Typhoon Yagi estimated to cause $1.6 billion in damage for Vietnam

According to Nguyen Chi Dung, Minister of Planning and Investment, Typhoon Yagi is estimated to cause VND40 trillion ($1.6 billion) in damage to northern provinces.

About 26 northern localities and the central province of Thanh Hoa were hit by Typhoon Yagi and its aftermath. These localities account for over 41 per cent of the country's GDP and 40 per cent of its population. Haiphong suffered damages of $439.3 million, accounting for one-tenth of the city budget in 2023. Meanwhile, Quang Ninh also suffered $964 million in damages.

"The impact of Typhoon Yagi is expected to slow down the growth rate of the country and many localities in the second half of the year," Dung said.

"GDP growth in the third quarter and fourth quarter could decrease by 0.35 per cent and 0.22 per cent, respectively, compared to the scenario without Typhoon Yagi. For the entire year, GDP could decline by 0.15 per cent compared to the earlier growth scenario of 6.8-7 per cent," he added.

Some localities that were worst hit by Typhoon Yagi, like Haiphong, Quang Ninh, Thai Nguyen, and Lao Cai, are expected to see a decrease of over 0.5 per cent in the regional GDP growth rate.

According to a report by the Ministry of Planning and Investment, about 257,000 houses, 1,300 schools, and many infrastructures were damaged or collapsed. A total of 305 dikes were damaged.

Households that grow rice and crops, raise livestock, and have aquatic animals suffered the most damage. About 262,000 ha of rice crops and fruit trees were flooded. 2,250 aquaculture cages were damaged and swept away. In addition, nearly 2.3 million livestock and poultry died, and 310,000 urban trees fell down.

Typhoon Yagi was Asia's most powerful storm of the year so far. It unleashed torrential rains, causing widespread damage across the northern region. As of present, some localities are still flooded. This, coupled with the high risks of landslides, may cause more severe damage.

US provides $1 million for relief efforts following Typhoon Yagi The US Mission to Vietnam, through the United States Agency for International Development (USAID), is providing $1 million in immediate humanitarian aid to support Vietnam’s efforts to respond to the devastating impacts of Typhoon Yagi.

VBSP working with local leaders in the aftermath of Typhoon Yagi In response to the severe damage caused by Typhoon Yagi, and following directives from Vietnam Bank for Social Policies' (VBSP) leadership and the Vietnam Fatherland Front’s call for support for those affected, VBSP’s Trade Union has donated VND500 million ($20.8 million).

Australia donates $2 million to Vietnam in wake of devastating typhoon The Australian government has donated AUD$3 million ($2 million) to Vietnam to help with humanitarian relief, emergency supplies, and other essential services in response to the devastation caused by Typhoon Yagi.