As the BRICS bloc continues to embrace de-dollarization on a global scale, yet another country has announced plans to ditch the US dollar. Vietnam is the latest nation to abandon the greenback for international trade after a recent agreement with the economic alliance’s 2024 Chair, Russia.
Russian President Vladimir Putin visited Vietnam this week and signed a dozen agreements with the country’s government. Among those agreements is an initiative to settle bilateral trade dealings in local currencies. The visit is one of many that Putin has made this week, following his recent landmark trip to North Korea for the first time in more than 12 years.
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Vietnam: The Latest Country to Ditch the US Dollar in BRICS Trade
The BRICS economic bloc has dominated discussions with the geopolitical sector this year. Its expansion effort last year marked its first such growth plan since 2001. Moreover, it is looking to follow that up with similar invitations to the more than 30 countries wanting to join the collective.
The grouping has established its expansion hopes and de-dollarization methods as its primary focus. The latter took a massive step this week, as BRICS has reached an agreement with yet another country to ditch the US dollar.
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Putin and Vietnam’s President To Lam signed extensive cooperation agreements this week. Those will include greater partnerships in the realm of education, energy, and technology. Among the landmark deals made between the countries was their decisive stance on trade settlement currency.
The move is yet another blow to the greenback. Additionally, it continues the Russian leader’s attempts to lessen Russia’s independence. Putin had recently met with Chinese, North Korean, and now Vietnamese officials to continue facilitating a global shift in economics.