How do I interpret this flag print vendor template

Printing and Prepress
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Update 2 : I asked the client, and they confirmed that the 500 mm × 2000 mm size is the correct one. They also said they weren’t able to obtain a production template from the vendor, so I’ll need to determine the bleed and safe area myself.

Would 50 mm bleed and an 80 mm safe area measured in from the finished edge be reasonable for a 500 mm × 2000 mm feather flag?

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Why don’t you look online at a company that provides feather flag templates and see what they suggest for bleed? Usually it’s about an inch.

What you don’t know is does that 500mm include the pole pocket. And how wide it is. That’s an important detail.