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12,000 borrowers in Hai Phong and Quang Ninh suffered losses after the storm Typhoon Yagi severely impacted over 12,000 borrowers in Hai Phong and Quang Ninh, with outstanding loans exceeding VND 26,000 billion. The storm affected 11,000 customers in Quang Ninh with loan amounts around VND 10,650 billion, mainly in aquaculture and related sectors. In Hai Phong, 890 customers faced damages totaling more than VND 15,680 billion, primarily affecting livestock, aquaculture, and trade sectors. VietinBank and Agribank are assessing damages, restructuring loans, and implementing support measures for affected clients. The State Bank of Vietnam has initiated efforts to reduce interest rates and provide ongoing loans to help restore production. Typhoon Yagi, classified as the strongest storm in 30 years, forced nearly 13,000 households to evacuate, leading to widespread damage in the region. #AsiaRisk #NaturalDisasters #Vietnam Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gWY-MtDf

Borrowers affected by Typhoon Yagi may get loan extensions The State Bank is drafting a Circular to regulate the debt repayment period for borrowers affected by Typhoon Yagi, which significantly impacted 26 provinces, including Ha Giang, Hanoi, and Hai Phong. The policy will allow banks to restructure debt repayment terms based on customer requests and financial capacity, applying to outstanding principal incurred before September 7 and related obligations until the end of 2025. Customers can expect a review of repayment terms within three months of the Circular's implementation, with extensions of up to one year. This adjustment aims to relieve customers experiencing cash flow issues due to storm damage, preventing them from accruing bad debt and losing access to new loans. State Bank officials assert the necessity of this policy for supporting affected individuals. Additionally, 32 banks have announced interest rate reductions between 0.5% and 2% for impacted clients, addressing a total of 405,000 billion VND in loans. As of September 25, outstanding loans affected by the storm reached 165,000 billion VND, with over 94,000 customers impacted. The storm caused severe human and material losses, with damages exceeding 81,500 billion VND. Consequently, this year's GDP may decline by 0.15% from previous forecasts. Quang Ninh and Hai Phong reported losses of 25,000 billion VND and 12,300 billion VND, respectively. #AsiaRisk #NaturalDisasters #Vietnam Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gEVpHmvD

Policy credit accompanies Yen Bai people to overcome the consequences of storms and floods The Yen Bai branch of the Vietnam Bank for Social Policies is providing additional loans to aid the poor and policy beneficiaries recovering from severe storms and floods. The region has experienced over 2,700 landslides, resulting in loss of life and significant damage to infrastructure, agriculture, and public services. Local authorities and 850,000 residents are actively engaged in recovery efforts following storm No. 3. The government and various organizations are providing resources, including financial support to help those affected in Yen Bai. Bank staff are collaborating with community members to restore operational facilities and expedite loan disbursements. Over 3,000 households have been impacted by the floods, with an estimated need for 442 billion VND in recovery funds for 2024. Current initiatives focus on loans for clean water, sanitation, and job creation. To further assist, bank representatives are visiting remote areas to assess damages and support residents with loan applications. Transaction points have resumed services, and loan interest for affected borrowers is suspended until the end of 2024. Disbursements of over 1 billion VND have been prioritized for essential recovery programs. The Social Policy Bank aims to support regions hit hardest by the storms, including ethnic minorities and disadvantaged areas. Loan repayment terms are being extended, and adjustments are made as needed. The branch has disbursed loans to 90 households, totaling over 4.5 billion VND to help restore businesses. Additionally, bank staff are participating in community support activities, contributing financially and engaging in clean-up efforts post-disaster. The branch has raised 200 million VND for relief efforts, showcasing solidarity with affected communities. #AsiaRisk #ExtremeWeatherEvents #Vietnam Follow us for daily updates on risk and operations in Asia! https://lnkd.in/g5wQsaYc

