Vietnam sees $2.1 billion Typhoon Yagi damage that may hit growth
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Vietnam’s most powerful storm in decades is another sign that global warming is making tropical cyclones more fierce.
PHOTO: REUTERS
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VIETNAM - Super Typhoon Yagi and its aftermath cut a swathe of destruction across north Vietnam, with damage estimated at 40 trillion dong (S$2.1 billion), threatening to slow the country’s economic growth for the year.
The losses could trim 0.15 percentage point off 2024’s economic growth, according to state media, citing an estimate by the Ministry of Planning and Investment.
Third-quarter growth could see 0.35 percentage point shaved off, while the fourth quarter may see a hit of 0.22 percentage point. The government previously targeted 2024’s expansion at as much as 7 per cent.
Days of downpours have added to the destruction wrought by Yagi,
Flash floods, overflowing rivers and landslides occurred across the northern region, leading to the evacuation of thousands.
The rainfall eased over the weekend and rivers are receding, though landslide warnings remain in mountainous areas, according to the National Centre for Hydro-Meteorological Forecasting’s website.
Vietnam’s most powerful storm in decades is another sign that global warming is making tropical cyclones – also called hurricanes or typhoons – fiercer.
More than 350 people were dead or missing as at Sept 15, according to a statement on the government’s website.
More than 2,000 people were injured and 230,000 houses were damaged. Over 190,000ha of rice, 48,000ha of other crops and 31,000ha of fruit trees were flooded and damaged, it said.
Power outages remain in some areas. Transportation has been disrupted by flooded and damaged roads, the government said.
Manufacturers such as Apple’s suppliers and Samsung Electronics, which are located in provincial industrial parks, were largely unscathed, officials have said.
Scores of Taiwanese manufacturers in the northern port city of Haiphong experienced damage by the typhoon and will seek tax deductions, Taipei Times reported, citing the head of the Haiphong branch of the Council of Taiwanese Chambers of Commerce in Vietnam.
Agricultural lands and farms were among the hardest hit, the government said. BLOOMBERG
