Vietnam counts the US$1.6 billion cost of Super Typhoon Yagi’s destruction
As Vietnam assesses the damage, the long-term economic repercussions are expected to linger for months
The losses could trim 0.15 percentage points 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 points shaved off, while the fourth quarter may see a hit of 0.22 percentage points. The government previously targeted this year’s expansion at as much as 7 per cent.
Days of downpours have added to the destruction wrought by Yagi, which made landfall on September 7 before weakening to a tropical depression.
Flash floods, overflowing rivers and landslides occurred across the northern region, leading to evacuation of thousands.
Rains 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 – more fierce.
More than 350 people were dead or missing as of Sunday, according to a statement on the government’s website. More than 2,000 people were injured and 230,000 houses were damaged. Over 190,000 hectares of rice, 48,000 hectares of other crops and 31,000 hectares of fruit trees were flooded and damaged, it said.