Issue #3 (Volume 17 2026)

Type of the article: Research Article

Abstract
Vietnam’s revived nuclear power program creates an environmental economics problem because accident externalities, restoration obligations, and delayed compensation can shift costs from operators to affected communities, ecosystems, and public budgets. This study aims to assess the environmental and economic risk allocation and compensation readiness of Vietnam’s post-2025 nuclear liability framework against modern international nuclear liability benchmarks. A doctrinal and comparative method is applied to Law No. 94/2025/QH15, Decree No. 332/2025/ND-CP, Decision No. 768/QD-TTg, the 1997 Vienna Convention, and IAEA materials, using legal and policy data for 2025–2026 updated through April 2026. The results show that Vietnam fully aligns with five of seven benchmark elements and partially aligns with two. The aligned elements perform four economic functions: channeling concentrates claims and insurance demand in one operator; strict liability internalizes prevention and accident costs; seven compensable heads cover death, health injury, property loss, direct economic loss, environmental restoration, environmental-use income loss, preventive measures, and residual economic loss; and 30-year/10-year limitation periods protect latent claims. The monetary architecture requires 150 million SDR of operator financial security for nuclear power plants, 5 million SDR for other installations and transport, a 300 million SDR total compensation floor per incident, and a state top-up for shortfalls. The terrorism defense and missing treaty-based cross-border procedure remain partial gaps. The study concludes that Vietnam has a domestic platform for cost internalization, but full environmental and economic compensation readiness depends on treaty accession, valuation rules for environmental damage, and operational financing of claims.

Acknowledgment
This research is funded by University of Economics and Law, Vietnam National University Ho Chi Minh City, Vietnam.

Type of the article: Research Article

Abstract
The transition toward low-carbon energy systems is increasingly viewed not only as an environmental necessity but also as a driver of innovation, competitiveness, and entrepreneurial development in modern economies. This study investigates how public energy research, development, and demonstration (RD&D) expenditures are associated with annual energy and green start-up counts, as well as with the availability of venture financing for clean-technology entrepreneurship across countries. The empirical analysis is based on a panel dataset covering 23 countries over the period 2000–2023 (470 country-year observations). It applies Poisson and negative binomial fixed-effects models, distributed lag specifications, fixed-effects OLS, and Gamma PML and PPML estimators. The results indicate that public RD&D spending does not have a statistically significant immediate effect on the number of green start-ups, as the Poisson FE estimates for renewable RD&D (0.034) and storage RD&D (0.011) remain insignificant. The venture-funding models show positive, though only weakly significant, coefficients for renewable-energy RD&D, with values of 1.41 for early-stage funding and 1.56 for later-stage funding, suggesting a possible association between public research activity and venture financing. Robustness checks indicate that low-carbon RD&D is positively associated with later-stage venture financing in selected model specifications, with a PPML coefficient of 1.77. The findings suggest that public RD&D is not a standalone driver of annual energy and green start-up counts and may be related to selected venture-financing outcomes, particularly in later-stage funding models, such as the scaling and commercialization of green innovation.

Acknowledgment
This article was prepared based on the results of the project 101127491-EnergyS4UA-ERASMUS-JMO2023-HEI-TCH-RSCH. Views and opinions expressed are, however, those of the authors only and do not necessarily reflect those of the European Union or European Education and Culture Executive Agency. Neither the European Union nor the granting authority can be held responsible for them.

Type of the article: Theoretical Article

Abstract
Industrial symbiosis has gained increasing importance as a systemic approach within the circular economy for improving resource efficiency and reducing greenhouse gas emissions. The aim of this study is to develop a theoretical framework explaining how industrial symbiosis networks contribute to greenhouse gas emission reduction within an environmental economics perspective. The study is based on a theoretical analysis and conceptual synthesis of industrial ecology and environmental economics literature.
The results identify three core operational mechanisms – material substitution, energy cascading, and waste valorization – through which industrial symbiosis reduces lifecycle emissions, and structure their relationships within a framework consisting of four interrelated components: industrial symbiosis activities, operational mechanisms, environmental performance outcomes, and environmental economic outcomes. Greenhouse gas emissions expressed in CO2-equivalent terms are conceptualized as the primary environmental performance indicator, while economic indicators such as cost savings, eco-efficiency, and emission abatement cost are integrated to explain how emission reduction aligns with economic efficiency. The framework demonstrates that industrial symbiosis functions as a decentralized coordination mechanism that reduces environmental externalities through system-level resource optimization rather than technological change alone.
The findings contribute to environmental economics theory by clarifying the relationship between industrial cooperation, environmental performance indicators, and economic efficiency, providing a structured basis for future empirical assessment and policy evaluation.

Type of the article: Research Article

Abstract
Central Asian countries face acute air quality challenges, with PM2.5 concentrations in major cities exceeding World Health Organization guidelines several times over, while industrial CO₂ emissions continue to rise alongside economic development. Understanding the empirical linkage between these pollutants is essential for designing integrated environmental policies. The purpose of this study is to assess the impact of industrial CO₂ emissions on PM2.5 air pollution in five Central Asian countries – Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan – using balanced panel data for the period 2000–2020 (N = 105) obtained from the World Bank’s World Development Indicators. Pooled OLS, fixed effects, and random effects estimators were applied, with GDP per capita, urbanization, and energy intensity as control variables. Model selection was based on the Hausman test, and robustness was verified through ten alternative specifications. The random effects model (Hausman χ2 = 0.412, p = 0.521) reveals a statistically significant positive relationship: a one million metric ton increase in industrial CO₂ emissions is associated with a 0.87–0.89 µg/m3 rise in mean annual PM2.5 concentration (p < 0.01). The coefficient remains stable across all robustness checks (0.823–0.923). GDP per capita shows a significant negative effect (−1.92, p < 0.05), supporting the Environmental Kuznets Curve hypothesis, while energy intensity has a positive effect (p < 0.05). Country-specific effects reveal substantial heterogeneity, with Tajikistan exhibiting the highest baseline PM2.5 (+26.25 µg/m3 above Kazakhstan) and Turkmenistan the lowest (+7.49 µg/m3). These findings confirm the co-pollutant hypothesis and justify integrated climate-air quality policies with country-specific strategies.

Acknowledgments
The authors would like to thank the anonymous reviewers for their constructive comments and suggestions that helped improve this manuscript.