Ministry looks to address hurdles in agro-exports to Russia, Ukraine
The Russia-Ukraine tension may deliver a major blow to agricultural trade between Vietnam and both the countries, the Ministry of Agriculture and Rural Development (MARD) said.
The Russia-Ukraine tension may deliver a major blow to agricultural trade between Vietnam and both the countries. (Illustrative photo: VNA)
Hanoi (VNA) - The Russia-Ukraine tension may deliver a major blow to agricultural trade between Vietnam and both the countries, the Ministry of Agriculture and Rural Development (MARD) said.
The trade will be affected by Russia being disconnected from the SWIFT payment system, the disruption of the supply chain in export-import as major shipping companies have suspended their service to Russia, rising transport cost, and declining demand in Russia, Ukraine and related countries.
Vietnam exported about 550 million USD worth of agro-forestry-aquatic products to Russia last year. Of the figure, coffee export raked in 173 million USD and aquatic products 164 million USD.
Furthermore, Vietnam imported input materials for agricultural production from Russia and Ukraine such as wheat, maize and fertiliser. The country purchased about 500 million USD of agro-forestry-aquatic products from Russia last year.
Deputy Minister of Agriculture and Rural Development Phung Duc Tien said firms must keep a close watch on the situation to handle inventories or find alternative export markets. Importers should seek suppliers from other countries.
The MARD will closely join hands with trade associations and the State Bank of Vietnam to support payments for businesses whose products have already been sent to Russia but payment is being affected by stagnant financial transactions, the official added.
The ministry will also work with importers to seek measures to stabilise prices of input materials for domestic agricultural production, and bolster investment attraction./.
The Ministry of Industry and Trade has urged the Vietnam Directorate of Market Surveillance and its provincial/municipal chapters to strengthen market supervision and monitoring in the face of COVID-19 and armed conflict in Ukraine.
The prices of Vietnamese exports and imports, especially aquatic products and fertilizers, have headed towards highs due to the conflict between Russia and Ukraine.
That Russia is excluded from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) will pose certain but possibly temporary difficulties for payments of Vietnam’s trade transactions, and agricultural traders will find out new payment methods soon, insiders said.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
The Russia-Ukraine tension may deliver a major blow to agricultural trade between Vietnam and both the countries. (Illustrative photo: VNA) 
