Vietnam Puts Typhoon Losses at $1.6 Billion

Residents clean up after flood waters receded in Hanoi on September 13, 2024. (Photo by NHAC NGUYEN / AFP)
Residents clean up after flood waters receded in Hanoi on September 13, 2024. (Photo by NHAC NGUYEN / AFP)
TT

Vietnam Puts Typhoon Losses at $1.6 Billion

Residents clean up after flood waters receded in Hanoi on September 13, 2024. (Photo by NHAC NGUYEN / AFP)
Residents clean up after flood waters receded in Hanoi on September 13, 2024. (Photo by NHAC NGUYEN / AFP)

Typhoon Yagi caused $1.6 billion in economic losses in Vietnam, state media said Monday, as the UN's World Food Program said the deadly floods it triggered in Myanmar were the worst in the country's recent history.

Yagi battered Myanmar, Vietnam, Laos and Thailand with powerful winds and a huge dump of rain over a week ago, triggering floods and landslides that have killed more than 400 people, according to official figures.

It tore across Vietnam's densely populated Red River delta -- a vital agricultural region that is also home to major manufacturing hubs -- damaging factories and infrastructure, and inundating farmland.

The typhoon caused an estimated 40 trillion dong ($1.6 billion) in economic losses, state media reported, citing an initial government assessment.

The death toll in Vietnam stands at 292, with 38 missing, more than 230,000 homes damaged and 280,000 hectares of crops destroyed, according to authorities.

In Myanmar, the ruling junta has reported 113 fatalities and said that more than 320,000 people have been forced from their homes into temporary relief camps.

"Super Typhoon Yagi has affected most of the country and caused the worst floods we have seen in Myanmar's recent history," Sheela Matthew, WFP's representative in Myanmar, said in a statement, without giving precise details.

Exact details of the impact on agriculture were not yet clear, she said.

"But I can say for sure that the impact on food security will be nothing less than devastating," Matthew added.

Severe flooding hit Myanmar in 2011 and 2015, with more than 100 deaths reported on both occasions, while in 2008 Cyclone Nargis left more than 138,000 people dead or missing.

The latest crisis has prompted the junta to issue a rare appeal for foreign aid, with neighbor India responding with 10 tons of materials, including dry rations, clothing and medicine.



Saudi Minister of Commerce Meets with British Counterpart to Strengthen Trade Ties

The Saudi and British delegations meet in Riyadh. (SPA)
The Saudi and British delegations meet in Riyadh. (SPA)
TT

Saudi Minister of Commerce Meets with British Counterpart to Strengthen Trade Ties

The Saudi and British delegations meet in Riyadh. (SPA)
The Saudi and British delegations meet in Riyadh. (SPA)

Saudi Minister of Commerce and Chairman of the Economic and Social Committee of the Saudi-British Strategic Partnership Council Dr. Majid Al-Qasabi held talks in Riyadh on Monday with British Secretary of State for Business and Trade Jonathan Reynolds and his delegation.

The meeting reviewed Saudi Arabia's Vision 2030, as well as economic and development reforms. Discussions focused on boosting economic partnerships in priority sectors, encouraging British companies to expand their operations in Saudi Arabia, and promoting the growth of startups in research and innovation-driven sectors.

This marks Reynolds' first official foreign visit since assuming office in July, reflecting ongoing efforts to strengthen economic ties between Saudi Arabia and Britain.

The goal is to boost mutual trade and investment across several promising sectors, aligning with the vision of the Saudi-British Strategic Partnership Council, chaired by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, and UK Prime Minister Keir Starmer.

Al-Qasabi highlighted the progress of 79 initiatives across 13 economic sectors to strengthen the Saudi-British partnership. He noted that bilateral trade between the two countries grew by more than 30% from 2018 to 2023, reaching $103 billion. Currently, 1,139 British investors operate in Saudi Arabia, benefiting from recent economic and business reforms.

Riyadh previously hosted the GREAT Futures Initiative Conference in May, a key event under the Saudi-British Strategic Partnership Council. The conference attracted around 450 British business leaders and facilitated over 20 bilateral ministerial meetings, resulting in the signing of 13 agreements.

Following the meeting, Reynolds was introduced to the Saudi Center for Economic Business, where he learned about the services provided to facilitate business operations in the Kingdom.