Vietnamese firms in Russia seek ways to overcome difficulties

Thursday, 2022-03-03 11:36:43
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Illustrative image (Source: AFP/VNA)
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NDO/VNA – The Vietnamese Embassy in Russia on March 2 held a meeting with Vietnamese businesses in the country to seek measures to cope with impacts from Western economic and financial sanctions on Russia.

Speaking at the event, Trade Councilor Duong Minh Hoang said that Vietnam and Russia saw good growth in trade despite COVID-19 pandemic to a record of 7.2 billion USD in 2021, with Vietnam’s exports of 4.9 billion USD, up 25.9 percent over the previous year.

Chairman of the Vietnamese Business Association in Rssia Le Truong Son held that initially, it is crucial to deal with difficulties in payment as Russian banks have been removed from the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
Participants at the event pointed out their difficulties caused by the sanctions, while recommending solutions to minimise losses. Some suggested that Vietnamese firms should narrow down their business and watch the developments of the situation, while others proposed the limitation in use of foreign currencies. Many held that the Vietnamese Government should seek convenient payment methods with Russia to help businesses avoid risks and maintain their stable operations in the country.

Concluding the meeting, Ambassador Dang Minh Khoi noted that in the last one week, the life of Vietnamese community in Russia as well as operation of Vietnamese firms, both State-owned and private, have greatly been impacted with numerous difficulties.

He lauded ideas raised during the event which, he said, will help the embassy make initial proposals to remove current difficulties and stabilise the Vietnam-Russia economic, trade cooperation.