Market News

By Nguyen Kieu Giang and Linh Vu Nguyen

(Bloomberg) -- Vietnam evacuated hundreds of people, shut schools and suspended flights as a a new storm barrels into the nation’s central region.

Heavy rains are expected to blanket coastal provinces from Ha Tinh to Quang Tri after the storm made landfall Thursday afternoon. Officials braced for possible flash floods in 10 provinces. Flights in Quang Binh, home to Son Doong, the world’s largest natural cave, will be canceled through late Thursday, the Civil Aviation Authority of Vietnam said in a statement on its website. Authorities have evacuated more than 500 people in Minh Hoa District from landslide prone areas, Saigon News reported.

The National Center for Hydro-Meteorological Forecasting warns that rivers are at risk of flooding, particularly in low-lying areas, and mountainous regions susceptible to landslides.

Southeast Asian countries are among the world’s most vulnerable to climate change. Global warming is making tropical cyclones more intense. Warmer water and moister air, two results of global warming, provide additional fuel to storms.

Vietnam is still recovering from Super Typhoon Yagi and its aftermath, which as of late Wednesday caused the death of 299 people and 34 more missing, authorities said. The destruction from floods and landslides is estimated to be as much as $2.5 billion, with 312,000 hectares of crops damaged, according to the ministry. 

Vietnam’s coffee-producing Central Highlands, which is not along the new storm’s path, has endured heavy rains since the weekend, with little damage being seen.

In Thailand, heavy rains across some of its flood-ravaged provinces will likely continue over the next two days under the influence of the tropical storm locally known as “Soulik,” authorities said.

At least 45 have died from flooding and related incidents since mid-August, while about 34,000 households remain affected by the floods across 6 provinces, according to Thailand’s disaster prevention department. 

In the Philippines, recent storms left 23 people dead, 13 injured and 15 missing, according to its disaster agency. About 20 cyclones pass through the Southeast Asian nation each year, making it one of the most natural disaster-prone countries in the world.

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--With assistance from Nguyen Dieu Tu Uyen, Ditas Lopez, Cecilia Yap and Thomas Kutty Abraham.