$2.lb damage from Typhoon Yagi may hit Vietnam's economic growth

Super Typhoon Yagi and its aftermath cut a swathe of destruction across north Vietnam, with damage estimated at 40 trillion dong (S$2.1 billion), threatening to slow the country's economic growth for the year.

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The losses could trim 0.15 percentage point off 2024's economic growth, according to state media, citing an estimate by the Ministry of Planning and Investment.

Third-quarter growth could see 0.35 percentage point shaved off, while the fourth quarter may see a hit of 0.22 percentage point. The government previously targeted 2024's expansion at as much as 7 per cent.

Days of downpours have added to the destruction wrought by Yagi, which made landfall on Sept 7 before weakening to a tropical depression.