Vietnam faces certain impacts due to Russia's exclusion from the SWIFT financial messaging system, following sanctions imposed by the US, UK, Canada, and the EU in response to Russia's attack on Ukraine. Vietnamese businesses engaged in trade with Russia experience payment difficulties, although the overall trade interaction between Vietnam and Russia, including Ukraine, is only about 1% of Vietnam's GDP. Projects in Vietnam involving Russian investment, particularly in the energy sector, are affected, with some facing delays. Experts suggest Vietnam could mitigate these effects by diversifying trade relations and not relying on a single source, as well as potentially using alternative payment systems like China's. Inflation in Vietnam is projected to be controlled at 3.4% for 2022, and the economy is expected to withstand negative impacts due to its diversified trade relationships and mature state and private enterprises.

Excluding Russia from the SWIFT financial messaging system will severely hinder its ability to conduct international business, affecting its economy and war efforts in Ukraine. The White House announced on February 26 that the US and allies agreed to remove selected Russian banks from SWIFT. This action is expected to disconnect Russian banks from the international financial system, impacting their global operations. SWIFT, which stands for Society for Worldwide Interbank Financial Telecommunication, connects thousands of financial institutions globally but does not move money itself. The exclusion from SWIFT could immediately harm Russia's economy, especially its profits from oil and gas, which account for over 40% of its income. French Finance Minister Bruno Le Maire referred to the action as a 'financial nuclear weapon.' Russia may resort to alternative systems like its own SPFS or China's CIPS, but these are not as successful as SWIFT. European banks, being significant creditors to Russia, and countries with economic ties to Russia, like Vietnam, may also feel the repercussions of these sanctions.