Environment

Fund for natural disaster prevention to be established

Vietnam’s total property losses from storms and flooding during the last three years exceeded 50 trillion VND (about 2.36 billion USD), half of the figure was recorded in 2013.

Vietnam’s total property losses from storms and flooding during thelast three years exceeded 50 trillion VND (about 2.36 billion USD), halfof the figure was recorded in 2013.

The figures werereleased at a conference held in Ho Chi Minh City on December 17 tointroduce the Law on Natural Disaster Prevention and collect opinionsabout a number of draft decrees on the implementation of the law.

According to the draft decree on the establishment of a fund fornatural disaster prevention, businesses and all individuals over the ageof 18 have to make financial contributions to the fund at differentrates.

The General Department of Irrigation under theMinistry of Agriculture and Rural Development said that theestablishment of the fund is to ensure financial resources forlocalities to cope with natural disasters.

Vietnam isone of five countries considered to be the most vulnerable to climatechange, with 70 percent of the population affected by natural disasters.The country loses 1.5 percent of GDP each year because of the impact ofclimate change.

Deputy Chief of the Office of theCentral Committee for Flood and Storm Control Van Phu Chinh saidrecently that the country has shifted its policy from countering naturaldisasters to prevention, as shown in the promulgation of the Law onNatural Disaster Prevention, as well as many legal documents andpolicies in the field.-VNA

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