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APEC debates disaster insurance

Update: February, 22/2017 - 11:18
More than 100 delegates from 21 member economies of the Asia-Pacific Economic Cooperation forum and experts from a number of international financial organisations attended a seminar on disaster risk financing and insurance policies in Nha Trang City yesterday. — VNA/VNS Photo Doãn Tấn

KHÁNH HÒA – More than 100 delegates from 21 member economies of the Asia-Pacific Economic Cooperation forum and experts from a number of international financial organisations attended a seminar on disaster risk financing and insurance policies in Nha Trang City yesterday. 

Addressing the event, part of the APEC 2017 activities, Nguyễn Viết Lợi, head of the National Institute for Finance under the Ministry of Finance, noted that Asia-Pacific was among most vulnerable regions to natural disasters. Between 2005 and 2014, the region suffered 1,625 natural disasters or 40 per cent of total disasters in the globe, that killed nearly 500,000 people and affected 1.4 billion others, accounting for 80 percent of affected people around the world, said Lợi.

He said property losses in the 10-year period amounted to US$520 billion, equivalent to 45 per cent of total global economic losses caused by natural disasters.

Việt Nam has also been seriously hit by disasters, which kill about 750 people each year and cause an economic loss of about 1 per cent of the country’s GDP. 

Participants discussed the disaster risk financing and insurance initiative implemented in APEC, as well as national financial strategies in response to natural disaster risks and the development of database on public property and disaster risk insurance. 

At the same time, they also sought ways to increase experience sharing in building natural disaster risk financing and insurance solutions, improving capacity in dealing with disaster consequences and reducing budget spending burdens and risks to State property. 

The seminar looked towards the building of a programme on natural risk financing solutions and disaster assessment models to support APEC member economies in developing their new solution systems on risk management and transfer. 

A report on the event’s outcomes will be submitted to the APEC Finance and Central Bank Deputies Meeting slated for February 23-24 in Nha Trang.

Wide range of customs issues tabled at APEC meeting

The General Department of Việt Nam Customs (Việt Nam Customs) is chairing the first meeting of the APEC Sub-Committee on Customs Procedures (SCCP) in Nha Trang city from February 21-23. 

The event has drawn more than 50 delegates of customs agencies from the 21 APEC economies. It is part of the ongoing first APEC Senior Officials’ Meeting in Nha Trang, a coastal city in the south central province of Khánh Hòa. 

With this year’s APEC events themed “Creating New Dynamism, Fostering A Shared Future”, the meeting will look into the priorities of the Asia-Pacific region such as promoting sustainable, creative and inclusive growth; enhancing regional economic connectivity; improving the competitiveness and creativity of micro-, small- and medium-sized enterprises; strengthening food security and sustainable agriculture to adapt to climate change. 

Vietnam Customs suggested the APEC economies connect the single-window mechanism, increase sharing information about and experience in fighting smuggling and trade fraud, thereby helping customs agencies facilitate trade and ensure trade security in regional supply chains. 

These are also major targets of the Collective Action Plan, which the SCCP submitted to the APEC Secretariat for approval in 2016. 

Việt Nam wants the member economies to boost experience sharing, assistance in capacity improvement, and technical support among customs agencies to intensify customs cooperation in the region, Vietnam Customs said. — VNS

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