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Vietnam
Intelligence for Better Decision Making
Aftermath of Typhoon Yagi
Sept. 11, 2024 | Indirect Indicator- Quang Ninh pledged 100 billion VND to support northern mountainous provinces affected by storm Yagi. The Prime Minister also allocated 100 billion VND for immediate support to five provinces affected by the storm.
- Approximately 85% of gas stations in Hai Phong were impacted by Typhoon Yagi, while gas stations in Hai Duong faced electrical outages and those in Yen Bai experienced flooding. Major petroleum companies ensured an adequate supply despite the storm impact.
- Thai Binh, Nam Dinh, and Yen Bai reported significant agricultural and property damage due to Typhoon Yagi. Hanoi experienced severe traffic congestion because of fallen trees.
- Northern provinces faced heavy rainfall with risks of flash floods and landslides, particularly in Yen Bai and Lao Cai. The Ministry of Agriculture and Rural Development reported increasing casualties and significant damage from landslides and flooding.
- Widespread agricultural damage was reported, impacting rice, crops, and aquaculture across northern provinces. Typhoon Yagi also caused significant infrastructure damage, including collapsed bridges, submerged homes, and power outages.
- The storm resulted in at least 82 fatalities and 64 missing, with severe impacts in Cao Bang, Lao Cai, and Yen Bai.
- The State Bank issued directives for credit institutions to support customers affected by Typhoon Yagi, including debt restructuring and financial assistance. Insurance companies were instructed to promptly assess and compensate for damages.
- Vietnam Electricity Group (EVN) reported significant power restoration efforts, though challenges persist in isolated and flooded areas.
- UN agencies in Vietnam mobilized resources to support communities affected by Typhoon Yagi. The Ministry of Finance emphasized the urgent need for budget allocations to support recovery and stabilization efforts.
Typhoon Yagi's Impact
Sept. 10, 2024 | Direct Indicator- FiinGroup's statistical report highlights real estate, financial services (mainly securities), and insurance as the industries with the highest average CEO incomes on the stock exchange.
- The highest earning CEO in 2023 is Ms. Nguyen Thi Thu Huong of Kinh Bac Urban Development Corporation (KBC), with an income of 17 billion VND, which declined to more than 1 billion VND per month in the first half of 2024.
- Other high-earning CEOs in 2023 include Mr. Danny Le of Masan Group Corporation (MSN) with 14.7 billion VND and Ms. Nguyen Thu Hang of Vinhomes Joint Stock Company (VHM) with over 10 billion VND.
- Typhoon Yagi caused significant power outages in northern Vietnam, with ongoing efforts by Vietnam Electricity (EVN) to restore power. Key affected areas include Quang Ninh, Hai Phong, Thai Binh, and Hai Duong.
- Typhoon Yagi's damage includes extensive household destruction, fatalities, injuries, property damage, and disruptions in local transport and aquaculture in Quang Ninh.
- Emergency fuel demand surged in Ha Long City, Quang Ninh, as residents queued to purchase gasoline post-storm, leading to long lines and increased demand at gas stations.
- Typhoon Yagi's impact on markets saw reduced attendance and a surge in green vegetable prices across Hanoi, Hai Phong, and Quang Ninh, with limited product availability and increased transportation difficulties.
- The storm severely affected Bac Giang province, causing rainfall, flooding, infrastructure collapse, and agricultural losses, necessitating extensive evacuation efforts.
- Hanoi's leadership issued urgent directives for tree removal and cleanup following Typhoon Yagi, with deadlines for various tasks set throughout September.
- Prime Minister Pham Minh Chinh and other government officials visited impacted areas to oversee recovery efforts and emphasized the need for power restoration and support for affected businesses.
- Strom Yagi led to the collapse of power poles, significant power outages, and traffic disruptions in Quang Ninh, with ongoing inspections and focused power restoration efforts.
- Haiphong approved an urgent relocation plan for households in dangerous old apartments affected by the storm, with coordinated efforts required for timely relocation and electricity access.
- Prime Minister Pham Minh Chinh's visit to Quang Ninh and Hai Phong included inspections, encouraging rebuilding efforts, and discussing permanent housing solutions for storm-affected residents.
- Yen Bai experienced significant storm damage, including fatalities, house destruction, and agricultural losses, with ongoing flooding and evacuation efforts.
- Typhoon Yagi, the strongest storm recorded worldwide in 2024, caused extensive damage in Quang Ninh and Hai Phong, including fatalities, injuries, and severe impacts on infrastructure and agriculture.
- The Department of Dyke Management and Prevention alerted eight provinces about dike system safety due to rising river levels and potential flooding, emphasizing disaster response measures.
- Schools in ten northern provinces remain closed due to extensive storm damage, with Quang Ninh and Haiphong significantly affected by power and water service disruptions.
- Hai Phong youth unions mobilized for environmental sanitation, road clearing, and supporting residents post-storm, displaying proactive community engagement in recovery efforts.
- Vietnamese insurance companies are assessing storm-related property damage and customer losses, with compensation dependent on specific insurance contract terms.
- Agriculture in Hanoi region suffered severe typhoon Yagi damage, leading to significant losses for farmers and anticipated vegetable price increases due to supply shortages.
- Hanoi's recovery efforts post-Typhoon Yagi involve extensive cleanup activities by residents, police, and military personnel to clear roads and damaged vehicles.
- Telecommunications infrastructure was prioritized ahead of Typhoon Yagi, with contingency plans enabling rapid restoration post-storm, supported by coordinated efforts among businesses.
