Super typhoon Yagi costs northern Vietnam $3.31 bln: minister
Typhoon Yagi, the most powerful to hit Vietnam in over three decades, caused economic damage estimated at VND81.5 trillion ($3.31 billion) across northern Vietnam.
The figure is VND20 trillion ($813 million) higher than that estimated by the agriculture ministry a week earlier and exceeds a preliminary estimate of $1.6 billion made this month by the Ministry of Planning and Investment, Minister of Agriculture and Rural Development Le Minh Hoan said at a review conference in Hanoi on Saturday.
Quang Ninh province was hardest hit with damage of VND24.8 trillion ($1 billion), followed by Hai Phong city with VND12.2 trillion, Hai Duong province with VND7.4 trillion, Lao Cai with VND6.6 trillion, and Bac Giang with VND5 trillion, he said.
The agriculture sector alone suffered damage amounting to VND30.8 trillion ($1.25 billion), or 38% of the total economic losses, he noted.
Earlier, Prime Minister Pham Minh Chinh said that Vietnam’s GDP may drop 0.15 percentage points from the projected 6.8-7% this year due to the impact of the typhoon, which made landfall in northern Vietnam on September 7.
Singapore-based United Overseas Bank (UOB) has revised down its GDP growth forecast for Vietnam by 0.1 percentage point to 5.9% this year due to the damage caused by Yagi.
Meanwhile, Mitsubishi UFJ Financial Group (MUFG), among the biggest banking institutions in Japan, forecast that the typhoon can reduce Vietnam’s GDP growth in 2024 by 0.2-0.5 percentage points.
According to competent authorities, as of September 26, typhoon Yagi and subsequent floods and landslides left 344 people dead and missing, and nearly 2,000 others injured. About 260,000 houses and 1,900 school sites were damaged, unroofed, flooded, or buried.
Some 350,000 hectares of rice, crops, and fruit trees were flooded and destroyed; 31,000 hectares of aquatic farms were damaged; and 4.5 million cattle and poultry were killed.
Many electricity, telecommunications, irrigation and water infrastructure works have been hit while a large number of sections on national highways and intra-provincial roads were eroded.
The work of supporting victims to overcome the consequences of the typhoon and floods and stabilize their lives has been proactively and promptly implemented. The government decided to provide 400 tons of rice and VND350 billion ($14.22 million) to localities to overcome the consequences of the natural disasters.
The Vietnam Fatherland Front and the Vietnam Red Cross Society received a total of VND1.76 trillion ($71.52 million) to support residents affected by the storm and floods.
Countries and international organizations have delivered aid worth over $22 million, both in cash and in kind.
- Read More
Vietnam’s top leader to visit Mongolia, Ireland, France after US, Cuba tour
Party General Secretary and State President To Lam will pay state visits to Mongolia and Ireland, attend the 19th Francophonie Summit and make an official visit to France from September 30-October 7.
Politics - Sun, September 29, 2024 | 10:49 am GMT+7
State-funded war film “Peach Blossom, Pho and Piano” to compete at Oscar
The Ministry of Culture, Sports and Tourism has selected the film Dao, Pho va Piano (Peach Blossom, Pho and Piano) as its official nomination to compete in the best international feature film category at the 97th Academy Awards (Oscar).
Travel - Sun, September 29, 2024 | 10:11 am GMT+7
‘Arrival’ band to stage ABBA music in central Vietnam
The ‘Arrival’ band will stage the Music of ABBA Show in the ancient town of Hoi An and Danang City on October 8-9 to celebrate the music of the Swedish pop giants.
Travel - Sun, September 29, 2024 | 10:04 am GMT+7
Vietnam property major Novaland incurs worst half-year loss since listing
Major real estate developer Novaland recorded an audited net loss of nearly VND7.33 trillion ($297.7 million) in H1/2024, marking its worst half-year performance since listing in 2016, according to a post-audit earnings report.
