Illustrative image (Photo: AFP/VNA) Moscow (VNA) – The tension in the relationship betweenRussia and the West has directly affected business activities of the Vietnamesecommunity in Russia, according to a senior expert from the Institute of Economics under the Russian Academy of Sciences.
Dr. Nguyen Quoc Hung - a senior researcher at the institute emphasisedthat the West’s sanctions have a severe impact on Russia's economy andinvestment environment.
The impact of Western sanctions on Russia’s financial system will become moresevere as it may create problems for Russian banks' access to world markets, andban international businesses from investing in Russia’s energy projects, hesaid.
Accordingto the researcher, to deal with these problems, Russia has been building anational payment system to create an alternative to the SWIFT payment system and considering other measures.
Russia's economic growth may slow down significantly in 2022 dueto the impact of the Russian central bank’s tight monetary policy, and the policyof fiscal consolidation of the country, Hung said, adding that unpredictabledevelopments of the COVID-19 pandemic will be likely to put pressure on theRussian economy.
These problems directlyaffect business activities of Vietnamese people in Russia, when decreased incomeof Russians will result in a decline in the purchasing power and changes in buying habits.
However, production activities of Vietnamese expats in Russia are faring better, Hung said.
Despitedifficulties, Vietnamese people in Russia have always been dynamic he said, adding he believes the community will be able to swiftlychange their business models to overcome challenges caused by the COVID-9 crisis./.