- The Department of Insurance Management and Supervision requested insurance companies to report on storm-related damages and promptly provide compensation to affected clients.
- Northern Vietnam supermarkets supported residents with free phone charging and drinking water post-storm, with increased supply of essential food items and stable prices.
- Vietnam Electricity Group has restored power to 73.7% of affected customers post-Typhoon Yagi, with ongoing repairs and mobilization of staff to restore full service in heavily affected areas.
- Hai Phong port resumed operations after storm No. 3, despite initial delays and damages, emphasizing the importance of maintaining maritime safety and logistics transportation.
- Post-storm food prices in Hanoi remain stable, while green leafy vegetable prices increased in traditional markets, reflecting logistical challenges and recovery efforts across affected regions.
- International organizations pledged assistance to Vietnam's recovery post-storm No. 3, focusing on rapid recovery and support for affected communities and vulnerable populations.
- Northern mountainous localities experienced severe flooding and rising river levels post-Typhoon Yagi, resulting in substantial agricultural and infrastructure damage, necessitating further evacuation and emergency response measures.
Monitored Intelligence for Vietnam - Sept. 13, 2024
News
Media
215
Government
Releases
55
City/State
Releases
22
Embassy
Releases
3
Foreign
Service
Advisories
0
Service
Advisories
0
Academic/
Think
Tank
1
Think
Tank
1
Podcasts
0
Videos
0
Social
Media
0
Business
Releases
5
Erudite Risk takes an all risks approach to intelligence reporting. We categorize key intelligence into one of 40 different risk intelligence categories.
The goal is to provide intelligence that allows decision makers to avoid being blindsided by what they may have missed, while informing them to make better decisions as well.
Risk Categories Reported on Today
Risk Category
Items Reported On
Regulation
9
Extreme Weather Events
26
Natural Disasters
35
Climate Change
1
Privacy
1
Crime
2
Supply Chain Issues
2
Man-made Environmental Disasters
1
Regulatory Enforcement Actions
1
Accidents
1
Political Scandal or Corruption
1
Erudite Risk also includes operations categories so you can monitor the environment for better decision making. Everything is tied together--what happens in risk affects operations and what happens in the market impacts risk profiles.
We categorize key intelligence into one of 30 different operations intelligence categories.
Different roles and functions within the organization can monitor different key issue areas. HR may monitor employment, wages, regulations, labor and management relations, etc., while P&L leaders may monitor overall developing trends.
Operations Categories Reported on Today
Operations Category
Items Reported On
Real Estate
1
Asset Price Change
1
Supply Chain Issues
3
Politics and Elections
1
Trade Issues and Numbers
1
Economic Growth
2
Budgets-Budgeting
1
Nạn nhân lũ quét ở Lào Cai: 'Nước, đất đá cuộn như sóng thần'
Flash flood victims in Lao Cai: 'Water and rocks rolled like a tsunami'
VN Express | Local Language | News | Sept. 13, 2024 | Natural Disasters
A recent flash flood in Lao Cai resulted in significant loss, with at least 30 fatalities, including individuals from a single family. Residents recounted terrifying experiences, describing the rapid inundation of water and debris resembling a tsunami. Many survivors were trapped and struggled to escape. The floods destroyed homes and disrupted transportation, cutting off access to the area, which is situated 40 kilometers from the district center and 120 kilometers from the provincial capital. Rescue efforts are ongoing, with the local hospital receiving dozens of injured individuals. Authorities continue to search for missing persons as the community grapples with the aftermath of the disaster.
Các công ty bảo hiểm bồi thường 1.070 vụ xe tổn thất do bão lũ
Insurance companies compensate 1,070 cases of vehicle damage due to storms and floods
Dantri | Local Language | News | Sept. 13, 2024 | Natural Disasters
As of September 10, the Ministry of Finance reported that insurance companies have compensated for 1,070 motor vehicle damage cases due to Typhoon Yagi and flooding in northern regions, with total estimated compensation exceeding 9.72 billion VND. Six life insurance companies have recorded human casualties, totaling 15 affected customers. Preliminary reports indicated that non-life insurance companies noted 1,754 customer loss cases, including 684 for technical property insurance. The Department of Insurance Management and Supervision has instructed insurance companies to coordinate with relevant agencies, expedite compensation payments to policyholders, and report on damage by September 12.
Mất trắng tài sản sau vỡ đê sông Lô
Lost all property after Lo River dike broke
VN Express | Local Language | News | Sept. 13, 2024 | Natural Disasters
On October 9, a resident named To from Quyt Thong commune, San Dung district, reported significant damage after the Lo River dike broke, causing extensive flooding. The floodwaters quickly rose, impacting the area due to heavy rainfall. To's family, consisting of four members, faced as much as two meters of water, leading to the loss of their home and belongings. Despite efforts to salvage some items, including electronics and essential goods, the situation remained dire, and the local government advised residents on food safety amid the ongoing crisis. By the afternoon of October 11, floodwaters had inundated To's property, with estimates of damage exceeding 50 million VND. As people sought shelter, To expressed concern for the future, emphasizing the struggle to rebuild and support his two children. Other residents, like Nguyen Van Khi from the same commune, also reported severe losses, with livestock drowned and properties damaged. The article highlights the urgent need for government assistance and recovery efforts, as many families in the area have been severely affected and are struggling to cope with the aftermath of the flooding. Local transportation has become difficult, complicating access to essential services. The Lo River dike, which has experienced several incidents in the past, underscores the community's vulnerability to such natural disasters.
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