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Home Economy

Vietnam Counts Deadly Cost After Typhoon Yagi Sweeps Through

by Tradinghow
September 9, 2024
in Economy, Stock Trading
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Vietnam Counts Deadly Cost After Typhoon Yagi Sweeps Through
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Asia’s fiercest storm so far this year, Typhoon Yagi, killed dozens of people and left a trail of destruction, after triggering landslides and floods as it swept across Vietnam over the weekend.

Forty-six people died and 22 were still missing, Vietnam’s disaster management agency said, after the typhoon made landfall on Saturday on Vietnam’s northeastern coast, home to large manufacturing operations of domestic and foreign companies. 

It was downgraded to a tropical depression on Sunday but the meteorological agency warned on Monday of further floods and landslides.

Yagi cut power to millions of households and companies, flooded highways, disrupted telecommunications networks, downed a medium-sized bridge and thousands of trees and brought economic activity in many industrial hubs to a halt.

Managers and workers at industrial parks and factories in Haiphong, a coastal city of two million, said on Monday they had no electricity and were trying to salvage equipment from plants where metal sheet roofing had been blown away, as more rain was expected.

 

Also on AF: Japan Now Asia’s Top Choice For Hedge Funds as China Falters

 

“Everyone is scrambling to make sites safe and stocks dry,” said Bruno Jaspaert, head of DEEP C industrial zones, which host plants from more than 150 investors in Haiphong and the neighbouring province of Quang Ninh.

The walls of a factory in Haiphong of South Korea’s LG Electronics collapsed, according to pictures and a Reuters witness.

LG Electronics, a major maker of appliance and consumer electronics, said there were no casualties among its employees and acknowledged damages at its production site noting a warehouse with refrigerators and washing machines had been flooded.

“Lots of damages,” said Hong Sun, the chairman of the South Korean business association in Vietnam when asked about the typhoon’s impact on Korean factories in coastal areas.

A manager of leased factories confirmed widespread damages to roofs and prolonged power cuts in northern provinces.

A bridge in the province of Phu Tho collapsed on Monday, authorities said.

“This is normally a busy bridge, a key bridge in the province,” a senior official of the province’s transport department said, adding there were no reports yet on casualties.

Authorities said their initial investigations suggested there were eight vehicles on the bridge when it collapsed.

The weather agency warned of more floods and landslides, and said heavy rain and strong winds were expected late on Monday in the capital Hanoi, a city of 8.5 million people.

State-run power provider EVN said that more than 5.7 million customers lost power during the weekend as dozens of power lines were broken, but electricity was restored on Monday to nearly 75% of those affected.

 

  • Reuters with additional editing by Sean O’Meara

 

Read more:

Typhoon Pounds China’s Fujian After Lashing Taiwan, Manila

Typhoons, Landslides, Sandstorms Cost China $42bn This Year

Hong Kong, Shenzhen Bracing as Super Typhoon Saola Nears

Typhoons, Floods, Heatwaves Cost China Economy $5.7bn in July

Typhoon Storms Hit Northeast China; Factories, Farms Swamped

 

Sean O’Meara

Sean O’Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.





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