Against the backdrop of efforts by BRICS countries to de-dollarize, Vietnam has announced plans to abandon the US dollar in international trade.
This decision follows a recent agreement with Russia, which will chair the BRICS summit in October 2024.
JUST IN: Russian President Putin and Vietnam President To Lam sign new strategic partnership agreement.
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— BRICS News (@BRICSinfo)
June 20, 2024
During his visit to Vietnam this week, Russian President Vladimir Putin signed several agreements with the Vietnamese government, including one for bilateral trade in their local currencies. This visit is part of a series of diplomatic travels by Putin, including an important visit to North Korea for the first time in over a decade.
Additionally, Putin stated that over 60% of trade between Russia and Vietnam is already conducted without the US dollar and euro.
This year, the BRICS bloc has been a major focus in geopolitical discussions, especially following its expansion plans, the first since 2001. Currently, there are over 30 countries that have expressed interest in joining the bloc.
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BRICS has clearly expressed its intentions to expand and pursue de-dollarization as primary goals. The latest agreement with Vietnam represents an important step in their strategy to reduce dependence on the US dollar in international trade.
BRICS’ ongoing efforts to increase its membership and promote currency diversification highlight the changing landscape in global economic alliances.
