Quang Ninh faces $960 million economic hit after Typhoon Yagi

Cao Tuong Huy, Chairman of Quang Ninh People's Committee, reported this figure at an online conference of government members with representatives of localities affected by Typhoon Yagi on September 15.

According to the chairman, 25 people were killed and 1,609 were injured to date. Infrastructure, including electricity, telecommunications, urban areas, and industrial zones, suffered significant damage. Over 70 per cent of trees were felled or uprooted, and 165 vessels sank.

Nearly 103,000 houses were unroofed roofs, 251 houses collapsed, and 4,942 sustained significant damage. The impact extended to 2,637 aquaculture facilities, while 7,500 hectares (ha) of rice fields were flooded, more than 500,000 poultry were killed or swept away, and nearly 90,000 ha of forests were damaged.

The typhoon caused a total blackout and enhanced communications, leaving many areas without electricity or phone signals for days. The estimated damage inflicted on Quang Ninh has reached a staggering $960 million.

Quang Ninh suffered severe damage during Typhoon Yagi. Photo: Ngoc Son

Quang Ninh is currently evaluating the damage from the recent typhoon and floods, categorising affected groups to expedite relief efforts. The province is crafting targeted support measures, including waiving school fees, enhancing funding for the social policy bank, and providing aid to both citizens and businesses. Efforts are also underway to repair damaged homes and ensure timely assistance.

Speaking at the conference, Huy put forward several proposals to the overnment and central ministries, seeking support and assistance.

These proposals included requesting the government to businesses involved in forestry and aquaculture production and processing. The province also sought guidance from ministries on debt rescheduling, similar to measures taken for the tourism, services, trade, and industrial sectors, and called on commercial banks to reduce interest rates. Additionally, Quang Ninh requested loans for aquaculture farmers and forest growers.

Quang Ninh has also called for an increase in charter capital for forestry enterprises, an eight-year land rent exemption valued at approximately $1.58 million, and a debt rescheduling plan to cover roughly $384,000 in annual interest payments to commercial banks. Furthermore, the province has requested the government to instruct Vietnam National Coal and Mineral Industries Group to postpone loan repayments for mine wood plantation projects, totalling about $2.34 million, for a minimum of five years.

Quang Ninh's tourism takes the brown of typhoon Typhoon Yagi has left a trail of destruction across several key tourist sites in the northeastern province of Quang Ninh.

Vietnam's GDP may slow up to 0.5 per cent due to Typhoon Yagi The impact of Typhoon Yagi may reduce Vietnam's 2024 GDP growth by between 0.2 per cent to 0.5 per cent, according to a report released by Mitsubishi UFJ Financial Group (MUFG) on September 16.