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Typhoon Yagi Strikes: Wealthy Families Face Unexpected Financial Crisis

Typhoon Yagi leaves well-off households empty-handed, crippled by debt

The recent typhoon inflicted catastrophic damage across northern regions, with losses running into trillions of dong, and these numbers are still rising as updates from affected farmers come in.

Despite their heavy losses, farmers like Huu have no time for despair. They are immediately focused on salvaging their rice fields, orchards, and seafood operations.

In just the last week, Huu’s 10-hectare orchard in Xe Cu hamlet of Thanh Hai commune has seen many hired workers engaged in clearing away broken branches and gathering fallen fruits. Many baskets filled with oranges and pomelos have been sold to local merchants for a mere VND2,000 per kilogram.

“Fortunately, not all my fruits fell. Some still remain on the trees,” Huu shared with VietNamNet.

His orchard, situated in the heart of the famous Luc Ngan fruit area, typically yields around 300 tons of oranges and pomelos annually.

Last year, this orchard was vibrant with ripe fruits, attracting many tourists in October and November. However, after the typhoon struck, nearly 100 tons of fruit were lost, and branches lay scattered across the ground, which left him astounded by the damage. Yet, he quickly set to work restoring the orchard in hopes of welcoming tourists back.

“I’m still in the process of rehabilitating the orchard. Recently, I’ve hosted some tourist groups for free, but I plan to start charging for visits next month,” Huu noted.

The Yen Dung Clean Vegetable Cooperative faced a staggering VND20 billion in losses, including VND15 billion for destroyed infrastructure.

Tran Thi Thu Trang, the cooperative’s deputy director, stated that she and her colleagues are committed to bouncing back and continuing their farming and business activities.

Members of the team were actively repairing their collapsed shelters and preparing to plant vegetables again outdoors.

At the Van Don Aquaculture Center in Quang Ninh, Dang Trung Hoi expressed deep shock at the sweeping losses he experienced. He had extensive oyster rafts and fish cages, all of which were severely damaged by the typhoon.

“Before the storm hit, I had secured my oyster rafts, thinking they were safe. I never anticipated the storm would be this intense,” Hoi explained.

The powerful waves destroyed his oyster chains, fish cages, and even sank a composite ship while sweeping away a wooden boat, leaving his equipment in ruins.

Within hours, the typhoon obliterated VND20 billion worth of his investments, leaving Hoi hard at work cleaning and attempting to salvage what he could for future use.

“I’ve suffered a lot, but I must find the strength to keep going, as I have many workers relying on me,” he said, expressing hope that he could secure favorable loans from banks to restart his operations.

Nguyen Van Thanh, a lifelong aquaculturist from Ha Long commune, shared his despair as he lost everything to the storm. With 150 square meters of fish nearly ready for harvest wiped away, he faces an uncertain path forward.

Having previously mortgaged his land-use certificate to obtain bank loans, he now lacks the collateral needed for new financial support.

“I hope that banks can extend our debt repayment timelines and provide new loans so we can rebuild from the ground up,” Thanh wished.


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