The Vietnamese Embassy in Russia on March 2 held a meeting with Vietnamese businesses in the country to seek measures to cope with impacts from Western economic and financial sanctions on Russia.

Vietnam has become an increasingly attractive place for businesses of all types, given the country’s growing consumer class and dynamic workforce, according to the newswire Vietnam Briefing.

Singapore has urged the Biden administration to focus on trade as the U.S. formulates its long-awaited Asia strategy to counter what it sees as the growing economic and military threat from China.

The Russia-Ukraine tension may deliver a major blow to agricultural trade between Vietnam and both the countries, the Ministry of Agriculture and Rural Development (MARD) said.

Several local governments in China have unveiled plans to implement the Regional Comprehensive Economic Partnership (RCEP), a sign that the country is taking steps to further open up its market to other Asia-Pacific member countries of the free trade pact.

Country ready to sign more FTAs, boost global ties in digital economy

The prices of Vietnamese exports and imports, especially aquatic products and fertilizers, have headed towards highs due to the conflict between Russia and Ukraine.

The U.S. administration of President Joe Biden on Tuesday slammed China for having "distorted" global trade through its unfair economic practices, and vowed to work with allies and partners to confront moves that undermine market competition.

With Russia disconnected from the Society for Worldwide Interbank Financial Telecommunications (SWIFT), Vietnam, like many other countries, will face payment troubles in doing trade with Russia as the two countries have long-standing economic relations, said economist Assoc. Prof., Dr. Dinh Trong Thanh.

Vietnam is expected to register the highest trade and income gains among Regional Comprehensive Economic (RCEP) members, according to a World Bank (WB)’s working paper.