Dec 05, 2020 / 09:48

USAID strengthens Vietnam's private sector role in disaster resilience

The Hanoitimes - The initiatives aim to advance private sector’s innovative solutions disaster resilience.

Vietnam has been listed in private sector engagement (PSE) pilot projects announced on December 3 by the US Agency for International Development (USAID) that aim to advance innovative solutions to reduce risk and impact of natural disasters.

 USAID intensifies support Vietnam's disaster resilience

The USAID’s new support for private sector engagement initiatives will help strengthen disaster preparedness and response in recipient countries, including Vietnam, according to the US Embassy in Hanoi.

These projects help the humanitarian community better understand how the private sector can invest in projects that mitigate the risk of disasters; increase businesses’ participation in community disaster preparedness plans and policies; help reduce the social and economic impacts of disasters; and support communities’ efforts to recover and rebuild after disaster strikes.

These USAID-supported pilot programs will help countries develop stronger relationships with private sector actors and develop mutually-beneficial projects that strengthen entire communities’ disaster resilience.

The programs in Vietnam will gather key private sectors, local governments, and civil society actors to collaboratively design and launch multi-stakeholder pilot projects to strengthen flood mitigation efforts and improve water network management in Quy Nhon coast city in the central province of Binh Dinh.

The Asia Foundation, in partnership with ISET International, the Vietnam Chamber of Commerce and Industry (VCCI), and the Vietnam Institute for Development Strategy (VIDS) get involved in the projects.

 Natural disaster cost Vietnam roughly US$439 million in January-October, 2020. Photo: Vietnam News Agency

PSE is a strategic approach to international development through which USAID consults, strategizes, aligns, collaborates, and implements with the private sector for greater scale, sustainability, and effectiveness of development or humanitarian outcomes.

USAID responds to an average of 75 disasters in more than 70 countries every year. Through collaboration with the private sector, USAID can harness innovation, creativity, and entrepreneurship to improve the efficiency of humanitarian assistance.

As part of USAID/Vietnam’s Country Development Cooperation Strategy (CDCS) Goal Statement, PSE focuses specifically on creating shared value partnerships to identify where development challenges present business opportunities, leading to market-driven solutions.

Natural disasters cost VND10.1 trillion (US$439 million) and claimed 249 lives in Vietnam in the first ten months this year.