Red River water rises, Yen Bai city residents rush to escape flood On October 1, a lightning strike resulted in one death in Yen Bai province, with the victim identified as Ms. Trieu Thi T. from Van Chan district. Concurrently, significant flooding occurred as the Red River surged, inundating Thanh Nien Street and impacting nearby roads. Storms also caused damage to 113 homes across the province. By 8:00 p.m., the Red River reached 31.50m, above alert level 2, while the Ngoi Thia River was at 42.53m, just below alert level 1. In Hong Ha ward, residents evacuated low-lying areas as floodwaters rose. This was the second flooding incident in under a month, prompting urgent protection measures for homes. Forecasts predicted further increases in the Red River level, potentially hitting 32.8m, surpassing alert level 3. Flooding was expected to peak within 12-24 hours before receding slightly but remaining above alert level 3. Severe flooding in September had already resulted in 54 fatalities and extensive damage to over 25,200 homes and 14 hydropower plants, totaling approximately 4,635 billion VND—exceeding Yen Bai province's total state budget revenue for 2023. #AsiaRisk #NaturalDisasters #Vietnam Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gSBrwnbz

𝗖𝗵𝗼𝗼𝘀𝗶𝗻𝗴 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗳𝗼𝗿 𝗶𝘁𝘀 𝗛𝘂𝗺𝗮𝗻𝗶𝘁𝘆 🛡️🛡️🛡️ In times when everyone is contributing to the Social Fund to support those affected by the floods 🌧️ (myself included, giving what I can), the insurance industry has stepped up by compensating businesses and clients with trillions of VND to help them recover after Typhoon Yagi. You may buy insurance for 10 years, but sometimes it's needed for just 1 moment—and that’s the true humanitarian 💙 value of insurance. It’s also why I find purpose, trust and motivation 🤝 in this profession. [Series: Everyday Insights] 💖 💖 💖 Trusted Agent: Infinity Financial Solutions Ltd. Unit 901, 9th Floor, Coalimex Building, 29-31 Dinh Bo Linh Street, Ward 24, Binh Thanh District, HCMC, Vietnam M: hieu.le@infinitysolutions.com Tel: +84 905 482 514 #PropertyInsurance #LiabilityInsurance #HealthCareInsurance #PersonalAccident #CyberRisk #ProfessionalIndemnity #InsuranceAgent Source: https://lnkd.in/gV4TwrWA

Ministry of Planning and Investment: GDP may decrease by 0.15% due to damage from storm Yagi The Ministry of Planning and Investment has reported significant damage resulting from storm No. 3, which has impacted a wide area encompassing 26 provinces and cities in northern Vietnam, including Thanh Hoa. This extensive influence of the storm, combined with upstream flood discharge from major rivers, led to persistent heavy rainfall, causing severe flooding, flash floods, and landslides. Areas affected represent over 41% of the country's GDP and 40% of the population. The preliminary estimate of property damage from storm No. 3 is approximately 40,000 billion VND. The storm is expected to slow the country's growth rate, with GDP projected to decrease by 0.35% in the third quarter and by 0.22% in the fourth quarter compared to a scenario unaffected by the storm. For the entire year, GDP is estimated to decline by 0.15%, with specific reductions in various sectors: agriculture, forestry, and fisheries by 0.33%, industry and construction by 0.05%, and services by 0.22%. Several localities, including Hai Phong, Quang Ninh, and Thai Nguyen, will experience more than a 0.5% decrease in GRDP growth in 2024. Farms and households involved in rice, crop, livestock, and aquaculture production have been severely impacted by the storm across various terrains. As the North enters the planting season, recovery efforts to restock and replant are critical. Additionally, many tourist and accommodation facilities suffered damage, leading to temporary closures and the potential loss of the international tourist season from September 2024 to April 2025. This could particularly affect popular tourist areas like Hanoi, Hai Phong, and Quang Ninh. Storm Yagi has also adversely affected industrial and construction sectors, primarily through indirect impacts such as power outages and disruptions in communication. To mitigate damage and facilitate recovery, localities are striving to maintain essential services like electricity, water, and telecommunications to enable businesses to resume operations when conditions improve. The Ministry emphasizes the need for urgent attention to social issues, including healthcare, education, and clean water, to prevent epidemics and address the needs of affected populations. To address the aftermath of the storms and support both individuals and businesses, the Ministry has outlined five key tasks. These include ensuring the safety and health of the populace, restoring social activities in severely impacted areas, helping production and business operations recover swiftly, preparing for future natural disasters, and streamlining administrative procedures to facilitate the implementation of support policies. #AsiaRisk #ExtremeWeatherEvents #Vietnam Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gBd_fQhU

