HCMC – The State Bank of Vietnam (SBV) has called on commercial banks to offer relief to borrowers impacted by typhoon Yagi, which struck northern Vietnam on September 7.

In a directive issued on September 9, the central bank instructed financial institutions to assess the damage in the 35 provinces affected by the powerful storm and implement support measures. These measures include debt restructuring, interest rate reductions, and new loans to assist households and businesses in their recovery. Banks are required to complete their damage assessments and report back by September 20. Typhoon Yagi, the most powerful storm that has hit northern Vietnam in three decades, has displaced nearly 13,000 households. Quang Ninh, Haiphong and Thai Binh were among the hardest hit. In Quang Ninh, the storm caused extensive damage, blowing off roofs, sinking 85 boats, knocking down nearly 1,300 utility poles, and destroying 70% of the trees in Quang Ninh. The storm also disrupted the power grid across 15 provinces. As of September 9, the Northern Power Corporation reported that electricity had been restored to 74% of affected customers in northern Vietnam. Heavy rains brought by Typhoon Yagi have left over 70 people dead or missing, with further downpours expected in the coming days.