The Ministry of Agriculture and Rural Development is working on a draft decree to set up a fund for natural disaster prevention to ensure financial resources for localities on this issue. The ministry released the information at a conference in Ho Chi Minh City on Dec 17 to introduce the Law on Natural Disaster Prevention and seek comments for a number of draft decrees on the implementation of the law. Under the draft, businesses and all individuals aged above 18 will be required to make financial contributions to the fund at different rates, of which a company may pay VND1 million-VND100 million ($47-$4,000) to the foundation each year. Nearly 90% of Vietnamese companies have been affected by natural disasters with 60% suffering huge economic losses and 5% facing bankruptcy, the Asia Foundation said in its recently released report. Vietnam is one of the five countries considered to be the most vulnerable to climate change, with 70% of the national population affected by natural disasters. The country loses 1.5% of GDP each year to the disasters. Vietnam’s total property losses from storms and flooding during the last three years exceeded VND50 trillion, half of which was recorded so far this year. (thesaigontimes.vn Dec 17, vietnamplus.vn Dec 17)