Flood water in Yen Bai city is receding rapidly, some residential areas have no electricity. Floodwaters in Yen Bai city are receding rapidly, although some residential areas remain without electricity. Certain districts, such as Hang H, Nguyen Thi Hoc, Hop Minh, Van Phu, and Tuy Luc, continue to experience flooding. Transportation has resumed on some roads, but residents report that it may take additional time for normal conditions to be restored. Power restoration efforts are ongoing, and companies are working to address service disruptions affecting residents. Recent heavy rainfall has caused significant distress, resulting in flooded areas and disrupted traffic. Local authorities are mobilizing resources to assist residents and ensure the availability of essential goods. #AsiaRisk #NaturalDisasters #Vietnam Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gAeNtWDJ

Phap Van - Cau Gie Expressway flooded, traffic restricted Phap Van - Cau Gie Expressway experienced severe flooding starting around 7am on September 10, impacting the Thuong Tin District due to overflow from downstream areas. The emergency lane and lane two in both directions were submerged, creating a traffic jam of approximately 2-3 kilometers. To manage safety, traffic police restricted vehicle access to the highway, directing traffic to alternate routes, including Highway 1. The Cau Gie - Ninh Binh Expressway is a crucial route with an average daily traffic volume of about 60,000 vehicles. Other areas, including National Highway 1 and Thang Long Avenue, also faced heavy flooding following rain, while the Noi Bai - Lao Cai highway suffered from landslides that affected traffic. The highway will be reopened once the water level decreases. #AsiaRisk #NaturalDisasters #Vietnam Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gyXfE53A

Yen Bai may be flooded again, many places are at high risk of landslides The Thao River in Yen Bai has reached 31.13 m, exceeding alert level two as of 6:00 p.m. on October 1, with projections for an increase above alert level three within 6-12 hours. Areas such as Yen Ninh, Hong Ha, and Tuy Loc are at high risk of flooding, with depths expected between 0.3-1.5 m. Quyet Tien village has already experienced flooding. Heavy rainfall since September 28, driven by wind convergence, has led to rapid floodwater rise, with some regions receiving over 320 mm in just 24 hours. In response, the Phong Chau pontoon bridge was temporarily closed due to rising floodwaters on the Red River, after a brief period of operation. Landslides in Van Ban district have caused significant damage, affecting six houses and prompting the evacuation of 67 households. Erosion has disrupted transportation routes, and evacuations are ongoing in landslide-prone areas. Nationwide, 408 communes are at risk, primarily in Yen Bai, Lao Cai, and Ha Giang, where the risk level is assessed at two. Recent flash floods in Ha Giang have resulted in fatalities, injuries, and ongoing searches for missing individuals. Additionally, over 22,400 homes in Yen Bai have been impacted by severe flooding following Typhoon Yagi, marking the highest flood peak on the Thao River since 1968. #AsiaRisk #NaturalDisasters #Vietnam Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gAsB8aFB

Da Nang: Consider urgent investment to reinforce the landslide area of Cu De river bank The Lien Chieu District has reported severe erosion and landslides affecting the Cu De riverbank since 2010. The northern bank has developed a sandbank extension of 40-80m, while the southern bank faces erosion that threatens the Nam O eco-tourism project by around 2.68 hectares. To combat these challenges, barriers and land retention measures are essential, especially with the approach of the rainy and stormy season. In response to these issues, the City People's Committee tasked the Department of Science and Technology in 2021 with investigating the causes and solutions for the Cu De River mouth, with completion expected by September 2025. On October 3, the Lien Chieu District emphasized the urgent need for investment to address critical erosion affecting national defense. The erosion has reached depths of 50m over a stretch of approximately 500m. While the impact on local residents in the northeast of the Cu De River is limited, plans for resettlement and occupational transition are being proposed to assist affected individuals in pursuing logistics services and sustainable income activities. Additionally, there will be assessments regarding environmental impacts and safety measures for key infrastructures, including the Nam O railway bridge and eco-tourism project, to manage erosion risks. #AsiaRisk #NaturalDisasters #Vietnam Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gd-ncYka