Typhoon Yagi Causes Widespread Damage in Vietnam

Typhoon Yagi, the strongest storm in Asia this year, has caused extensive damage to factories and warehouses in northern Vietnam, particularly in industrial hubs like Haiphong. The typhoon, which made landfall recently, has resulted in floods and landslides, leading to the closure of numerous plants, with some expected to take weeks to resume operations. This disruption poses a significant risk to global supply chains, especially as Vietnam plays a crucial role in exporting products to the U.S. and Europe. Many businesses have reported severe structural damage, including roofs blown off and flooding in warehouses that housed goods ready for export. The head of the Deep C industrial zones indicated that at least 20 out of 150 factories will remain inactive for weeks, and power consumption is anticipated to stay below normal levels for an extended period due to ongoing rebuilding efforts. The economic impact of this disaster may resonate deeply across international markets reliant on Vietnamese exports.