Vietnam estimates damages of $3.31 billion from Typhoon Yagi


  • World
  • Saturday, 28 Sep 2024

FILE PHOTO: People use ropes to remove fallen trees following the impact of Typhoon Yagi, Hai Phong, Vietnam, September 8, 2024. REUTERS/Minh Nguyen/File Photo

HANOI (Reuters) - Asia's strongest storm this year, Typhoon Yagi, caused damages estimated at 81.5 trillion dong ($3.31 billion) across northern Vietnam, or twice as much as previous estimates, state media said on Saturday.

The typhoon, which killed 299 with 34 missing, devastated export-oriented industrial hubs, destroying factories and facilities, besides flooding farmland, damaging homes, and tearing up a bridge.

"The total economic damage is initially estimated at over 81.5 trillion dong, with most damage triggered by landslides and flash floods," state-run Vietnam News Agency quoted Agriculture Minister Le Minh Hoan as saying.

The figure exceeds a preliminary estimate of $1.6 billion made this month by the planning ministry that threatened to chip 0.15 percentage point from a forecast for economic growth of 6.8% to 7% this year.

Hoan urged authorities to help people resume production while ensuring supplies and holding down prices, as farm and agricultural land were among the areas hit hardest.

Live pig prices in Vietnam have risen steadily since Typhoon Yagi and subsequent flooding affected several pig farms, Reuters has reported.

On Thursday, rating agency S&P Global said Vietnamese banks' profitability would be hit because of typhoon debt relief measures ordered by the central bank.

($1=24,590.0000 dong)

(Reporting by Phuong Nguyen; Editing by Clarence Fernandez)

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In World

Major new features expected on the next-generation Apple Watch
Senior Ukraine official says Kyiv not yet ready for talks with Russia
US will prohibit visas for Georgian officials for 'undermining democracy'
South Korea opposition leader Lee says impeaching Yoon best way to restore order
US announces new arms aid package for Ukraine worth $500 million
Clever puzzles, creative solutions: The keys (and doors) of good puzzle design
Fireworks blast in Mexico injures 30 at Virgin of Guadalupe event
Long-term exposure to air pollution linked to blood clots: study
U.S. stocks drop on hot PPI data
"Conclave" "Wicked" lead 30th Critics Choice Awards film nominations

Others Also Read