Vietnam likely impacted by Russia’s disconnect from SWIFT
With Russia disconnected from the Society for Worldwide Interbank Financial Telecommunications (SWIFT), Vietnam, like many other countries, will face payment troubles in doing trade with Russia as the two countries have long-standing economic relations, said economist Assoc. Prof., Dr. Dinh Trong Thanh.
Illustrative photo. (Source: Russia Bussiness Today/VNA)
Hanoi (VNA) – With Russia disconnected from theSociety for Worldwide Interbank Financial Telecommunications (SWIFT), Vietnam, like many other countries, will face payment troubles in doing trade with Russia as the two countries have long-standing economic relations, saideconomist Assoc. Prof., Dr. Dinh Trong Thanh.
TheSWIFT ban means Russia is being shut out from global interbank payment system, likelyto cause difficulties for payments and trade between the two countries,including both public and private sectors, he noted.
However, there are alternative ways for this, notnecessarily through SWIFT, the economist said.
According to the State Bank of Vietnam (SBV), internationalpayments in Vietnam are mostly done through SWIFT and Western Union moneytransfer services under the agreement with domestic credit institutions. Moneytransfer is also done via mail and telex. But SWIFT dominates because it is relativelyfaster, more secured and cost-efficient compared to other means.
It will be challenging but there will be solutions, said CEOof Orient Commercial JSC (OCB) Nguyen Dinh Tung. As a developed country in termsof technology, Russian banks will work things out, he said.
It takes more time to assess the level of impact the ban has onVietnam, the economists shared.
Data from the Ministry of Industry and Trade shows that theVietnam-Russia trade reached 7.14 billion USD last year, up 25.9 percent from2020./.
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Illustrative photo. (Source: Russia Bussiness Today/VNA)
