Vietnamese firms in Russia seek ways to overcome difficulties
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.
Hanoi (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 Hoang Minh 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).
Vietnamese Trade Councilor in Russia Duong Hoang Minh (middle) (Photo: VNA)
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./.
As Russia is facing sanctions imposed by the West, Vietnam’s Trade Counsellor in this country Duong Hoang Minh has recommended Vietnamese businesses in this country to stay calm and keep a close watch on the situation.
Vietnamese Ambassador to Russia Dang Minh Khoi on March 1 had a meeting with First Deputy Speaker Andrey Yatskin and Deputy Speaker Konstantin Kosachev of the Russian Federal Assembly’s Federation Council to discuss the nations’ cooperation in the current situation.
Vietnam is a safe tourist destination without any restrictions for Russian visitors, according to recommendations by the Federal Agency for Tourism of Russia.
Moscow’s trade with Vietnam reached 3.9 billion USD in 2021, up 36 percent from the previous year, according to statistics released by the Russian capital’s portal on March 2.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Vietnam has so far attracted 43,346 valid FDI projects with a total registered capital of 517.14 billion USD. The accumulated disbursed capital is estimated at nearly 331.46 billion USD, accounting for 64.6% of the total registered capital.
More than a product showcase, Vietfood & Beverage – Propack Vietnam 2025 is designed as a comprehensive ecosystem where businesses, experts, and consumers can share knowledge, explore technologies, and connect for collaboration.
Both sides expressed their hope that the outcomes of the discussion will continue to improve the efficiency of customs clearance activities at the customs clearance points and dedicated transport routes of the Huu Nghi – Youyi Guan international border gate pair.
The maximum retail price of E5 RON92 petrol has increased by 207 VND to 19,608 VND (0.75 USD) per litre while that of RON95-III rose by 234 VND to 20,074 VND per litre.
Illustrative image (Source: AFP/VNA) 
Vietnamese Trade Councilor in Russia Duong Hoang Minh (middle) (Photo: VNA)
