Vietnam needs some US$30 billion to response to climate change, which may cost the country between 2 percent and 6 percent of its gross domestic products each, an official said.
Pham Hoang Mai, an official from the Ministry of Planning and Investment (MBI), quoted a recent research as saying that Vietnam needs to develop a concrete action plan to bolster its efforts to ensure a climate-resilient future.
Livelihoods in Vietnam, which is part of "vulnerable" Southeast Asia, are facing threats from sea-level rise, ocean warming, and more severe storms and floods caused by an increasing possibility of the temperature rising by four degrees Celsius, the World Bank warned earlier.
At the same time, Vietnam’s greenhouse gas emissions and overall carbon intensity have significantly increased as a result of the economic expansion.
The research, known as the Climate Public Expenditure and Investment Review (CPEIR), was conducted the Ministry of Planning and Investment with the support of the World Bank and U.N. Development Program.
It proposes short- and long-term initiatives to further mainstream climate change into Vietnam’s policy, planning and budget cycle, and to better identify priority investments and activities to strengthen the country’s climate change response.
“Mainstreaming climate change into the budget will strengthen Vietnam’s resilience against the impacts of a warming world, make communities less vulnerable, and tackle the emissions challenge as Vietnam continues its journey toward a greener, resilient and prosperous future,” said Victoria Kwakwa, the World Bank Country Director for Vietnam.