Each year, an average of US$852 million – or 0.5% of GDP – and 316,000 jobs in key economic sectors are at risk from riverine and coastal flooding. The coastline of Vietnam is increasingly exposed to natural disasters, resulting in significant human and economic losses, but current risk management measures prove inadequate, according to the World Bank. A new resilience development strategy is urgently needed ─ otherwise, additional economic growth over the next decade in the range of billions of dollars could be wiped away by natural shocks, stated the World Bank in its latest report titled "Resilient Shores". About 200 meters of beach have disappeared in 10 years in Cua Dai, near Hoi An. Source: Google Earth. The ongoing devastating storms and floods that battered the central part of Vietnam are the latest evidence of a worrying trend that natural risks, which have already been substantial, are intensifying due to rapid urbanization, economic development, and climate change. "To ensure the sustainable development of Vietnam's coastal zones, we cannot ignore the challenges of natural shocks and climate change. To secure prosperity, we must invest in resilience," said Tran Quang Hoai, director general of the Vietnam Disaster Management Authority, under Vietnam's Ministry of… Read full this story
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