The meeting took place in the context of the complicated developments of the Covid-19 epidemic in many countries around the world; political tensions between Russia and Ukraine continue to escalate; commercial competition is getting more intense; The world is facing the risk of socio-economic crisis… The fact that all countries have launched stimulus packages has pushed up the risk of inflation very high. The scarcity of strategic materials (petroleum, gas, coal-fired, semiconductors...) exists causing difficulties for production...

Due to early grasp of the situation, right from January 1, 2022, the Minister of Industry and Trade signed an official dispatch to report to the Government, proposing solutions related to payment for goods, diversifying markets, etc. At the same time, only Directing the Vietnamese Trade Offices abroad to closely monitor the situation, advise the Government on solutions to remove difficulties, and support Vietnamese enterprises to export to the Russian market and related markets.

At the meeting, the opinions also made assessments and comments on the world economic situation as well as forecast possible impacts on Vietnam in the short term as well as in the long term, especially when the sanctions for Russia mainly focus on areas such as finance - banking, government bonds, technology exports, energy... This can make cooperation on trade and Investment with Russia is difficult. In particular, the application of strong and comprehensive financial sanctions will greatly affect the bilateral trade between Vietnam and Russia, mainly in the payment stage of contracts using the Euro as payment currency.

Speaking at the conference, Minister of Agriculture and Rural Development Le Minh Hoan assessed that although Russia and Ukraine are not large markets, they still have trade relations with Vietnam in agricultural commodities such as fertilizers. , animal husbandry materials… “We export to these markets a small amount of goods, but there is also a spillover into the Eurasian Union market where we have signed an FTA. Therefore, this disruption will also affect other related markets, related to payment transactions with businesses. Not to mention, we have to anticipate the impacts on exchange rates, foreign currencies, payment methods... caused by this conflict," said Minister Le Minh Hoan.

Noting comments at the conference, Minister of Industry and Trade Nguyen Hong Dien said that the escalating tension between Russia and Ukraine is having direct and indirect impacts on the world economic situation, in which there is Vietnam. On a global scale, the conflict along with the difficulties caused by the epidemic is disrupting the supply of some strategic commodities such as petroleum, gas, and food. In addition, the conflict has also disrupted the circulation and logistics chain, increasing prices of some strategic items, leading to higher input costs. Along with that, rising global inflation makes it even more difficult for the world's consumption, which is already weak after the pandemic, to become more difficult. Some Vietnamese products have the advantage of exporting to the world market, now because of the shrinking global consumption demand, they have also been greatly affected.

From the assessment of the above situation, Minister Nguyen Hong Dien asked the units to proactively and promptly grasp the situation to advise and propose management measures of the Ministry, as well as promptly advise on measures to be taken. governance for the Government. In particular, the European and American Market Department needs to closely connect with the Vietnam Trade Office system in foreign markets, directly connect with Vietnam's diplomatic units abroad and the Trade Office. Foreigners in Vietnam to monitor, grasp, regularly and continuously update political and diplomatic tensions, the change in economic, trade and investment policies of other countries to report promptly. during the leadership of the ministry, providing information to the relevant Ministries and sectors.

In addition, units need to closely monitor supply and demand fluctuations of sensitive strategic commodities, promptly take appropriate management measures, take advantage of price opportunities to produce, export and ensure supply. demand for the domestic market; promote effective exploitation of FTAs ​​signed with countries and territories, especially FTAs ​​with the Eurasian Economic Union; countries in the Asia-Pacific region. Diversify export and import markets, ensure smooth flow of import and export goods. At the same time, continue to strengthen administrative reform, implement solutions to facilitate trade, support to remove difficulties for export enterprises.

At the conference, the Minister suggested that the Ministry of Agriculture and Rural Development work closely with the Ministry of Industry and Trade in assessing and forecasting the situation in a timely and accurate manner, together finding solutions to stabilize production and reduce costs. supply to the domestic market to boost production and export of agricultural goods. In particular, focus on exchanging and negotiating with other countries to bring Vietnam's agricultural and aquatic products to markets; continue to exploit well the traditional market; access to new markets; promptly remove difficulties and bottlenecks in exporting agricultural, forestry and fishery products to markets.

The Minister also requested the concerned ministries, branches and local government committees (Finance, Transport, Public Security, Foreign Affairs ...) to coordinate and create favorable conditions for the production, circulation and distribution of goods in the country. as well as to import and export goods to foreign markets smoothly in the near future. Along with that, the Minister also suggested that the State Bank soon guide enterprises engaged in export activities of payment methods as well as recommend measures to prevent risks in payment when entering into contracts. copper and payment stages.

Source: https://moit.gov.vn/