Vietnam is grappling with immense devastation following Typhoon Bualoi, which, along with its torrential floods, has tragically claimed 51 lives. A somber government report released on Friday, October 3, 2025, confirmed the escalating death toll, while simultaneously highlighting a proactive move by the central bank, which has called upon financial institutions to extend crucial support to businesses battered by the disaster.
Typhoon Bualoi struck northern central Vietnam on Monday, September 30, 2025, unleashing massive sea swells, ferocious winds, and relentless downpours. The impact has been severe, with 14 individuals still reported missing and 164 others sustaining injuries, as detailed by the government’s disaster management agency. Prior to its arrival, Vietnam had undertaken significant evacuation efforts, moving thousands from coastal areas and closing airports in anticipation of the typhoon’s landfall.
The extent of the damage is staggering. The disaster management agency has significantly revised its estimate for property losses, now reaching 15.9 trillion dong (approximately $603 million). This marks a substantial increase from the $435.8 million reported just a day prior, on Thursday, October 2, 2025.
The typhoon’s fury severely compromised vital infrastructure, leaving a trail of destruction that includes roads, schools, and offices. Widespread power grid failures have plunged tens of thousands of families into darkness, a dire situation echoed across the nation, which has experienced severe flooding and extensive destruction. Over 230,000 homes were either damaged or submerged, and the agricultural sector has also suffered immensely, as nearly 89,000 hectares of rice paddies and other crucial crops have been utterly destroyed.
Notably, the report did not indicate any significant damage to large industrial properties, a small silver lining amidst the widespread catastrophe. As a significant regional manufacturing hub, Vietnam hosts major factories, including those operated by Foxconn, Formosa Plastics, Luxshare, and Vinfast, many of which were located within or near the typhoon’s devastating trajectory.
In response to the economic fallout, Deputy Governor Pham Thanh Ha announced on Friday, October 3, 2025, that the central bank has instructed financial institutions to explore options such as restructuring or freezing loans for businesses severely impacted by the typhoon. The local currency exchange rate at the time was approximately 26,383 dong to one U.S. dollar.