The question is, will Russia's exclusion from the Association of Global Interbank Financial Telecommunication (SWIFT) affect the export and import of goods between Russia and Vietnam, because currently, Russia is a market The market provides a large amount of fertilizer for Vietnam, while Vietnam exports coffee, pangasius, cashew nuts to Russia... Russia has just announced that it's time to make a quick payment. It's just like the world's largest business Cashew businesses are concerned about Russia being excluded from the SWIFT payment system. In the photo: Cashew processing at an enterprise in Tay Ninh province. Photo: tayninh.gov.vn. On the morning of March 2, in a private exchange with Dan Viet, Mr. Dang Hoang Giang, General Secretary of the Vietnam Cashew Association, said that the war between Russia and Ukraine broke out, accompanied by the US and EU's exclusion of Russia from the system. SWIFT payment will certainly affect businesses that are exporting and importing goods with Russia, including businesses of the cashew industry. "As far as I know, Russia's exclusion from SWIFT will definitely make it difficult for businesses to pay, especially for Russian customers because SWIFT is now a popular method of sending electricity, used by most banks in the world. used by the world and Vietnam to make import and export payment transactions, including cashew nuts safely," said Mr. Giang. According to Mr. Giang, despite many difficulties, businesses still have other options besides SWIFT such as IBAN. "However, the coverage of IBAN is narrower than that of SWIFT," said Mr. Giang. According to statistics of the General Department of Customs, Russia is currently ranked 11th out of 104 export markets of Vietnam's cashew kernels, accounting for 1.63% of the market share, with an export value of 61.8 million in 2021. USD. Mr. Giang said that although Russia is not yet the main export market of Vietnam's cashew industry, Russia's exclusion from the SWIFT payment system is also very concerning because it will affect the overall export balance. Therefore, in the face of concerns due to the impact of the Russia-Ukraine war, the Vietnam Cashew Association is considering a plan to lower the export target set for 2022 to $3.8 billion, and is working with Association's businesses discuss response plans. From the risk of difficulty in payment due to Russia's exclusion from SWIFT, the representative of the Vietnam Cashew Association proposed that the State Bank of Vietnam soon have information and support businesses to ensure import and export activities with the highest quality. Russian market. Russia is excluded from the SWIFT payment system, what to replace payment with? Russia's exclusion from the SWIFT international payment system not only worries cashew industry enterprises, but also worries fertilizer production and trading businesses because Russia is currently one of the major fertilizer supplying markets. for Vietnam. Russia has just announced that it's time to make a quick payment. It's just like the world's largest business The fact that Russia is excluded from the SWIFT payment system makes fertilizer production and trading businesses worried because Russia is currently one of the major fertilizer supplying markets for Vietnam. Photo: VNA. Talking to Dan Viet on the morning of March 2, Mr. Dao Huu Duy Anh, General Director of Duc Giang Chemical Group Joint Stock Company, affirmed that the tension between Russia and Ukraine will definitely seriously affect the fertilizer market in Vietnam. . "Russia is a huge exporter of NPK fertilizers to Vietnam, so the Russia-Ukraine tension will definitely affect the fertilizer industry, fertilizer prices may continue to increase due to the affected supply" - Mr. Duy Anh said. For example, Duc Giang Chemical Group Joint Stock Company, although it cannot import NPK fertilizers from Russia, but can produce it itself, due to the increasing source of imported materials, businesses are also having a lot of headaches. In addition, according to Mr. Duy Anh, Russia's exclusion from the SWIFT international payment system will make payments with Russian customers difficult. "I think the payment is almost impossible, unless using virtual money," - Mr. Duy Anh said. According to statistics of the General Department of Customs, in 2021, Vietnam imported from Russia 386,193 tons of fertilizer, up 7.9% in volume, up 30.3% in turnover compared to 2020. The amount of fertilizer imports from Russia accounted for 10% of the fertilizer used in the country. In which, in December 2021 alone, fertilizer imports from the Russian market increased sharply, up to 404.4 percent in volume, up 495% in turnover, reaching 56,798 tons. Entering January 2022, the amount of fertilizer Vietnam imported from Russia continued to increase. Accordingly, in January 2022, in January, Vietnam imported 322,731 tons of fertilizer, equivalent to 153.6 million USD. In which, Vietnam bought 53,773 tons of fertilizer from Russia, equivalent to nearly 29.6 million USD, accounting for 16.7% of the total volume and accounting for 19.3% of the total turnover compared to December 2021. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) was established in 1973 to replace telex and is now used by more than 11,000 financial institutions to send messages and make secure payment transactions. In 2020 alone, there were about 38 million transactions made every day through the SWIFT platform, worth trillions of dollars. SWIFT is headquartered in Belgium and is governed by a board of 25 people, SWIFT considers itself a “neutral bodyâ€, established under Belgian law and subject to European Union regulations. Europe.