An agreement to this effect was signed in Hanoi on August 14 between representatives of USTDA and the Ministry of Agriculture and Rural Development (MARD).

The fund will help strengthen the ministry’s flood forecasting, early warning and disaster management capabilities. The 18-month project is due to start this November.

Due to its geographical location, Vietnam is one of the 10 countries suffering most natural calamities in the world, including tropical storms, floods, landslides and droughts.

Over the past decade, natural disasters have claimed 750 deaths and caused losses equivalent to 1.5 percent of the country’s GDP each year.