HANOI — Typhoon Yagi, the strongest storm in Asia this year, has caused an estimated $3.31 billion (81.5 trillion dong) in damages across northern Vietnam, significantly higher than earlier projections, state media reported on Saturday. The typhoon claimed 299 lives, with 34 people still missing.
The devastating storm wreaked havoc on Vietnam’s export-oriented industrial hubs, destroying factories, infrastructure, homes, and farmland, and tearing apart a bridge. The majority of the damage resulted from landslides and flash floods, according to Vietnam’s Agriculture Minister Le Minh Hoan.
This updated damage estimate doubles the preliminary figure of $1.6 billion announced earlier, threatening to reduce Vietnam’s expected economic growth rate by 0.15 percentage points from a projected 6.8% to 7% for the year.
Minister Hoan urged authorities to help residents resume production and manage supplies to stabilize prices, particularly in the agricultural sector, which was among the hardest hit.
In the aftermath of the typhoon, live pig prices in Vietnam have steadily risen due to the destruction of several pig farms, while the central bank has ordered debt relief measures, potentially affecting the profitability of Vietnamese banks, according to rating agency S&P Global.