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.