Russia’s demand for farm products would increase in the time ahead as the Russia-Ukraine war has led to a supply crunch. (Photo: VNA) Nguyen Do Anh Tuan, head of the Department of InternationalCooperation under the Ministry of Agriculture and Rural Development, said Russia is a promising market of Vietnamese agricultural products in terms ofboth export and import.
The armed conflict will significantly affect Vietnam’sexport of farm products to Russia as well as its import from the country in the short run, he stressed.
In addition, the US, the European Commission, the UK, Canada,France, Germany and Italy have announced the removal of a number of Russian banksfrom the SWIFT messaging system, which would hinder transactions in the timeahead, according to the official.
He, therefore, suggested domestic exporters andimporters to closely follow new regulations and information released by Russianbanks, to at least secure payments in trading.
Economist Nguyen Minh Phong also pointed out difficultiesin payment as a result of the conflict.
However, Russia’s demand for farm products wouldincrease in the time ahead as the Russia-Ukraine war has led to a supply crunch,which is a good opportunity for Vietnam, he said.
Vietnam may export agricultural products to Russia at high prices if the Southeast Asian nation changes the payment methodsflexibly, the economist suggested.
Phong also thought that Vietnamese agriculturalproducts can still access the Russian market, and Vietnamese firms can evenopen production establishments in the country which has high demand for farmproduce, especially in the winter.
Economist Nguyen Minh Phong. (Photo: nongnghiep.vn) According to the General Department of VietnamCustoms, Vietnam imported 322,731 tonnes of fertilizers, including 53,773 tonnes valued at nearly 29.6 million USDfrom Russia.
Last year, Vietnam spent 143.5 million USD to buy386,193 tonnes of Russian fertilizers.
The prices of imported fertilizers have increased from80-130 percent since the beginning of 2022 as compared with the same period last year, whichhas impacted local agricultural production.
Given this, the Plant Protection Department hasasked domestic producers to step up the implementation of Directive No.653/CT-BNN-BVTV issued by the Ministry of Agriculture and Rural Development, onthe effective and economical use of fertilizers. /.
VNA
