Vietnam suffers $2B loss from typhoon Yagi, worst in history

During a conference on receiving international aid to mitigate the storm's aftermath, Deputy Minister of Agriculture and Rural Development Nguyen Hoang Hiep said the total economic damage from typhoon Yagi could reach $2.5 billion. This amount is five times the total damage caused by natural disasters in 2023 and exceeds the combined toll of the past three years.

"This is the most destructive typhoon Vietnam has ever experienced," Hiep said, noting that the storm's devastation overwhelmed the country's infrastructure.

The economic losses are expected to reduce GDP growth by 0.15%, bringing it below the previous forecast of 6-8.7%. The growth rates of localities like Hai Phong, Quang Ninh, Thai Nguyen and Lao Cai could drop by more than 0.5%.

Pauline Tamesis, the U.N. Resident Coordinator in Vietnam, said U.N. agencies have dispatched teams to assess the damage in northern Vietnam. She said the U.N. is mobilizing resources to assist with disaster relief.

Over the past week, countries and international organizations have provided Vietnam with $13 million in aid and 200 tons of relief goods.

Typhoon Yagi, one of the strongest storms to hit Vietnam, made landfall in Quang Ninh on Sept. 7, leaving 298 dead, 35 missing and over 70,000 homes flooded. The storm wreaked havoc in capital city Hanoi and major tourism and industrial centers in Quang Ninh, home to UNESCO heritage site Ha Long Bay, and Hai Phong, home to Vietnam's largest seaport complex.