Efforts to address bet88 kèo Typhoon Yagi aftermath

With unprecedented characteristics and immense destructive power, Typhoon Yagi that made landfall on September 7, inflicted serious harm on life and property in 26 provinces in North Vietnam, significantly disrupting production and business activities. Restoring production and business to meet bet88 kèo established GDP growth target of 7 per cent will be a significant challenge.

GDP growth cut

bet88 kèo Ministry of Planning and Investment (MPI) has reported that, compared to bet88 kèo updated projections presented during bet88 kèo regular government meeting in August, national annual GDP projections have come down by about 0.15 percentage points. bet88 kèo agricultural, forestry, and fisheries sector has been hit hardest, with a decline of 0.33 percentage points, while bet88 kèo industrial and construction sector decreased 0.05 percentage points and bet88 kèo services sector by approximately 0.22 percentage points.

Typhoon Yagi severely impacted bet88 kèo production and business activities of many localities that are key growth drivers in Vietnam. According to bet88 kèo General Statistics Office, bet88 kèo annual growth decline in various localities compared to bet88 kèo initial gross regional domestic product (GRDP) growth estimates from July is as follows: Hanoi 0.2 percentage points, Hai Phong 0.63 percentage points, Quang Ninh 0.65 percentage points, Cao Bang 0.51 percentage points, Lao Cai 0.63 percentage points, Tuyen Quang 0.5 percentage points, Yen Bai 0.53 percentage points, and Thai Nguyen 0.59 percentage points.

“bet88 kèo damage caused by bet88 kèo storm presents a significant challenge to growth over bet88 kèo remainder of bet88 kèo year,” Minister of Planning and Investment Nguyen Chi Dung told at a recent government meeting with localities affected by bet88 kèo typhoon. “Our estimates indicate that GDP growth in bet88 kèo third quarter may be cut by 0.35 percentage points and by 0.22 percentage points in bet88 kèo fourth quarter compared to a scenario without Typhoon Yagi.”

bet88 kèo economy exhibited signs of clearer growth in bet88 kèo months before bet88 kèo typhoon, with improving export performance as bet88 kèo year-end period approached, more active public investment disbursement, and rising consumption. However, bet88 kèo devastation from Typhoon Yagi and bet88 kèo resulting flooding have broadly disrupted production and business activities at both companies and household enterprises.

Farms, rice growers, crop producers, livestock farms, and aquaculture operations in most areas impacted by bet88 kèo typhoon suffered bet88 kèo greatest losses and will require substantial resources and time for recovery, particularly as bet88 kèo northern region is currently in bet88 kèo planting season and not yet in bet88 kèo harvest period.

Many tourism and accommodation facilities were damaged and must close for repairs, leading to bet88 kèo region missing out on bet88 kèo international tourist season from September to April and potentially failing to attract domestic visitors, especially in key destinations such as Hanoi, Hai Phong, Quang Ninh (Ha Long Bay), Lao Cai (Sapa), and Ha Giang.

Industrial and construction companies have also felt bet88 kèo effects of bet88 kèo storm, particularly through indirect impacts such as power outages, loss of communications, and disruptions to their workforce. Many companies have experienced collapses at warehouses, damage to material storage areas, failures in crane rails, and issues with transformers and generators, all of which affect production and business.

Resuming production

Mr. Nguyen Van Hung, Deputy General Director of bet88 kèo Do Luong Garment JSC in Thai Binh province, told local media that his company suffered losses of more than 300,000 meters of fabric and over 12,000 semi-finished products, which will undoubtedly affect its production plans for bet88 kèo months to come, particularly in September and October. “Nonetheless, to quickly restore production and prevent delays in orders, especially for signed export contracts, we concentrated on resolving everything within a day after bet88 kèo storm,” he explained. “We transported all intact equipment and dry finished products to restart production.”

Similarly, Mr. Trinh Van Quang, Director of Project Development at Vina CPK, bet88 kèo developer of bet88 kèo Ba Thien II Industrial Park in Vinh Phuc province, said that to avoid production disruptions bet88 kèo industrial park (IP) rapidly mobilized staff and machinery to clear over 900 fallen trees on-site immediately after bet88 kèo storm, ensuring smooth internal traffic.

Moreover, bet88 kèo IP has arranged for technical personnel to be on standby 24/7 to manage electrical and water issues, preventing any further disruptions to bet88 kèo production activities of businesses. “As a result, bet88 kèo IP’s drainage system functioned effectively, avoiding flooding problems that could affect operations,” he said. “Electrical issues at companies were also addressed promptly, ensuring there were no delays to production and business plans.”

Despite facing significant losses, many farms and businesses are starting to plan their return to production, even if it may take a month to rebuild facilities. bet88 kèo determination of individuals and businesses to achieve their operational and investment goals is clear to see.

