The Russia-Ukraine conflict is tormenting agricultural exporters who have managed to seek out solutions to shun and limit risks caused by disruptions resulting from the escalating situation.

Minister of Foreign Affairs Bui Thanh Son and his Russian counterpart Sergey Lavrov discussed the conflict in Ukraine in a candid and constructive manner during a phone talk on March 15.

The world commodity market is fluctuating strongly, and supply chain disruption has led to concerns about inflation and economic growth.

As a country with high economic openness, deeply integrated into the global economy, Vietnam cannot avoid the impact of the Russia-Ukraine conflict.

The Vietnamese economy as a whole is expected to face some immediate consequences from the Russia-Ukraine conflict, with disruptions occuring now in the export of some electronics and agricultural products to the largest country in the world by area.

If the Russia-Ukraine crisis causes disruptions in oil and gas supply and high oil prices, it will affect Vietnam's economic growth.

The Russia-Ukraine crisis and economic sanctions by some countries against Russia will have a profound impact on the global economy, including Vietnam, especially on the import and export of agricultural, forestry, and aquatic products.

The spirit of solidarity, mutual love and mutual affection of Vietnamese compatriots in Ukraine and other countries shows precious Vietnamese traditions.

The decision by Western allies to remove Russia from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system will not only affect Russian payments, but also many other countries globally, including Vietnam. 

Some travel companies in Vietnam are worried that the worsening Russia-Ukraine crisis will negatively impact the tourism industry as Russia is one of the major source markets of Vietnam’s tourism industry.

Ambassador Dang Hoang Giang has called on parties involved in the Russia-Ukraine tensions to exercise restraint, stop the use of force, resume dialogue, and seek long-term solutions to differences.

Dr. Nguyen Tri Hieu, financial and banking expert, warned that the increasing tensions between Russia and Ukraine would negatively affect Vietnam’s stock market.

Vietnam is concerned about the armed conflict in Ukraine and is paying special attention to the situation of the Vietnamese community in the country, Spokesperson of the Ministry of Foreign Affairs Le Thi Thu Hang said on February 25.