The government estimated on Sept 28 that economic losses stood at 81.5 trillion dong (US$3.3bil), a rise of over 20 trillion dong from earlier assessments. — AFP
HANOI: Typhoon Yagi has passed, yet its catastrophic impact on northern Vietnam and the nation as a whole remains, leaving significant loss of life and property in its wake.
As discussions unfolded regarding the numerous challenges brought by the storm, it is imperative that the country adopt a mindset of determination and reform.
Making landfall in Quang Ninh and Hai Phong on Sept 7, Typhoon Yagi proved the most powerful storm to hit the East Sea in the past 30 years.
The storm resulted in the deaths or disappearances of 344 persons, damage to over 280,000 homes and flooding of more than 112,000 residences.
Also, 284,000 ha of rice and 61,000 ha of other crops were devastated.
The government estimated on Sept 28 that economic losses stood at 81.5 trillion dong (US$3.3bil), a rise of over 20 trillion dong from earlier assessments.
Quang Ninh experienced the most significant impact, with losses of 24.8 trillion dong, followed by Hai Phong 12.2 trillion dong, Hai Duong 7.4 trillion dong and Lao Cai 6.6 trillion dong.
Agriculture and Rural Development Minister Le Minh Hoan said that agricultural losses alone reached 30.8 trillion dong, accounting for 38% of the total damage.
The State Bank of Vietnam (SBV) governor Nguyen Thi Hong said on Sept 25 that outstanding loans impacted by Typhoon Yagi across all provinces and cities totalled 165 trillion dong, affecting over 94,000 customers.
These losses are likely to result in a gross domestic product reduction of more than 0.15% in 2024, surpassing earlier forecasts.
In response to the disaster, the government, civil organisations and businesses swiftly mobilised support.
The Prime Minister ordered the provision of over 400 tonnes of rice worth 350 billion, as well as rescue and medical equipment for affected areas.
The Vietnam Fatherland Front and the Vietnam Red Cross received nearly 1.8 trillion dong in donations, while international organisations contributed over US$22mil.
The Finance Ministry has been tasked with implementing policies such as tax exemptions and reductions, and easing land rent.
SBV has been instructed to create a credit programme with preferential interest rates and support debt restructuring for affected customers.
Also, 32 credit institutions have announced support loan packages with interest rates of 0.5% to 2% lower than usual, totalling around 405 trillion dong.
The monetary authority has urged financial institutions to assess damages and assist affected residents and businesses.
The Social Policy Bank may receive an increased credit growth target for 2024 to 2025, with the Prime Minister requesting debt restructuring and tax exemptions for affected groups until the end of 2025.
Local authorities have proposed that the government provide 25 trillion dong for post-disaster recovery, with the Agriculture and Rural Development Ministry requesting 10 trillion dong from the 2024 contingency budget. — Viet Nam News/ANN
