31.03.2023, 03:49

Sanctions Curb Vietnamese Exports To Russia, Causing 60% Drop YOY - Reports

Western sanctions have hit Vietnam's exports to Russia, causing a drop of nearly 60% year-on-year, Vietnamese media reported, referring to the data provided by the Vietnam Trade Office in Russia.

Vietnam's exports to Russia fell by almost 60% year-on-year, Vietnamese newspaper VnExpress reported. Exports of iron and steel, footwear and electronics nearly stopped, while agriculture fell by 20-50%, the report said. The only product groups showing a rise in exports were rubber, garments and coffee, according to the media.

Western sanctions have limited Russia's trade with other countries, including Vietnam, the media reported, adding that the suspension of the operation of major shipping firms and airlines in Russia further complicated Vietnam's export capabilities.

However, the Vietnam Trade Office in Russia noticed that Russian companies were increasingly interested in establishing partnerships with Vietnamese business, the report said.

In July 2022, Russian Foreign Minister Sergey Lavrov said that Vietnamese businesses were also interested in the further development of economic and investment cooperation with Russian companies, including in the energy sector, regardless of the pandemic and the sanctions.

Source: UrduPoint Network