Vietnam’s rice exports surged 2.6 times year-on-year to over US$553,000 in Q1, according to Vietnam Customs.
The grain was one of Vietnam’s few exports to Russia that increased in the first quarter as the Russia-Ukraine crisis impacted other suppliers. It was one of only eight export items that saw increases out of 23.
Overall exports to Russia fell by 29.1 percent to $543.8 million.
The others to achieve positive growth included rubber, up 60.2 percent to $7.2 million, machinery, equipment, coffee, and iron and steel, which were 4-40 percent higher.
But many Vietnamese exporters see the writing on the wall which is the crisis and Western sanctions starting to disrupt trade.
They need to closely monitor and follow news from Russian banks on new regulations and payment channels as the country has been removed from the SWIFT international financial system.