Devastation in Northern Vietnam: Typhoon Yagi's Impact

Typhoon Yagi, Asia's strongest storm of the year, inflicted damages worth $3.31 billion in northern Vietnam. The typhoon caused widespread destruction, including major impacts on industrial hubs and farmland. Officials estimate the damage to be double previous estimates. The storm also affected local economic forecasts and led to debt relief measures for banks.

Asia's strongest storm this year, Typhoon Yagi, has wreaked havoc in northern Vietnam, causing damages estimated at 81.5 trillion dong ($3.31 billion), double previous projections, state media reported on Saturday. The typhoon claimed 299 lives with 34 still missing, devastating export-oriented industrial zones, destroying factories, and flooding farmlands.

The economic toll, largely due to landslides and flash floods, was detailed by state-run Vietnam News Agency, quoting Agriculture Minister Le Minh Hoan. Initial assessments pegged the damage at $1.6 billion, a figure that threatened to trim economic growth forecasts by 0.15 percentage point this year.

Minister Hoan called for immediate measures to assist recovery in the worst-hit areas, particularly agriculture. The typhoon's aftermath has driven up live pig prices, affecting local food markets. Additionally, S&P Global reported that debt relief measures mandated for banks could impact their profitability.

(With inputs from agencies.)