Companies - Sun, September 29, 2024 | 9:35 am GMT+7
Metro proximity boosts property prices in major cities by 5-15%: Savills Vietnam
Property prices within walking distance of metro stations in Vietnam's major cities have increased by 5-15%, according to a report by real estate agency Savills Vietnam.
Real Estate - Sun, September 29, 2024 | 7:28 am GMT+7
Vietnam urged to develop more resilient, localized garment supply chain: experts
Vietnam’s garment and textile industry needs to develop a more resilient, localized supply chain to reduce its reliance on imports and avoid possible disruptions due to geopolitical tensions, industry insiders say.
Economy - Sat, September 28, 2024 | 8:48 pm GMT+7
Top Vietnamese sugar maker TTC AgriS sees net profit soar 39% in FY 2023-2024
Thanh Thanh Cong-Bien Hoa JSC (TTC AgriS), Vietnam’s largest sugar producer with a 46% market share, reported a net profit of VND747 billion ($30.4 million) for the fiscal year 2023-2024, up 39% year-on-year, but its gross profit margin hit a five-year low.
Companies - Sat, September 28, 2024 | 8:14 pm GMT+7
Free-market USD prices soar in Vietnam
Prices of the U.S. dollar on Vietnam’s black market increased markedly on Saturday while those at commercial banks moved sideways.
Banking - Sat, September 28, 2024 | 5:14 pm GMT+7
Petrovietnam urges General Electric to help speed up Vietnam’s first LNG-to-power plants
Petrovietnam has urged American conglomerate General Electric (GE) to help expedite the progress of key projects, including the complex featuring Nhon Trach 3 and Nhon Trach 4 – Vietnam’s first LNG-to-power plants.
Energy - Sat, September 28, 2024 | 3:59 pm GMT+7
Eight-fold capital base hike to make Techombank Securities top broker in Vietnam
Hanoi-based Techcombank Securities JSC (TCBS) is seeking approval from shareholders for resuming a plan to boost its charter capital eight-fold to VND19,613 billion ($797 million).
Finance - Sat, September 28, 2024 | 3:30 pm GMT+7
Central Vietnam province plans additional $122 mln runway for Phu Cat airport
A second runway along with connecting taxiways and other necessary infrastructure is urgently needed for Binh Dinh province’s Phu Cat airport, Chairman Pham Anh Tuan said on Friday.
Infrastructure - Sat, September 28, 2024 | 2:58 pm GMT+7
Victoria’s Secret supplier increases northern Vietnam province investment to $130 mln
Hong Kong-invested Regina Miracle International (Vietnam), an intimate wear supplier of global brands such as Victoria’s Secret, Nike and Adidas, will increase its investment in Hung Yen province to $130 million.
Industries - Sat, September 28, 2024 | 12:23 pm GMT+7
IMF raises Vietnam’s 2024 GDP growth projection to 6.1%
Vietnam’s economic growth is projected to recover to 6.1% in 2024, the International Monetary Fund (IMF) says in its latest note, up from 5.8% forecast in April.
Economy - Sat, September 28, 2024 | 11:12 am GMT+7
New anti-diabetes rice variety unveiled
Scientists at the Philippines’ International Rice Research Institute (IRRI) have created a new variety of rice that can reduce the growing burden of diabetes.
Southeast Asia - Sat, September 28, 2024 | 10:21 am GMT+7
Indonesia's tourism now ranked 22nd worldwide
Indonesia's tourism industry has thrived over the past decade, surpassing nations like Belgium, Turkey, and New Zealand.
Southeast Asia - Sat, September 28, 2024 | 10:18 am GMT+7
Thai rice export prices dip to 14-month low
Thai rice export prices fell to a 14-month low this week due to pressure from weak demand and competition from other rice exporting countries, while Indian price rose slightly on a stronger rupee, despite sluggish demand from Asia and African buyers.
Southeast Asia - Sat, September 28, 2024 | 7:40 am GMT+7