Economic losses from the typhoon in Vietnam are estimated to have doubled to $3.3 billion

Typhoon Capricorn, the strongest typhoon in Asia this year, is estimated to have caused economic losses in Vietnam of $3.31 billion, double previous estimates.

"The initial estimate of the total economic losses caused by the storm is $3.31 billion, most of which are caused by landslides and flash floods," Agriculture Minister Le Minh Hwan was quoted as saying by the state news agency on Saturday.

Earlier this month, Vietnam's Ministry of Planning and Investment gave a preliminary estimate of economic losses of $1.6 billion and cut its economic growth forecast for this year by 0.15 percentage points. Vietnam's economic growth forecast for this year was originally 6.8 to 7 per cent.

Storm Yagi killed 299 people and left 34 missing in Vietnam, wreaking havoc on the export-oriented country, destroying factories, flooding farmland, destroying homes and collapsing a bridge.

Standard & Poor's Global said on September 26 that typhoon debt relief measures ordered by Vietnam's central bank could hit banks' profitability.