Advance payment of 3 trillion VND for compensation related to the Formosa incident.

On behalf of the Government, Deputy Prime Minister Truong Hoa Binh has just approved an advance of 3,000 billion VND to disburse to those eligible for compensation following the environmental incident caused by Formosa.

Minister of Natural Resources and Environment Tran Hong Ha said that Formosa has now transferred the entire $500 million in compensation for causing marine environmental pollution.

According to confirmation from Deputy Minister of Agriculture and Rural Development Vu Van Tam to the press on September 30th, at the meeting of the Steering Committee on solutions to stabilize the lives and production and business of people in the four central provinces affected by the environmental incident with ministries, agencies and provinces on September 30th, Deputy Prime Minister Truong Hoa Binh agreed to the aforementioned policy.

The Deputy Prime Minister noted that this advance payment aims to meet the aspirations and expectations of the people, especially those who have suffered losses, after the Prime Minister signed and issued the compensation rates for fishermen and other affected individuals.

According to leaders of the Ministry of Agriculture and Rural Development, based on the general standards applied to the four provinces, the provinces will determine the prices and calculate the total amount of damage, as well as compile and propose the total amount of compensation and support for affected individuals in their localities. This is expected to be completed no earlier than October 10th.

Once the damage assessment is complete, localities will send additional information to the Ministry of Agriculture and Rural Development and the Ministry of Finance. The Ministry of Agriculture will then compile the information and forward it to the Ministry of Finance for assessment and submission to the Prime Minister.

After the Prime Minister approves the plan, compensation and support funds will be allocated to localities for implementation.

"If everything goes according to plan and schedule, the earliest the Prime Minister will have grounds to approve and transfer all the funds to the localities is October 15th," Deputy Minister Tam said.

According to leaders of the Ministry of Agriculture and Rural Development, the ministry will soon lead a working group, in coordination with other ministries and agencies, to visit four provinces to coordinate, supervise, and urge the provinces to implement the program for the people.

In a recent interview with the press, Minister of Natural Resources and Environment Tran Hong Ha stated that Formosa has now transferred the entire $500 million in compensation for causing marine environmental pollution.

However, according to Minister Tran Hong Ha, the majority of that $500 million will be allocated to the restoration and rehabilitation of the marine environment, which could last for decades.

According to VnEconomy