Russia-Ukraine conflict unlikely to hurt Vietnamese firms directly

Workers at a seafood factory in southern Vietnam. Seafood export is among the hard-hit Vietnamese industries by the ongoing Russia-Ukraine conflict. - VNA

HANOI (Vietnam News/Asia News Network): The West cutting Russia off the Society for Worldwide Interbank Financial Telecommunication or SWIFT and imposing heavy sanctions are unlikely to produce a significant impact on Vietnam and Vietnamese businesses, said industry experts and banking regulators.

"As Russia and Ukraine account for less than 2 per cent of the global economy, the ongoing conflict likely won't hurt the world's economic recovery in a significant manner. However, cutting Russia off from SWIFT will hurt its ability to export oil, and in effect drive global oil prices up slowing down the recovery process," said Từ Tiết Phát, director-general of Asia Commercial Bank (ACB).