Export turnovers to Russia, Ukraine drop sharply

In the first two months of 2022, the two-way trade was estimated at $1 billion, representing less than 1 percent of Vietnam's total trade volume. 

Last year, trade between Vietnam and Russia touched $ 5.5 billion, up 13.8 percent. Of the figure, Vietnam's export and import values stood at $ 3.2 billion (up 13.2 percent) and $ 2.3 billion (up 14.9%), respectively.

Meanwhile, Vietnam's export turnover to Ukraine in February this year fell by over 60 percent to $13 million.

In the first two months this year, the bilateral trade volume between Vietnam and Ukraine valued nearly $100 million, making up nearly 0.1 percent of Vietnam’s total trade revenue.

In 2021, two-way trade volume between Vietnam and Ukraine reached $720.5 million, posting a year-on-year increase of 50.6 percent. 

The ongoing armed conflict between Russia and Ukraine has significantly affected Vietnamese tuna exports to these markets, according to Vietnam Association of Seafood Exporters and Producers (VASEP). 

On the other hand, both Ukraine and Russia are the most important suppliers of sunflower oil to the global market, including Vietnam. 

If the conflict continues to escalate, the price of most of the vegetable oils used in tuna processing will jump to all-time highs, thereby pushing up the production cost of canned and bagged tuna in the to come.

Source: VGP