People transporting basic commodities on a boat through flood waters on a street in Hanoi on Sept 12, 2024, as heavy rains in the aftermath of Typhoon Yagi brought flooding to northern Vietnam. - AFP
HANOI: Super Typhoon Yagi and its aftermath cut a swath of destruction across north Vietnam estimated at 40 trillion dong (US$1.6bil), threatening to slow the country’s economic growth for the year.
The losses could trim 0.15 percentage points off 2024’s economic growth, according to state media, citing an estimate by the 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%.
Days of downpours have added to the destruction wrought by Yagi, which made landfall on Sept 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 last Sunday, according to a statement on the government’s website. Over 2,000 people were injured and 230,000 houses were damaged. Over 190,000 ha of rice, 48,000 ha of other crops and 31,000 ha of fruit trees were flooded and damaged, it said. Power outrages remain in some areas. Transportation has been disrupted by flooded and damaged roads, the government said.
Manufacturers such as Apple Inc’s suppliers and Samsung Electronics Co 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 damages 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. Agriculture land and farms were the hardest hit, the government said. — Bloomberg
