Sanctions hit Vietnamese exports to Russia
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Vietnam’s exports to Russia fell by nearly 60% year-on-year to US$205 million in the first two months of this year.
Iron and steel, footwear and electronics exports almost came to a halt while those of agriculture produce like rice, vegetables and seafood fell by 20-50%, according to the Vietnam Trade Office in Russia.
Rubber, garment and coffee were the only items whose exports increased.
The ongoing Russia-Ukraine war is said to be the main cause as sanctions on Russia limit its trade with other countries, including Vietnam.
Major shipping firms and airlines have stopped their Russia operations, and so Vietnamese business have trouble sending goods to the country.
Bilateral trade fell by nearly 62% to $402 million.
The trade office said Russian businesses are increasingly interested in establishing trade partnership with their Vietnamese counterparts, and the number of Russian companies participating in Vietnam’s fairs and exhibitions is rising.
Many Russian retailers want to sell agricultural products, clothes and footwear from Vietnam, it added.
Questions & Answers
Q.Which specific Vietnamese export categories saw their trade with Russia almost stop entirely?
Which specific Vietnamese export categories saw their trade with Russia almost stop entirely?
Exports of iron and steel, footwear, and electronics from Vietnam to Russia almost ceased completely during the first two months of this year.
Q.What is the primary reason given for the significant drop in Vietnam's exports to Russia?
What is the primary reason given for the significant drop in Vietnam's exports to Russia?
The main cause cited is the ongoing Russia-Ukraine war, with sanctions on Russia limiting its trade interactions with various countries, including Vietnam.
Q.Are there any Vietnamese products whose exports to Russia have increased despite the overall decline?
Are there any Vietnamese products whose exports to Russia have increased despite the overall decline?
Yes, rubber, garment, and coffee were the only specific items that saw an increase in their export volumes to Russia.
Q.What is the current interest level of Russian businesses in establishing trade with Vietnam?
What is the current interest level of Russian businesses in establishing trade with Vietnam?
Russian businesses are increasingly keen to form trade partnerships with Vietnamese companies, evidenced by a rise in Russian participation at Vietnam's fairs and exhibitions.
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