Typhoon Yagi causes estimated loss of nearly US$3.3 billion to Vietnam

Public infrastructure and major local facilities were severely impacted, including the collapse of Phong Chau Bridge and disruptions to public utilities such as electricity, water, and communication, said Tran Quoc Phuong, Deputy Minister of Planning and Investment, at a press briefing in Hanoi on October 7.  

Typhoon Yagi has reduced Vietnam’s growth rate by 0.15 percentage points this year, said Phuong, citing recent calculations.

After Yagi dissipated, he said the Prime Minister has promptly directed relevant ministries and localities to implement timely support measures. The government issued Resolution 143, focusing on urgent tasks to address the consequences of the typhoon and to quickly stabilize people’s livelihoods.

The finance and banking sectors swiftly restructured debts for affected businesses and families, provided loans, and postponed tax, fee, and charge payments to create cash flow for businesses and households to recover production.

The Prime Minister also required insurance companies to promptly review and assess damage, as well as to compensate for contracts and assets for businesses and individuals.

“Good news is that during our field trips to Hai Phong and Quang Ninh, industrial zones and businesses resumed production very quickly, just after one week…. While the industrial sector is recovering rapidly, the agricultural and tourism sectors will take a longer time to bounce back,” stated the official.

So far credit organisations have disbursed approximate VND5 trillion as financial support to 84,500 individuals affected by Typhoon Yagi and subsequent floods and landslides.

The Prime Minister has directed the allocation of 432.6 tonnes of rice for hunger relief and immediate cash assistance from the central budget reserves for localities to support the affected population.