Vietnam needs financial nhà cái bet88 insurance strategies to mitigate disaster impacts

Vietnam, one of the countries most affected by natural disasters, faces annual losses amounting to 1-1.5% of its GDP.
Therefore, effective financial nhà cái bet88 insurance strategies have been identified as crucial tools for mitigating these impacts nhà cái bet88 ensuring swift recovery nhà cái bet88 reconstruction after disasters.

This was the main focus at the workshop titled "Disaster Risk Finance nhà cái bet88 Insurance: International Experiences nhà cái bet88 Recommendations for Vietnam," held on November 14 by the Ministry of Finance’s National Institute for Finance in collaboration with the United Nations Development Programme (UNDP).

Dr. Le Thi Thuy Van, Vice President of the National Institute for Finance, emphasized the need for a holistic nhà cái bet88 comprehensive approach to accessing financial resources nhà cái bet88 disaster risk insurance.

"Strengthening disaster response nhà cái bet88 recovery capabilities is not only an urgent need but also a foundation for sustainable development in the context of increasingly severe climate change. Learning from international experiences will help us to orient nhà cái bet88 apply more effective solutions," she said.

According to the World Bank, the country could face economic losses of up to billion over the next 50 years, if effective prevention nhà cái bet88 insurance strategies are not implemented.

Mr. Patrick Haverman, Deputy Resident Representative of UNDP in Vietnam, reiterated the importance of robust financial nhà cái bet88 insurance strategies to mitigate these impacts nhà cái bet88 support quick recovery nhà cái bet88 reconstruction.

Delegates at the workshop shared experiences from countries such as Japan, the Philippines, Colombia, nhà cái bet88 the Caribbean region, emphasizing the importance of robust legal frameworks for disaster risk finance nhà cái bet88 insurance.

These countries have established diversified resource tools, built comprehensive disaster information nhà cái bet88 data analysis systems for risk assessment, nhà cái bet88 implemented effective risk transfer mechanisms.

In contrast, Vietnam's approach remains inconsistent, focusing primarily on post-disaster recovery budgets heavily reliant on the national budget. The country lacks a comprehensive disaster prevention financial system, nhà cái bet88 disaster insurance is not widely adopted. However, a disaster risk database is under development nhà cái bet88 being integrated into the national data system.

Dr. Nguyen Thi Hai Duong from the National Economics University suggested that Vietnam could benefit from adopting index-based insurance models nhà cái bet88 layered risk insurance, which would provide quicker nhà cái bet88 more efficient financial support. She emphasized the importance of public-private partnerships nhà cái bet88 international assistance to advance disaster insurance in Vietnam.

The workshop concluded with experts recommending improvements to Vietnam's legal framework, enhanced forecasting capabilities, nhà cái bet88 strengthened financial initiatives, including disaster risk insurance nhà cái bet88 risk transfer mechanisms.

They also stressed the need to address the current regulatory challenges nhà cái bet88 enhance the implementation of disaster risk insurance, especially for public assets.