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Prime Minister Pham Minh Chinh has outlined six key tasks and solutions in the aftermath of the historic Super Typhoon Yagi. He has requested that a resolution be presented to the government tomorrow (September 16) to address the aftermath of Super Typhoon No. 3, stabilize the situation for the people, restore production and business activities, curb inflation, and promote growth. – Photo: VGP/Nhat Bac
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At the Standing Government Meeting on September 15, Minister of Planning and Investment Nguyen Chi Dung reported that Typhoon No. 3 (Yagi) and its aftermath affected 26 northern provinces and Thanh Hoa province, accounting for over 41% of the country’s GDP and 40% of its population.
According to the Ministry, in addition to the loss of lives, Typhoon Yagi caused approximately VND 40,000 billion in property damage for the people and the state. For example, Haiphong, one of the two localities hit hard by Typhoon Yagi, suffered damage estimated at VND 10,820 billion, equivalent to one-tenth of the city’s total budget revenue in 2023. Quang Ninh, where the typhoon made landfall, suffered damage of about VND 23,770 billion.
Also, according to the report from the Ministry of Planning and Investment, about 257,000 houses, 1,300 schools, and many infrastructure works collapsed or were damaged; there were 305 dyke incidents, mainly on major dyke lines.
The households engaged in rice, crop, livestock, and aquaculture farming were the ones who suffered the most significant losses. According to the Ministry’s data, about 262,000 hectares of rice and crops, and fruit trees were flooded; 2,250 cages and rafts for aquaculture were damaged or washed away. Additionally, nearly 2.3 million cattle and poultry died, and 310,000 urban trees fell.
“The growth rate in the last six months of the year for the whole country and many localities is expected to slow down,” said Minister Dung, adding that GDP growth in the third quarter could decrease by 0.35%, and the fourth quarter could drop by 0.22% compared to the scenario without Typhoon Yagi.
Overall, for the year, GDP may decrease by 0.15% compared to the growth scenario presented at the end of the second quarter (6.8-7%). Specifically, the agriculture, forestry, and fisheries sector is expected to decline by 0.33%; industry and construction by 0.05%; and services by 0.22%.
The GRDP of many localities severely affected by the typhoon, such as Haiphong, Quang Ninh, Thai Nguyen, and Lao Cai, may decrease by over 0.5%.
Minister of Planning and Investment Nguyen Chi Dung reports at the conference on September 15. Photo: VGP |
Given the economic losses caused by Typhoon Yagi, Prime Minister Pham Minh Chinh requested that the Ministry of Planning and Investment present a resolution to the Government on September 16 to address the consequences of Typhoon No. 3. These policies aim to stabilize the situation for the people, restore production and business activities, curb inflation, and promote growth.
The Prime Minister also outlined six key tasks and solutions, including a set of policies to support people and businesses in recovering their production and business activities. Accordingly, he requested that the banking sector consider policies on debt restructuring, rescheduling, and collateral-free lending, as well as offer zero-interest loan packages to borrowers affected by the typhoon and floods.
The Vietnam Bank for Social Policies is expected to provide lending to households, while the insurance sector will promptly compensate for the losses of businesses and people. The Ministry of Finance is assigned to study the reduction, extension, and waiver of taxes, fees, and charges. The Ministry of Industry and Trade will ensure the supply of materials and inputs for production and business operations.
This year, the Government aims to keep inflation below 4.5% and achieve a GDP growth rate of about 7%. To boost growth, the Prime Minister requested accelerating the disbursement of public investment, fighting corruption and profiteering, ensuring the supply of goods and materials for production and business activities, and controlling prices to prevent hoarding and price gouging during this challenging time.
The agencies are also tasked with developing mechanisms and policies to encourage the breakthrough development of certain sectors and fields, such as semiconductor chips, free trade areas, and financial centers.
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