Businesses affected amidst super typhoon Yagi havoc in northern Vietnam

By Thanh Van, Minh Hue
Thu, September 12, 2024 | 8:17 am GMT+7

Many businesses have been affected in the widespread damage including loss of lives inflicted by super typhoon Yagi in northern Vietnam.

According to the Disaster and Dyke Management Authority, as of 11 a.m. Wednesday, the typhoon, subsequent floods and landslides left 155 people dead and 141 others missing.

Part of LG Electronics factory in Hai Phong city, northern Vietnam is pulled down by typhoon Yagi, September 2024. Photo courtesy of Tuoi tre (Youth) newspaper.

Part of LG Electronics factory in Hai Phong city, northern Vietnam is pulled down by typhoon Yagi, September 2024. Photo courtesy of Tuoi tre (Youth) newspaper.

The economic damage is yet to be counted.

Quang Ninh province

As of Tuesday afternoon in Quang Ninh province, one of the hardest-hit localities, 20,245 houses had lost their roofs; 21 waterway vehicles, 23 cruise ships and 41 fishing boats had either sunk or drifted away; and over 2,402 aquaculture farms were damaged.

Many companies have had facilities severely damaged in the province.

The Halong International Port operated by Vietnamese conglomerate Sun Group had to suspend operations as its electrical and water systems were severely hit.

At the company's Sunworld entertainment park, the most significant damage done was to the Sun Wheel, with three cabins blown away by the storm. Slides in the water park were also damaged.

Sun Group management said that recovery efforts would begin right after damage assessment, prioritizing the port, cable cars and the Premier Village resort.

At the Alacarte Halong Hotel project, upon receiving news of typhoon Yagi’s landfall in Quang Ninh province, the operator mobilized all available resources to minimize damage to the building and its apartments.

When the typhoon struck Ha Long town, more than 150 staff of project operator Alacarte Halong JSC were present at the building to implement anti-storm measures, guide guests to safety and protect equipment and other assets in the apartments.

Soon after the storm passed, the project investor – Taseco Land and the operator contacted construction contractors, equipment suppliers and building experts to assess the damage and find solutions.

A representative of the investor said it would take at least three months to repair the building and restore normal operations.

The typhoon caused power outages and loss of communication in the Vanh Danh mining area. Landslides blocked the road from Uong Bi town to the mine. The roofs of many workshops and offices at the construction sites of coal companies were damaged; and over 30 electric poles of open-pit coal miners were toppled.

Hai Phong city

Many factories in Hai Phong city’s large industrial zones suffered severe damage.

For instance, at LG Electronics Co., Ltd., part of the factory and fences collapsed. The company arranged staff to clean up this area. Numerous workshops and warehouses in the Do Son and Nam Dinh Vu industrial parks (IPs) were littered with fallen roofing sheets and trees.

According to the Hai Phong Economic Zone Authority, all businesses in the IPs saw trees felled by the typhoon, with some reporting that 90% of the trees had fallen. Some areas also experienced partial flooding during the storm.

Many businesses have reported damage to roofs, walls, fences, signs, camera systems and car parks. Some have said that their workshops were flooded.

However, no human losses have been reported.

The Hai Phong Economic Zone Authority reported that local businesses and industrial zones were urgently addressing the typhoon’s impacts. As of the Tuesday morning, approximately 95% of the businesses in the industrial zones had resumed operations.

In the city’s Vinh Bao district, over 10 companies have been severely affected by super typhoon Yagi, with four suffering tens of billions of VND (VND10 billion = $407,000) in losses.

The power and telecommunications sectors have also suffered significant damage in Quang Ninh, Hai Phong, Thai Binh and Nam Dinh.

The Ministry of Industry and Trade has directed state utility Vietnam Electricity (EVN) and local authorities to focus on restoring power supply as soon as possible.

As of 4 p.m, Tuesday, EVN had restored all 500 kV transmission lines and substations, while the 220kV power grid was “basically” back to normal. Local electricity units had also restored 114 out of 173 110 kV lines and 1,296 out of 1,535 medium-voltage lines.

The Ministry of Information and Communications has also instructed telecom service providers to restore communication systems. By Tuesday, 3,812 mobile signal towers (about 60%) had been restored. However, 2,473 towers still had not resumed operations.

According to the Civil Aviation Authority of Vietnam, while there were no casualties at airports, the typhoon damaged equipment and other assets at some locations.

At the Van Don International Airport in Quang Ninh, security fences separating restricted areas and airport boundary fences collapsed; some exterior decorative glass panels at the passenger terminal fell and broke; and the exterior glass roof on the elevated walkway was damaged.

At Hai Phong’s Cat Bi International Airport, trees in the old terminal area were uprooted. Some ceiling panels in the cargo terminal and part of the international terminal were destroyed. The glass doors of the international arrival hall were shattered, and telecommunications services experienced continuous interruptions.

At Hanoi’s Noi Bai International Airport, operations were temporarily suspended for incoming flights until 12 a.m on September 7.

Typhoon Yagi impacts led to the cancellation of at least 120 flights - 103 domestic and 17 international.

Comments (0)
  • Read More
Vietnam offers numerous advantages for Skoda Auto's investment: executive

Vietnam offers numerous advantages for Skoda Auto's investment: executive

Vietnam offers a range of advantages for investment by Czech automaker Skoda Auto, including its seaport system, logistics infrastructure, and skilled labor, the company’s chairman and CEO Klaus Zellmer said on Thursday.

Industries - Fri, March 28, 2025 | 7:33 pm GMT+7

Vietnam plans to cut import tax for LNG to 2%

Vietnam plans to cut import tax for LNG to 2%

Vietnam’s Ministry of Finance is drafting a decree on preferential import tax for some products, including a proposal of 2% tax rate for LNG.

