Gov't establishes National Disaster Management Fund

The fund is a single-member limited liability company in which the State holds 100 percent of charter capital.

Viet Nam is one of the countries most affected by natural disasters and climate change. Storms and floods are the most frequent and severe natural disasters affecting the Southeast Asian country, with 6 to 7 typhoons every year, on average, according to the United Nations Development Program in Viet Nam.

Between 1990 and 2010, 74 floods have occurred in the river systems. Severe drought, saline water intrusion, landslides and other natural disasters are hindering the national development process.

Extreme disasters are more frequent in recent years, causing more damage to people and impacting significantly on the economy.

Natural disasters like storms, floods and drought caused damage worth VND37.4 trillion (US$1.6 billion) in 2020, five times compared to the previous year's losses, said the Central Steering Committee on Natural Disaster Prevention and Control.

(Source: VGP)