The South Korean Chamber of Commerce (KOCHAM) in Vietnam expects the local government to quickly restore infrastructure, such as power supply, roads, and bridges, to help enterprises stabilize their operations following typhoon Yagi. 

Hong Sun, chairman of the Korean Business Association in Vietnam, told Tuoi Tre (Youth) newspaper in an interview that he has lived in Vietnam for three decades but has never experienced a typhoon as catastrophic as Yagi.

Hong said Vietnam and South Korea shared many similarities, including their populations being steadfast and energetic. He expressed his belief in Vietnam's success in the restoration process despite various difficulties.

Sharing about the impact of the typhoon on South Korean enterprises in Vietnam, Hong claimed that many South Korean firms in northern Vietnam encountered huge losses similar to Vietnamese businesses.

South Korean firms in Quang Ninh Province and Hai Phong City suffered the greatest losses, while those in Hung Yen, Hai Duong, Bac Giang, Thai Nguyen, and Phu Tho Provinces experienced less damage.

Their goods were damaged, factories and warehouses collapsed, and machines were broken due to flooding.

It will take them months to restore their normal operations, Hong informed.

A factory in Hai Phong City was forced to close after its basement and first floor were submerged in floodwaters, prompting the company to order new machinery and equipment.

Shipments have been delayed, and the factory faces significant compensation payouts to clients, as some contracts lack insurance coverage for natural disasters.

Local authorities have quickly deployed plans to ease the aftermath of the typhoon, helping domestic and South Korean firms restore production.

However, many areas are still confronted by a power blackout and factories there have been forced to remain closed.

Several areas in Thai Nguyen and Phu Tho Provinces remain flooded, and employees struggle to reach their workplaces because of bridges collapsing. 

Hong emphasized that the post-typhoon recovery should be associated with ESG (Environmental, Social, and Governance).

Hong hoped enterprises will improve their awareness of ESG after typhoon Yagi.

He shared that South Korea often faces storms in summer, but the government provides urgent loans to storm-hit people and enterprises to accelerate the restoration process.

Taxes and fees are exempted or have their payment deadlines extended, and the state and local budgets are disbursed quickly, Hong added.

Typhoon Yagi made landfall in northern Vietnam earlier this month, killing more than 290 people and damaging 237,000 homes.

It is the most powerful storm to have entered the East Vietnam Sea over the past 30 years and the worst typhoon to have hit Vietnam in the last 70 years.

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