The National Forecast-based Financing (FbF) Dialogue Platform was held in Hanoi on November 4 by the Vietnam Red Cross Society (VNRC), German Red Cross and UN Food and Agriculture Organisation (FAO).

The National Forecast-based Financing Dialogue Platform in Hanoi on November 4 

This year, the forum aims to gather and establish a network of agencies, departments, experts, scientists and gain a common understanding of how FbF can contribute to the Government's efforts to improve community resilience to natural disasters. It provides opportunities for participants to share and exchange experiences on FbF among domestic and international agencies and organisations and develop a roadmap towards the institutionalisation of the FbF approach in Vietnam.

Speaking at the event, VNRC President Nguyen Thi Xuan Thu said that Vietnam is one of the countries most frequently affected by natural disasters and global climate change. Every year, about 300 people die and go missing due to natural disasters, causing economic losses of around 1 to 1.5 percent of the country’s GDP.

The FbF approach aims to optimise the application of technology, data and weather forecast information from the global network into actions and early response before disasters occur to protect lives, assets and livelihoods of vulnerable groups, said Thu.

FbF is an effective approach to improving the resilience of the community to natural disasters, while also promoting cooperation among scientists, national governments, research institutes and the private sector in improving the effectiveness of forecasting, preparedness and response to increasing natural disaster risks, she added.

Since 2017, the VNRC has applied a new FbF approach by implementing a pilot project on early response to heat waves in Hanoi and Da Nang and developing an action plan on financial support based on forecasts and supporting 21 provinces and cities to develop a forecast map of the impact of natural disasters.