Energy - Fri, March 28, 2025 | 4:31 pm GMT+7

AES’s $2.1 bln LNG power project needs solutions to meet deadline: Vietnam authorities

AES’s $2.1 bln LNG power project needs solutions to meet deadline: Vietnam authorities

The 2,250-MW Son My 2 LNG-fired power project, invested by the U.S.'s AES and state-run Petrovietnam subsidiary PV Gas, “needs solutions” to meet its deadline.

Energy - Fri, March 28, 2025 | 4:06 pm GMT+7

Over $9 bln pledged for investment projects in central Vietnam province Binh Dinh

Over $9 bln pledged for investment projects in central Vietnam province Binh Dinh

Binh Dinh province on Friday handed over MoUs on investment cooperation, in-principle approvals and investment registration certificates to 62 projects worth over VND231 trillion ($9.03 billion).

Industries - Fri, March 28, 2025 | 4:05 pm GMT+7

Vietnam's giant Vingroup eyes mullti-billion-dollar renewable, LNG power projects

Vietnam's giant Vingroup eyes mullti-billion-dollar renewable, LNG power projects

Vietnam's leading private conglomerate Vingroup is seeking the government's permission to develop seven renewable energy projects worth $20-25 billion and a $5.5 billion LNG-fired power project from 2025-2030.

Energy - Fri, March 28, 2025 | 1:09 pm GMT+7

While the buzz around a market upgrade is back, who is this milestone for?

While the buzz around a market upgrade is back, who is this milestone for?

A key issue for the Vietnamese stock market is the underdevelopment of the institutional investor base. The dominance of retail investors can create heightened volatility, which, in turn, reduces the incentive for high-quality companies to list on the stock exchange, writes Gary Harron, head of securities services at HSBC Vietnam.

Consulting - Fri, March 28, 2025 | 10:31 am GMT+7

Vietnam's private lender VIB seeks strategic shareholders: chairman

Vietnam's private lender VIB seeks strategic shareholders: chairman

Vietnam International Bank's (VIB) board of directors is now in discussions with banks and investment funds to find suitable partners for the lender, ensuring a mutually beneficial partnership that goes beyond finance.

Banking - Fri, March 28, 2025 | 8:31 am GMT+7

Vietnam tech giant FPT opens semiconductor R&D center in central Vietnam

Vietnam tech giant FPT opens semiconductor R&D center in central Vietnam

Vietnam’s leading tech group FPT on Thursday inaugurated its high-tech and semiconductor R&D center at the Danang Software Park No. 2 in the central city of Danang.

Industries - Fri, March 28, 2025 | 8:00 am GMT+7

HCMC's international financial center development to be phased out: city leader

HCMC's international financial center development to be phased out: city leader

Ho Chi Minh City aims to become an international financial center, with related development plan divided into three phases, said Vo Van Hoan, its Vice Chairman.

Economy - Thu, March 27, 2025 | 11:11 pm GMT+7

Car producers in Thailand postpone export models

Car producers in Thailand postpone export models

Car manufacturers in Thailand have decided to delay making some models for export due to U.S. President Donald Trump's new tariff policy.

Southeast Asia - Thu, March 27, 2025 | 10:17 pm GMT+7

Indonesia approves $7 bln budget for food security in 2025

Indonesia approves $7 bln budget for food security in 2025

Indonesia’s Ministry of Finance on Wednesday announced that the government has approved a budget of IRD118 trillion ($7.1 billion) for food security programs in 2025.

Southeast Asia - Thu, March 27, 2025 | 10:14 pm GMT+7

Honda Vietnam rolls out first domestically produced electric scooter

Honda Vietnam rolls out first domestically produced electric scooter

Honda Vietnam has officially launched its first domestically produced electric scooter, the ICON e:, marking a significant step in the company’s electrification and sustainable mobility strategy in Vietnam.

Southeast Asia - Thu, March 27, 2025 | 10:09 pm GMT+7

Vietnam's Quang Ngai seaport system requires over $420 mln investment by 2030

Vietnam's Quang Ngai seaport system requires over $420 mln investment by 2030

The seaport system in the central Vietnam province of Quang Ngai will need about VND10.83 trillion ($423.54 million) in investment by 2030, according to the detailed 2021-2030 development plan for local seaport land and water areas, with a vision to 2050.

Southeast Asia - Thu, March 27, 2025 | 10:06 pm GMT+7

Leading steelmaker Hoa Phat targets record revenue on partial operation of central Vietnam plant

Leading steelmaker Hoa Phat targets record revenue on partial operation of central Vietnam plant

Hoa Phat Group, Vietnam’s top steelmaker, targets a record-high revenue in 2025, driven by the expected partial operation of a steel and iron complex in the central region this year.

Companies - Thu, March 27, 2025 | 8:10 pm GMT+7

Offshore wind power developer CIP seeks long-term cooperation with Vietnam

Offshore wind power developer CIP seeks long-term cooperation with Vietnam

Copenhagen Infrastructure Partners (CIP), a major Danish renewable energy developer, is seeking to reach long-term cooperation with Vietnamese businesses in the offshore wind power sector.

Energy - Thu, March 27, 2025 | 4:16 pm GMT+7

Vietnam giant VinFast moves to expand EV service in Philippines

Vietnam giant VinFast moves to expand EV service in Philippines

VinFast, Vietnam’s largest electric vehicle (EV) manufacturer, has partnered with MGA.414 Corporation, the operator of the JIGA automotive service chain, to expand its EV service network in the Philippines.

Southeast Asia - Thu, March 27, 2025 | 3:48 pm GMT+7