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Russian businesses look for opportunities to “fill the void” in the country

Nhat Linh (Resident of Vietnam Television Station in Russia)Tuesday, March 29, 2022 11:24 GMT+7

In the wave of departures of foreign companies and brands in Russia, two trends can be seen: First, leaving Russian market, the second is to suspend operations. Either option is not cheap.

Just temporarily closing restaurants in Russia, McDonald’s lost $ 50 million a month. Meanwhile, according to preliminary estimates, laid-off employee compensation, partner bonuses, could cost Apple about $ 6 billion and Microsoft $ 6.6 billion, excluding layoffs. revenue reduction.

According to Gazeta, some Western companies withdrawing from joint projects with Russia will affect the giant energy companies themselves to a greater extent. Termination of joint cooperation, Shell, BP and other global companies will lose more than 30 billion USD.

Russian businesses look for opportunities to

In the first two weeks of March, orders from Russian software developers increased by 5-6 times.

“Leaving is hard, coming back is even harder” – gender Russian enterprises said the same about the mass exodus of foreign companies from Russia and declared “the vacancies will not be filled”.

Replace and make money – if before, most of the domestic fashion brands did not have the opportunity to introduce their products widely and compete with international brands, now the situation has changed.

In the field of information technology, domestic and Chinese products can replace Western products. In the first two weeks of March, the order portfolio of Russian software developers increased 5-6 times and is likely to increase many times.

The Russian economy is geared towards import substitution and job retention. Moscow has set aside a part of the budget for preferential loans to businesses, including 500 million rubles (about 5 million USD) for projects to create fast food chains to “fill in the blanks of foreign businesses”.

For the Russians, the wave of departures of foreign brands, although it will affect consumption, is not a disaster. In other words, the departure of foreign companies is helping Russia reshape the domestic market.

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