Preliminary estimates of Typhoon Yagi and flooding caused about $1.6 billion in damage

Shipwrecked in Ha Long Bay – Photo: P.SON

On September 15, at the conference on urgently overcoming the consequences of Typhoon Yagi, quickly stabilizing the people's situation, restoring production and business, and promoting growth chaired by the Prime Minister , ministries and branches reported on the damage after the storm.

According to Minister of Planning and Investment Nguyen Chi Dung, storm No. 3 and its aftermath have a very large area of ​​influence, spanning 26 northern provinces and cities and Thanh Hoa, accounting for over 41% of the country’s GDP and 40% of its population. Flooding is still occurring, which could cause more severe damage.

Estimated GDP for the whole year could decrease by 0.15% compared to the scenario

“According to preliminary and incomplete estimates, property damage caused by storm No. 3 is about 40,000 billion VND (equivalent to about 1.6 billion USD - PV),” said Mr. Dung.

According to Minister Dung, these losses are expected to slow down the growth rate in the last 6 months of the year of the whole country and many localities.

Specifically, the country's GDP growth in the third quarter may decrease by 0.35%, and in the fourth quarter by 0.22% compared to the scenario without storm No. 3. The estimated GDP for the whole year may decrease by 0.15% compared to the scenario where growth could reach 6.8-7%, in which the agriculture, forestry and fishery sector decreases by 0.33%, industry and construction by 0.05% and services by 0.22%.

The GRDP growth rate in 2024 of many localities such as Hai Phong , Quang Ninh, Thai Nguyen, Lao Cai... decreased by more than 0.5%.

The most severely damaged areas were flooded transport infrastructure, affecting traffic, especially roads and railways, causing localized disruptions.

Rice, vegetable, livestock and aquaculture growing areas need a lot of resources and time to restock, re-crop and reproduce. Many tourist and accommodation facilities are damaged and must be closed for repairs.

Industrial production and construction enterprises were also affected by the storm, especially the indirect impact of power outages, communications, labor and workers' families being affected.

According to the Ministry of Industry and Trade, storm No. 3 has caused damage and affected the supply of electricity, gasoline, industrial production and goods supply. Of which, 5 500kV lines, 40 220kV lines and 187 110kV lines were damaged.

Medium and low voltage power grids in the provinces of Quang Ninh, Hai Phong, Thai Binh, Nam Dinh, Thai Nguyen, Bac Giang, Hai Duong, Hanoi, and Hung Yen were severely affected, with many power poles broken. Quang Ninh and Hai Phong provinces suffered power outages across the province, and Hai Duong lost about 90% of its load.

Some industrial clusters are still stagnant and isolated due to power shortage.

In particular, production activities in industrial clusters have been suspended, and businesses in industrial clusters have suffered heavy losses with hundreds of projects. Currently, many areas are still without power, isolated and lacking in human resources. Therefore, these areas have not yet determined the expected time for completion of the recovery.

With regard to trade and import-export activities, many commercial establishments and traditional markets had their roofs blown off. Food production and supply areas and distribution channels were damaged. Traffic and import-export activities in Lao Cai, Lang Son, Quang Ninh, and Hai Phong encountered difficulties, affecting exports in these localities.

According to the State Bank, in 20/26 provinces and cities, the estimated affected outstanding debt is about 80,000 billion VND (accounting for about 5% of outstanding debt in the area). Of which, in Quang Ninh and Hai Phong, there are 11,7000 customers affected with outstanding debt of about 23,100 billion VND.

In order to promptly support people and businesses to restore production and business, according to the Ministry of Planning and Investment, it is necessary to focus on supporting the restoration of social activities to stabilize people's lives.

Source: https://tuoitre.vn/uoc-tinh-so-bo-bao-yagi-va-lu-lut-gay-thiet-hai-khoang-1-6-ti-usd-2024091512053501.htm