“Vietnam must fundamentally transform its economy to effectively cope with natural disasters and climate change. The transformation is not just an option but an urgent requirement to ensure sustainable development and protect people’s lives,” said Assoc. Prof. Dr. Pham The Anh, head of the Economics Department at the National Economics University, in an interview with The Saigon Times. Yagi will lead to economic slowdown The Saigon Times: According to initial statistics, Yagi and ensuing flooding have caused significant damage to roads, production facilities, rice fields, crops, and aquaculture in many northern provinces. How would you assess the extent of the damage and its impact on Vietnam’s economic growth in 2024? – Assoc. Prof. Dr. Pham The Anh: Typhoon Yagi was one of the strongest storms to hit Vietnam in recent decades. The typhoon and ensuing flooding have caused severe human and property losses in northern provinces. Although we have yet to have an official estimate of the total material damage across all affected areas, the figure might reach hundreds of trillions of Vietnam dong, roughly 1% of GDP. Furthermore, Yagi’s impact on economic growth extends across multiple sectors, which include: Firstly, the storm reduces agricultural and fishery production. Agriculture is […]