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The State Bank of Vietnam has emphasized the importance of supporting economic recovery while maintaining financial stability. It has called on banks to adopt a proactive approach to manage the risks associated with these relief measures. Some banks have already begun to strengthen their risk management frameworks and capital buffers to better navigate the expected challenges.
Vietnam has experienced an increase in the frequency and intensity of typhoons, a trend attributed to climate change. Recent reports highlighted that Typhoon Haikui and Typhoon Doksuri caused significant damage in several provinces, with flooding affecting thousands of households. The government has been working to manage disaster response effectively, but the scale of the damage has necessitated international assistance.
This decision comes amid heightened awareness of the challenges faced during disasters such as earthquakes, typhoons, and floods, when traditional public transport systems and taxis are often unable to meet demand.
Typhoon Haiyan, known locally as Yolanda, made landfall in Vietnam after sweeping through the Philippines with unprecedented force. The typhoon brought with it torrential rain, ferocious winds, and flooding, which have devastated large swathes of northern and central Vietnam. Entire communities have been submerged, infrastructure has been severely damaged, and thousands have been displaced. The scale of the destruction has prompted an urgent humanitarian response, with international aid agencies mobilizing to provide relief and support to those affected.
The prime minister was scheduled to visit key Central Asian nations and Mongolia to strengthen diplomatic and economic ties.
Recognizing Asia as one of the most disaster-prone regions globally, Nami emphasized the need to bolster relations with neighbouring countries, particularly Russia, to effectively manage critical situations.