Flood in the central region of Vietnam. Source: VNA
The project has a total investment of 2 million USD sourced from the Urban Climate Change Resilience Trust Fund (UCCRTF) managed by the ADB.
Hue city will be provided with technical assistance and disaster insurance for some public properties according to law.
The project, which will be carried out throughout 2024, includes the collection of public property database and design of appropriate insurance solutions.
Such activities are hoped to back the development of a comprehensive disaster risk management strategy for the city.
Vice Chairman of the provincial People’s Committee Nguyen Van Phuong said ADB is one of the leading units in supporting Thua Thien-Hue to minimise natural disaster risks in recent years.
He mentioned other assistance projects of the bank such as biopersity conservation, climate change adaptation and sustainable forest management, and green urban development.
Thomas W.Kessler, Principal Disaster Risk Insurance & Finance Specialist at the bank, said disaster risks in Vietnam are estimated to cause direct losses of averagely 1.4 billion USD every year.
The project not only aims to design a specific insurance solution to Hue city but also considers the feasibility of expanding the project to other cities and provinces across Vietnam, he added.
It is part of the green secondary cities development project worth 12.8 million USD sourced from the Special Climate Change Fund, the UCCRTF, and the Global Environment Fund and carried out in Hue, Vinh Yen city (Vinh Phuc province) and Ha Giang city (Ha Giang province)./.