HANOI, Sept 16 — Typhoon Yagi, Asia’s most powerful storm this year, has cost Vietnam roughly US$1.6 billion (RM6.88 billion) and may cut into the country’s growth rate, showed preliminary estimates from the investment ministry.
Vietnam’s economic growth in 2024 may slow by 0.15 per cent compared to the previous forecast due to the impacts of the typhoon, a report from the ministry said. It had previously forecast a 6.8 per cent to 7 per cent expansion this year.
Among the hardest hit sectors are agriculture, forestry and fishery, where growth may decrease by 0.33 per cent, the ministry said, whereas industry and construction may see a smaller impact of five basis points.
However, highly industrialised areas, such as the provinces of Thai Nguyen, Haiphong, may grow slower by 0.5 per cent as they bore the brunt of the typhoon, the ministry said.
The typhoon, which made landfall on September 7, killed at least 292 people and left 38 missing as of this morning, showed data from Vietnam’s disaster agency.
“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,” showed the ministry report.
Floods have also inundated 190,000ha of rice fields, 48,000ha of cash crops such as corn and cassava, and damaged nearly 232,000 houses in northern Vietnam, according to the disaster agency.
Haiphong City, home to several industrial parks, recorded about 11 trillion dong (RM175.2 million) of losses and damage from the typhoon, the city said.
In a separate statement released by the government, Vietnam said it strived to control inflation and reach gross domestic product growth of about 7 per cent this year despite the hit from Typhoon Yagi.
— Reuters
