periods.

The prevalence of excessive weight and obesity rose from 8.5 percent in 2010 to 19 percent in 2020, including 26.8 percent in urban areas, 18.3 percent in rural areas, and 6.9 percent in mountainous areas.

The use of micro-nutrients and the rate of breastfeeding in the first six months of a new-born’s life improved significantly, from 19.6 percent in 2010 to 45.4 percent in 2020. The figure was 55.7 percent in urban areas, 40.3 percent in rural areas, and 42.7 percent in mountainous areas.

Up to 35.8 percent of respondents possessed good knowledge on food safety, while 55.6 percent had average knowledge and 8 percent low knowledge. The rate of people accessing official information on food safety has doubled since the previous survey in 2010.

Vietnamese also consumes more vegetable and fruits, averaging 231 grams and 140.7 grams  per person a day respectively compared to 190.4 grams and 60.9 grams in 2010. However, the consumption only reached 66.4-77.4 percent of the recommended amount. The daily consumption of meat rose rapidly to 136.4 grams per person from 84.0 grams 10 years ago, while consumption of rice decreased.

Source: VNA

A new Law on Land is needed, but it could take a good three years for a new itineration. Photo: Le Toan

According to previous proposals, the Law on Land 2013 was to be revised at some point after the 13th National Party Congress. A new law was to be considered within the year, with the National Assembly able to discuss the revised draft by the end of 2022. If all goes to plan, the revised law would then need at least three years before being approved.

Simultaneously, and with the party congress now in the rear view mirror and a new government in the process of taking the reins, a summary report of the implementation of the 2013 land law is being led by the Ministry of Natural Resources and Environment (MoNRE), involving every ministry and local authority. The summary report will be sent to the government and submitted to the National Assembly in the second quarter of 2023 the latest.

According to Dang Hung Vo, former deputy minister of Natural Resources and Environment, the current Law on Land contains conflicts with many other laws such as those on housing, real estate business, forestry, zoning, and public asset management.

“The overlap among those laws is the main reason for limiting the new supply for the real estate market as demand continuously increases. This leads to rocketing price increases and speculation which makes the market unstable,” Vo said.

Meanwhile, the weakness of the current Law on Land has also created struggles for administrative policies and implementation of land issues, especially in compensation.

Talking with VIR, Lim Hua Tiong, CEO of Frasers Property Vietnam expressed that a revised land law is necessary to enhance the flow of foreign investment to Vietnam – and that means a law with shorter processes, clearer and less complicated regulations, and elimination of conflicts with other laws that would all help investors make faster decisions and open up major chances for their success in Vietnam.

“It must offer equal opportunities for Vietnamese and foreign investors by enabling and granting overseas investors the right to directly obtain land use rights for the purposes of land bank development for new project establishment,” said Lim.

He added that any revised land law should clarify the measurement of public land, which can be directly allocated/leased to the investor without public auction. “This may shorten the time of the land allocation process and project implementation, respectively,” he added.

One official from the MoNRE noted that the revision of the land law must clarify details and remove unfairness for related parties in inheriting profits brought about by investment in land. Especially, the financial framework for land use which includes land leasing rents must be more relevant to the realities of the market.

“Moreover, the current Law on Land fails to mention many new types of real estate products such as condotels, officetels, or shophouses so a revised one is in need to deal with those products,” said the official.

According to Dang Minh Duc, director of Dong Nai Department of Natural Resources and Environment, a new law must take into account the current land status of localities.

“The revised Law on Land should clearly regulate the process of appraisal and land use right auction, and the calculation of the value for land compensation. These issues are seriously impacting the implementation of many projects in Dong Nai province,” Duc said.

The MoNRE has revealed that key issues to be considered in the revised land law include the expansion of quotas for agricultural land use of individuals and households; and management of rice land and especially land collection methods for the development of socio-economy of localities.

Also in the frame for a revamp included are taxation policies on agricultural land provided to households and enterprises that are left unused, as well as how to harmonise the rights between foreign enterprises and the government, while avoiding the impacts to the country’s security but ensuring a solid investment environment for overseas investors.

