Vietnamese exports to Russia and Ukraine plunged dramatically in the first quarter of this year due to the adverse impact of the ongoing armed conflict between Russia and Ukraine.

Statistics unveiled by the General Department of Vietnam Customs show Vietnamese exports to Russia fetched nearly US$47 million in March, equivalent to 14% and 26% of the figures recorded in January and February respectively.

The sharp fall prompted three-month exports to nosedive to just 16% of the export value reported in the same period of 2021. Notably, many key items that bring back tens of millions of US dollar every month saw their export value decrease to several millions each in March.

Phones and components, for instance, raked in nearly US$5 million in March compared to US$42 million in February, while machinery and equipment exports earned US$4.7 million in March as opposed to US$27.7 million in February.  

Similarly, Vietnamese goods shipped to Ukraine in March only grossed nearly US$1.4 million, down nearly 10 times compared to February’s US$12.9 million level. In January, the export turnover to Ukraine reached US$32.5 million.

Export businesses say the armed conflict between Russia and Ukraine that began more than a month ago has taken its heavy toll on their exports to these two markets. They have cancelled many of their shipments to these markets though relevant procedures were completed.

Source: VOV