Seminar debates financial solutions to natural disaster risks
Building financial solutions to natural disaster risks is a must in order to lessen the burden on the State budget, said Vice Minister of Finance Nguyen Huu Chi.
Hanoi (VNA)𒊎 – Building financial solutions to natural disaster risks is a must in order to lessen the burden on the State budget, said Vice Minister of Finance Nguyen Huu Chi.
Chi told participants at a seminar co-organised by the Ministry of Finance and the World Bank (WB) in Hanoi on November 15 that Vietnam suffers from various natural disasters which cause losses of up to 40 trillion VND (around 1.8 billion USD) each year.
Vietnam ranks 22nd in the world in the number of deaths left by calamities, he added.
Sebastian Eckardt, Lead Economist for the World Bank in Vietnam, shared Chi’s view, saying that an estimated 60 percent of the country’s areas and 71 percent of its population endure storm and flood risks.
Total damage due to storms and floods is equal to 0.8 percent of Vietnam’s annual gross domestic product (GDP), pushing it to third place in terms of losses among the ASEAN member countries, just behind Myanmar and the Philippines, he noted.
Since 2013, with the support of the Swiss Government, WB has assisted Vietnam in improving financial solutions and natural disaster insurance by exclusively building a calamity risk model for the country.
The WB economist said this model will help the Vietnamese Government and organisations to evaluate the possibility of occurrence and losses caused by natural disasters and work out financial plans for the possible consequences.
According to the WB, Vietnam now has different tools to ensure financial resources for coping with calamities and overcoming their aftermaths.
However, WB experts suggested Vietnam build a financial strategy to cover all losses left by natural disasters and it should be part of the country’s natural disaster and climate change management master plan./.
The central steering committee for natural disaster response and the National Committee for Search and Rescue have warned central coastal provinces from Nghe An southward to Ninh Thuan.
Seven more locals went missing in the central province of Phu Yen due to floods caused by heavy rains over the past few days, raising the number of missing victims in the region to eight.
A delegation from the World Bank (WB) met with local authorities in the Mekong Delta city of Can Tho to discuss a project to help the city reduce flood risk.
Floodwater levels in the Cuu Long (Mekong) Delta are high and will continue to rise this month, especially in upstream areas, according to the hydraulic works management and construction department of the Ministry of Agriculture and Environment.
Conservation efforts to restore habitat and boost the population of red-crowned cranes in Tram Chim National Park are finally showing progress, with the cranes and many other rare wild birds coming back to the park.
Torrential rains from the night of July 31 to early August 1 triggered flash floods and landslides across several communes in Dien Bien province, leaving at least two people dead and eight others missing.
Transitioning to a circular economy not only offers a sustainable development path for Ho Chi Minh City but also serves as a pivotal step toward establishing a fully green economy.
An exhibition featuring 100 green, recycled, and circular economy models and products from 50 businesses and educational establishments took place in Ho Chi Minh City on July 31, as part of the local green transition forum and recycle day 2025.
Regional solidarity and cooperation are the key factor for the effective implementation of wildlife protection regulations. Only through sustainable cooperation, innovative approaches, and collective action can biodiversity be safeguarded for the present and future generations, an Vietnamese official has said.
Hanoi has approved a comprehensive plan to restore the environmental quality and develop four major urban rivers – the To Lich, Kim Nguu, Lu, and Set reverine environments.
The Javan pangolin is listed in Vietnam’s Red Book as critically endangered and is protected under Group IB – a category reserved for forest species facing an extremely high risk of extinction and requiring strict conservation measures.
As a key member of the core group of 18 countries, initiated by Vanuatu, Vietnam engaged in advocating for the UN General Assembly’s Resolution N.77/276, requesting for the ICJ’s advisory opinion. Following the resolution's adoption, Vietnam fully participated in all procedural steps for the first time, from submitting written proposals to presenting directly at the court’s hearings.
The wild elephant population in Da Nang includes a full developed herb of mature males, females, and calves. To date, the herd has grown to nine individuals.
Conservation efforts here have become a model, helping to save millions of turtle hatchlings and promoting Con Dao as a member of the Indian Ocean-Southeast Asia Turtle Site Network.
As part of its drive to fulfil its net zero emissions commitment by 2050, Vietnam is fast-tracking the development of a legal corridor to launch a pilot carbon market by the end of 2025, according to the Department of Climate Change.
Under the plan, from 2025 to 2026, the city will complete mechanisms and policies to support businesses in switching to green vehicles, expand the electric and green-energy bus network, and build charging stations. The targeted proportion of green buses is set at 10% in 2025 and 20–23% in 2026.
Storm Comay, the fourth in the East Sea this year, was at around 16.7 degrees North and 118.3 degrees East, in the east of the East Sea's northern waters as of 4am on July 24.
The disaster risk warning level for flash floods, landslides, and ground subsidence due to heavy rains and flows is rated at level 1, except in Nghe An, where it is raised to level 2.
Illustrative image (Source: VNA)