Lim Hua Tiong – CEO, Frasers Property Vietnam Under the current land law, a foreign-owned entity does not have the right to directly obtain land use rights from other land users. This prevents a foreign-owned entity from developing a land bank for new projects. Within a project area, there are several parcels managed by the state such as land with rivers, streams, canals, springs, and special-use water surface. There has not been any obvious regulation to specify the measurement of public land, which can be directly allocated/leased to the investor without public auction. This prolongs the project land allocation process and adversely affects the investor, as they cannot carry out the next investment steps without such land allocation. For project implementation, developers must go through many complicated steps which can take up two years to fully process. In a real situation, many projects take 3-5 years for legal approval. This prevents developers from market advantages because of delayed launch timelines. Also, the inconsistent application of land use fee calculation is a big trouble for real estate developing, not only for foreign investors but also Vietnamese ones which continues to create many disputes. Peter Dinning – Chairman, Colliers International Vietnam has made tremendous advances within the real estate sector including the rights of ownership and the rights to occupy, but we have seen many examples when land has been taken away at below the market value. This leaves the owner in a worse position than they were in before the land is taken away. Further advances in creating a fair system to value property are required to create a more international-standard real estate market. Real estate in Vietnam is still in its infancy and while it is a driver for the economy, real risks are still associated with owning and occupying land. International investors would like to see a system which protects land and property ownership and in the event that for whatever reason it is taken away, a true open market value is paid by compensation. In the UK we have a dedicated department called the Valuation Office whose duty is to protect the rights of the individual when a property is taken away. There is a proper right to appeal and valuation tribunals are available for anyone who disputes the compensation that a developer and or an authority wishes to pay to take over your land. Alain Cany – Chairman, European Chamber of Commerce in Vietnam European enterprises are keen to invest and expand further their business operations and new projects. To capitalise on this trend, the government could enhance the legal framework and cut administrative procedures on land to unlock the full potential of European investment. For instance, reducing the time to complete the investment registration process would be welcome, as would making the procedures for acquiring land clearer and more transparent. Enabling foreign investors to borrow from international lenders would also be a positive step, rather than limiting mortgages just to banks. We have seen some positive developments in the last few months alone. For instance, Decree No.148/2020/ND-CP – in particular its provisions on land lease for small state-owned land parcels – should help to clear one of the bottlenecks for investors whose developments have been on hold for some time. This, in turn, should restore the land fund for project development and create more opportunities for local and foreign enterprises. We encourage the government to build on this success. For instance, a definition of “foreign-invested enterprises” aligned with the new Law on Investment would be a good step, as current inconsistencies create difficulties.

Hanoi (VNA) – A workshop on opportunities, challenges and solutions to promote the participation of people with disabilities in politics was held in Hanoi on April 15.

Co-organised by the United Nations Development Programme (UNDP) in Vietnam and the Centre for Education Promotion and Empowerment of Women ( CEPEW ), the event aimed at enhancing the right to political engagement of people with disabilities in Vietnam where is home to more than 6 million disabled persons.

Speaking at the workshop, Diana Torres , UNDP Assistant Resident Representative in Vietnam, said there will be a political gap between non-disabled and disabled people unless the community joins hands to promote equality and empower people with disabilities on political platforms.

Without their voices in agencies under the National Assembly and People’s Councils, the people with disabilities will find it difficult to really integrate into society, she added.

Le Ngoc Hoan, a member of the Blind Association of Lang Son province, who is a self-nominated candidate for the election of deputies to the 15th  National Assembly, said people with disabilities need representative voices in the law-making body so that their legitimate aspirations and needs will be heard.

According to a quick assessment of the group’s readiness for political involvement as candidates in the elections of deputies to the National Assembly and all-level People’s Councils, 92 percent of people surveyed hoped to have disabled deputies and 63 percent said they are ready for self-nomination to the elections in the next five years.

The assessment, jointly conducted by the UNDP Vietnam and the Norwegian Embassy in Vietnam, was released as part of the workshop.

It showed three challenges facing the group in elections – feeling unconfident in the possibility of success, lacking knowledge on self-nomination and campaigning, and distrusting that the community will vote for people with disabilities.

Jan Wilhelm Grythe, Chargé d’affaires at the Norwegian Embassy, said the Norwegian Government is willing to share information on the political participation process of Tove Linnea Brandvik, a physically disabled Norwegian who served as deputy to the parliament for two terms from 2005 to 2013.

Norway is also willing to organise conversations to inspire Vietnamese people with disabilities, said the diplomat./.

VNA

Hanoi (VNA) – As of 2020, 11 percent of Vietnam’s population had taken out life insurance , heard a recent symposium in Ho Chi Minh City.

According to Ngo Trung Dung, Deputy Secretary General of the Insurance Association of Vietnam , the figure is set to rise to 15 percent by 2025.

Revenue from insurance premiums was 186.22 trillion VND (8 billion USD) in 2020, up 16.5 percent year-on-year.

Of this, 130.55 trillion VND came from life insurance premiums , a rise of 22 percent.

Insurers paid out 47.03 trillion VND in claims during the year, Dung said.

He noted that the insurance sector is forecast to experience significant change over the next decade, adding that given the fierce competition, insurance companies should embark on digital transformation ./.

VNA