The conflict between Russia and Ukraine caused Russia to be excluded from the international payment system SWIFT, immediately affecting seafood exporters. Besides the immediate difficulties, there are also certain opportunities.
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While the Russia-Ukraine conflict will raise commodity prices and production costs the overall impact on Vietnam’s economy is not likely to be significant, experts say.
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Gasoline prices are skyrocketing, having a great impact on businesses. In particular, for enterprises in heavy industries, transportation costs often account for a high proportion of production costs.
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Vietnam currently has 5 million overseas Vietnamese living and working in 190 countries and territories. Overseas Vietnamese are a bridge to help Vietnamese agricultural products conquer many export markets, and at the same time increase foreign investment in the agricultural sector in the future.
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The German Development Cooperation Agency GIZ and Decathlon – a network of innovative retail chains and brands from France – have launched a joint initiative to improve the environmental performance of the garment and textile supply chain in Vietnam.
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Free trade agreements (FTAs) play an increasingly important role in promoting the import and export of Vietnamese goods. However, economic expert Phan Duc Hieu, standing member of the Economic Committee of the National Assembly, said that Vietnamese enterprises, especially small and medium enterprises, have been facing many challenges in order to make good use of opportunities from FTAs.
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Raw wood from low-risk sources such as the US and European countries is scarce, pushing up prices. Currently, many suppliers are offering timber to Vietnamese businesses at a much higher price than before.
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According to the Center for Industry and Trade Information (Ministry of Industry and Trade), the fact that many foreign investors continue to expand projects in Vietnam will contribute to promoting the development of the electronics industry and attracting more new foreign investors to the Vietnamese market in 2022.
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One of the five groups of solutions set by the Government in Resolution 11/NQ-CP dated January 30, 2022 on the socio-economic recovery and development program and the implementation of Resolution No. 43 2022/QH15 of the National Assembly on fiscal and monetary policies to support the program is to reform institutions, administration and improve the business investment environment.
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Minister of Planning and Investment Nguyen Chi Dung talks about the key objectives and priorities of Vietnam socio-economic recovery programme for 2022.
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