Thu Duc loses $54 mln to floods annually: expert

People walk their motorbikes through a flooded section of Nguyen Duy Trinh Street of Thu Duc City, October 1, 2022. Photo by VnExpress/Thanh Tung,Flooding causes HCMC’s Thu Duc City annual losses of US$54 million, and they are likely to increase by 2050, a World Bank expert said.,Nguyen Huy Dung, a senior disaster risk management specialist for the World Bank in Vietnam, speaking at a conference to collect opinions on general planning for Thu Duc, said 31% of its land area floods during rains, and this is expected to rise to 37% by 2050.,Annually the floods cause losses of $54 million – or 13% of its revenues, to put it in perspective — and the figure would rise to $84 million in 2050.,The figure represents only direct damages caused by flooding and does not include damage to infrastructure and impacts on economic activities and people’s livelihoods, he said.,”Normally [such] indirect damages are three or four times the direct losses and hundreds of times in some cases.,”In 2003 New York City had a storm that caused $30 billion in damages and most of it was from the stock market and financial and economic activities.”,Thu Duc City was created in 2020 by merging the former district of the same name with Districts 9 and 2.,Spreading 211 square kilometers and with a population of more than one million, Vietnam’s first
“city within a city” is expected to account for 30% of HCMC’s economic output and 7% of the country’s per year.,It is also set to become an
“innovative urban area” encompassing the hi-tech park in the erstwhile District 9, the university neighborhood in Thu Duc District and a new urban area and financial center on the Thu Thiem Peninsula in District 2.,