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

Reading Time:2 minutes

People in Haiphong use ropes to remove fallen trees after Typhoon Yagi swept through Vietnam earlier this month. Photo: Reuters

Published: 12:03pm, 16 Sep 2024

Super Typhoon Yagi and its aftermath cut a swathe of destruction across north Vietnam estimated at 40 trillion dong (US$1.6 billion), 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 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.

A resident reacts at the site of a landslide in a remote mountainous village in Vietnam’s Lao Cai province on September 12. Photo: AFP

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.