At bet88 kèo local level, Quang Ninh, which was severely impacted by bet88 kèo storm, remains committed to achieving its high growth targets set for 2024. “We aim to maintain double-digit growth this year,” according to Mr. Cao Tuong Huy, Chairman of bet88 kèo Quang Ninh Provincial People’s Committee.

In a similar vein, Mr. Le Tien Chau, Secretary of bet88 kèo Hai Phong City Party Committee, said bet88 kèo port city is focused on addressing bet88 kèo aftermath of Typhoon Yagi and facilitating business operations. It will extend or delay timelines for inspections and audits of businesses currently in progress, while bet88 kèo timeline will be shifted to 2025 for those scheduled but not yet executed.

Overcoming bet88 kèo storm

According to bet88 kèo MPI report contained in bet88 kèo government’s proposal for Resolution No. 143/NQ-CP dated September 17 and outlining key tasks and solutions for recovery, bet88 kèo estimated total damage from Typhoon Yagi exceeds VND50 trillion (.04 billion), which is notably higher than bet88 kèo earlier estimate of VND40 trillion (.63 billion).

While bet88 kèo actual damage may be even greater due to unaccounted losses, Prime Minister Pham Minh Chinh emphasized bet88 kèo importance of ensuring that no one goes hungry, lacks clothing, suffers from cold or insufficient clean water, or faces homelessness. It is crucial to maintain essential daily activities and effectively recover from bet88 kèo impact of bet88 kèo typhoon.

Additionally, it is vital to swiftly stabilize bet88 kèo mental and material conditions of bet88 kèo population, restore production and business operations, manage inflation effectively, and aim for annual GDP growth of approximately 7 per cent. “To reach growth of 7 per cent, it is essential to focus our efforts on restoring production and business,” bet88 kèo Prime Minister highlighted.

bet88 kèo government’s approach emphasizes that support policies and solutions must be quick, feasible, timely, effective, and targeted directly at those affected. bet88 kèo procedures and conditions for beneficiaries should be straightforward, easy to implement, and readily monitored and evaluated.

Support is primarily scheduled for September and October, with some policies for businesses and households possibly extending or receiving additional resources until bet88 kèo end of 2025 to align with recovery efforts and seasonal production factors.

Specifically, bet88 kèo rapid restoration of production, supply chains, and workers, and bet88 kèo recovery and growth of businesses is critical to maintaining momentum and achieving recovery in localities and bet88 kèo economy throughout bet88 kèo remainder of 2024.

Six key tasks and solutions for recovering from Typhoon Yagi and restoring production

bet88 kèo government issued Resolution No. 143/NQ-CP on September 17, outlining key tasks and solutions to urgently deal with bet88 kèo consequences of Typhoon Yagi and subsequent floods and landslides in order to stabilize people’s lives, promote bet88 kèo recovery of production and business, boost economic growth, and control inflation.

Under bet88 kèo Resolution, six groups of major tasks and solutions have been identified.

1. Protecting people’s lives, safety, and health: bet88 kèo Ministry of Finance and local authorities will utilize State budget reserves and other legal resources to urgently relocate households and communities in areas at high risk of landslides, with a deadline of September 30 set.
2. Supportingbet88 kèo recovery of daily and social activities to stabilize people’s lives:bet88 kèo Ministry of Agriculture and Rural Development will assess bet88 kèo extent of damage and bet88 kèo support needs of localities, reporting its findings to bet88 kèo Ministry of Planning and Investment and bet88 kèo Ministry of Finance for budget allocation. bet88 kèo Commission for bet88 kèo Management of State Capital at Enterprises will direct State-owned enterprises to prioritize bet88 kèo restoration of essential infrastructure such as electricity, water, and telecommunications as quickly as possible, to meet residents’ needs. bet88 kèo Ministry of Transport, Ministry of Agriculture and Rural Development, and localities will use State budget reserves to promptly repair public works, schools, hospitals, and irrigation networks.
3. Supporting production establishments, business households, cooperatives, and enterprises to quickly resume production:bet88 kèo Ministry of Agriculture and Rural Development will implement flexible production plans and recovery measures to restore agricultural production immediately following bet88 kèo storm. bet88 kèo Ministry of Finance will expedite tax exemptions, reductions, and deferrals for affected individuals and businesses. bet88 kèo State Bank of Vietnam will report to bet88 kèo Prime Minister on asset classification and risk provisions, directing credit institutions to support impacted customers by restructuring debts and offering preferential loans.
4. Preparing against future natural disasters: Ensuring readiness to respond to future natural disasters, floods, and landslides.
5. Simplifying administrative procedures to implement support policies:Streamlining mechanisms and policies to facilitate bet88 kèo implementation of support measures.
6. Controlling inflation and promoting economic growth: Ministries and local authorities will monitor market conditions and prices to develop effective strategies for market stabilization. They will promote production to ensure a sufficient supply of goods, enhance oversight of price management regulations, and take strict legal action against price speculation and manipulation.