This study presents a novel framework for assessing multi-hazard risks globally in a changing climate, focusing on river floods and tropical cyclones. The framework combines single-hazard models driven by the same climate model realizations to ensure physical consistency, considering hazards, exposures, vulnerabilities, and recovery assumptions. The results show that incorporating common physical drivers and recovery processes significantly alters multi-hazard risk assessments. The framework is implemented in the open-source climate risk assessment platform CLIMADA, allowing for the analysis of various hazards and exposures. The study demonstrates how the framework can accommodate more than two hazards and integrate diverse recovery assumptions through a national case study in Vietnam. The findings highlight the importance of a multi-hazard perspective in uncovering the potential consequences of common physical drivers on climate risks, providing a more comprehensive approach to risk management.This study presents a novel framework for assessing multi-hazard risks globally in a changing climate, focusing on river floods and tropical cyclones. The framework combines single-hazard models driven by the same climate model realizations to ensure physical consistency, considering hazards, exposures, vulnerabilities, and recovery assumptions. The results show that incorporating common physical drivers and recovery processes significantly alters multi-hazard risk assessments. The framework is implemented in the open-source climate risk assessment platform CLIMADA, allowing for the analysis of various hazards and exposures. The study demonstrates how the framework can accommodate more than two hazards and integrate diverse recovery assumptions through a national case study in Vietnam. The findings highlight the importance of a multi-hazard perspective in uncovering the potential consequences of common physical drivers on climate risks, providing a more comprehensive approach to risk management.