Typhoon Yagi, which tore across northern Vietnam earlier this month, is estimated to have caused US$100 million worth of damage to Vietnam’s aquaculture industry, Vietnamnet has reported. Roughly 23,500 hectares of fish farms were reported damaged, with 4,592 fish cages and nets destroyed.
Vietnam’s aquaculture industry has experienced significant growth in recent years, becoming a major contributor to the country’s economy through Vietnam’s billion-dollar seafood export industry. This damage to the sector will likely see Vietnam’s seafood exports take a significant hit in the near-term.
Of note, Vietnam’s Ministry of Planning and Investment estimated last week that damage caused by typhoon Yagi could hit Vietnam’s GDP growth this year by as much as .15 percent.