Climate Change Is Real And Inclusive
With a long coastal line to the east and high mountain range to the west, a tropical climate with a warm eastern sea, Vietnamese are no stranger to storms, typhoons. Every year, storms would hit, usually the central of Vietnam, followed by flood, flashflood and landslide. News made headlines, emotion ran high, criticism, donation, relief and recovery, then business as usual.
Vietnam’s government have been active in the effort to combat climate change, articulated in the National Climate Change Strategy to 2050, setting the goal of reaching net zero by 2050. The focal points were Ho Chi Minh City sinking with rising sea levels and the disintegration of Mekong Detla. Tropical typhoons have been mentioned as part of the overarching menace, however their familiarity to a common Vietnamese have somewhat thwart their importance to the topic being discussed.
Then Yagi struck with two unprecedented characteristics: its tenacity and its direction. Although Yagi was not the strongest Category 5 super typhoon recently, its unusual path and slow weakening created a compound effect that left devastation in its wake.
Moving directly from east to west, northwest of Hanoi, Yagi caused heavy rainfall both upstream and downstream of northern Vietnam’s entire river system before gathering more strength and doing the same in the upper reaches of the Red River in China, which subsequently add more pressure to the already stressed river system.
As a result, the initial impacts of strong gusts, which caused roofs to collapse and trees to fall, were quickly followed by even more devastating floods, flash floods, and landslides. These disasters affected both rural areas and urban metropolitan regions. The hardest hit was the recently developed metropolitan zones and the industrial belt stretching from northwest of Hanoi all the way to Quang Ninh and Hai Phong.
When news and images of downtown Yen Bai and Thai Nguyen submerged in floodwaters surfaced, along with social media posts calling for help, the entire country was shocked. The collapse of Phong Chau Bridge in Phu Tho further intensified fears, as all eyes turned to Long Bien Bridge, a century-old structure built by Paul Doumer, the head of the colonial Indochine government. The bridge, standing over the swelling Red River just outside Hanoi, faced the rising waters while residents in Ba Dinh District, in the heart of Hanoi, were evacuating their homes by boat.
A mix of horror, surprise, and pain spread among the Vietnamese as community messaging groups on platforms like Zalo and Facebook constantly shared updates, news, calls for help, and calls to action. People are beginning to realize that climate change is no longer just a theoretical or "fancy" issue. It is here and it could be us.
In 2005, Katrina not only claimed over 1,800 lives and caused billions in damages, but it also revealed serious weaknesses in political readiness and disaster response. The storm exposed vulnerabilities in infrastructure and reshaped the political discourse on climate resilience and disaster preparedness.
Moreover, consumers, especially in affected regions, began to prioritize disaster-proof housing, insurance policies, and sustainability in ways that had not been seen before.
Accelerating Of Green Transformation
Businesses and organizations focusing on green transitions stand to benefit from this growing awareness. A crucial reason for this shift lies in the link between carbon emissions and climate-driven disasters.
As the amount of carbon dioxide in the atmosphere increases, it leads to warmer ocean temperatures, which provide more energy for storms, making hurricanes and typhoons more powerful and destructive. Reducing carbon emissions is not just about preventing future warming; it’s essential for slowing the intensification of extreme weather events.
The road to a green transition can take three key directions. First, the adoption of green electricity is likely to accelerate. Solar and wind energy, which have faced both management skepticism and technical challenges in grid integration, will now receive stronger support to overcome these hurdles. Areas like energy efficiency, reduced consumption, and alternative energy sources will also take side stages.
Second, the carbon market, which promotes forest protection and sustainable farming, will advance more quickly. Decree 06/22 ND-CP mandates that a trading platform be established by 2025, with a pilot emissions trading system (ETS) planned for 2027 with the full implementation of the ETS by 2030. These timelines might just get moved up.
Third, a new consumer paradigm backed by cultural advancements in which sustainable living must become deeply embedded in daily habits, from minimizing waste to embracing simpler, more eco-friendly lifestyles. This cultural shift will influence everything from the products people buy to the way cities are designed, ultimately fostering a future where sustainability and reduced consumption are integral to societal progress.
Modernizing Legacy Infrastructure And Equipment
Although a different bridge collapsed during the disaster, the story of century-old bridge (and others) struggling to withstand river current have heightened public anxiety about Vietnam’s aging infrastructure. Many of these bridges, constructed during the French colonial era, have withstood the test of time but are now increasingly vulnerable to the more severe weather linked to climate change.
In northern Vietnam, the traditional river dam system, some of which dates back hundreds of years, is also showing its limitations. As storms and flooding become more frequent and intense, these aging structures are no longer sufficient to protect communities.
This situation presents an important opportunity for the government to invest in updated systems and technology, ensuring that infrastructure is prepared for the future.
The government has responded effectively with the resources at its disposal, but the evolving climate crisis highlights the need for more advanced tools and equipment. While agencies and the military have worked tirelessly, their efforts have often been constrained by outdated equipment. The use of primitive tools in some instances, such as wooden sticks, demonstrates the clear need for modernization. However, this is not a failure of dedication but rather a call for investment in more advanced resources.
Modernizing disaster response through drones for aerial assessments, scanners for detecting survivors, bulldozers for debris removal, and robotics for precision operations will greatly improve recovery efforts. These investments won’t just speed up relief; they will also prevent further damage and reduce the loss of life.
Community Funding As A New Financial Source
The recent disaster has revealed the strength of Vietnam’s socialist spirit at the grassroots level, where even poor households contributed to relief efforts. This collective response highlights the power of community-based financing as a significant and untapped source of funding for social causes.
In times of crisis, the Vietnamese people rally together, much like during wartime, with organizations like Mặt trận Tổ quốc (the United Front) quickly earning public trust and mobilizing large-scale donations.
This model of community solidarity can be leveraged beyond disaster relief. Several innovative business models could tap into the potential of community-based financing to drive long-term social change. Crowdfunding platforms, for instance, could gather small contributions from large numbers of people to support local development projects or environmental initiatives.
Other models like community bonds and social impact investment funds could also turn collective financial contributions into long-term investments. Community bonds would allow everyday citizens to invest in projects like infrastructure upgrades or green energy solutions, benefiting their neighborhoods while providing a financial return.
Social impact investment funds could focus on businesses that generate both financial and social returns, such as clean energy, disaster preparedness, or affordable housing. These models would ensure that Vietnam’s culture of mutual aid becomes a powerful tool for building a sustainable, equitable future.
A Change In Real Estate Investment Trends
Typhoon Yagi and its severe flooding aftermath may have prompted a shift in real estate investment considerations.
The typhoon which struck northern Vietnam at a time when property prices near Hanoi were at record highs, highlighted the vulnerabilities of real estate investments. This period saw unprecedented height of land prices through government sanctioned auctions, reports of rising prices of the secondary real estate market.
Meanwhile, coastal cities like Ha Long and Hai Phong, with their attractive landscapes and robust economies, remained popular tourism and investment destinations. However, the intensity of Typhoon Yagi, a rare occurrence in the north compared to the frequent and severe tropical typhoons in central Vietnam, has introduced a new reality for investors. This shift is likely to impact real estate trends, potentially leading to changes in property prices and increased insurance costs.
While well-constructed high-rise condos have demonstrated resilience during the disaster, townhouses in lowland areas, particularly those in floodplains, have proven to be vulnerable to heavy rain and flooding. The dramatic flooding of houses and the damage to equipment underscore the risks associated with investing in such properties.
In response, the government is expected to tighten regulations on building permits for properties in lowland areas or those prone to flooding. This proactive approach will aim to mitigate future risks and influence real estate investment trends moving forward.