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Russia-Vietnam cooperation under international sanctions against Russia
 
PIIS032150750022718-1-1
DOI10.31857/S032150750022718-1
Publication type Article
Status Published
Authors
Irina A. Korgun 
Occupation: Senior Research Fellow
Affiliation: Institute of Economics, Russian Academy of Sciences
Address: Russian Federation, Moscow
Occupation: Senior Researcher, Center for Russian Strategy in Asia
Affiliation: Institute of Economics, Russian Academy of Sciences
Address: Russian Federation, Moscow
Journal nameAsia and Africa Today
EditionIssue 10
Pages6-14
Abstract

This paper analyses a preliminary impact of the international sanctions against Russia on Russia-Vietnam bilateral relations. Authors use trade data for the first five months of 2022 to understand trade flows between Russia and Vietnam. The data reveal a sharp decline both in volume and value across all major categories of export and import. The decline comes as a reaction towards the disruption of payments following SWIFT ban on the Russian banks. Also, the ban on shipments to Russia by international marine companies deepened the negative impact in the first months after sanctions had been introduced.

In terms of geopolitical consequences of the sanctions, Vietnam is increasingly worried about the growing strategic presence of the US in Southeast Asia because this presence can lead to a confrontation between America and China which are both important economic partners to Vietnam. The US strategic presence in the region is somewhat undesirable for Vietnam and several other countries because it can damage their military cooperation with Russia. From this perspective, Vietnam views Russia’s presence in Southeast Asia as a crucial element in balancing rivalries and maintaining operational capabilities of strategic forces of several countries of the region, including its own. Vietnam has to act very carefully to avoid damaging its economic momentum obtained through closer linkages with the West and keeping its national strategic interests.

The paper concludes with a review of economic opportunities for Russia and Vietnam under the current circumstances and offers several aspects that need to be reinforced to develop the bilateral cooperation in the near future.

KeywordsRussia, Vietnam, economic cooperation, international sanctions
Received19.07.2022
Publication date11.11.2022
Number of characters28951
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