Projects and agreements: Russia can help Vietnam keep down energy prices
The trade turnover between Russia and Vietnam increased by another 5.7% in the first months of 2026, Vladimir Putin said during talks with Prime Minister Pham Minh Tin in the Kremlin. One of the main outcomes of the visit was the intergovernmental agreement on the project of the first Vietnamese nuclear power plant Ninh Thuan-1. In addition, Moscow and Hanoi have made progress in the oil and gas sector. Experts believe that Moscow can help Vietnam contain rising energy prices amid the crisis in the Middle East.
Vietnam's Premier's visit to Russia
Pham Minh Tin's official visit to Russia, which lasted from March 23 to March 25, ended with a meeting with Vladimir Putin in the Kremlin. The Russian leader stressed that Moscow considers Vietnam as one of its key partners in Asia.
— Vietnam has been and remains our reliable partner and our friend. And our relations, of course — we always emphasize this on both sides — are time—tested," he said.
Pham Minh Tinh conveyed greetings to Putin from the Secretary General of the Central Committee of the Communist Party of Vietnam, Toh Lam, and invited the Russian leader to visit the country in 2026. He also said that Hanoi remembers and appreciates the support that Moscow has provided to it in different periods of history.
Russian President Vladimir Putin and Vietnamese Prime Minister Pham Minh Tinh during a meeting in the Kremlin
According to various sources, the Russian Federation is currently implementing 199 investment projects in Vietnam with a total capital of about $990 million, and Vietnam has 16 projects in Russia worth about $1.6 billion. By the end of 2025, the bilateral trade turnover increased by 4%. A noticeable recovery occurred after the entry into force of the free trade agreement between the republic and the EAEU in October 2016: if in 2023 the trade turnover was $3.63 billion, then in 2024 it was already $4.58 billion, and in 2025 it was $4.77 billion. According to the Russian president, it grew by another 5.7% in the first months of 2026.
The central topics of the Vietnamese premier's trip to Russia were energy, trade, investment, and the practical implementation of the agreements reached by Moscow and Hanoi at the highest level over the past two years. This trip in Vietnam was described as a step towards further strengthening the comprehensive strategic partnership.
Vietnamese Prime Minister Pham Minh Tinh during a meeting with Russian President Vladimir Putin in the Kremlin
The fuel and energy agenda has become the practical focus of the current round of contacts. On March 23, following negotiations between Mikhail Mishustin and Pham Minh Tin, an intergovernmental agreement on cooperation in the construction of the first nuclear power plant in Vietnam was signed. We are talking about the Ninh Thuan-1 NPP project consisting of two power units with a total capacity of 2,400 MW.
Undoubtedly, this was the main purpose of Minh Tin's trip to Russia, said Elena Nikulina, a researcher at the Center for Vietnam and ASEAN Studies at the ICSA RAS. Previous plans to build a nuclear power plant were frozen in 2016, with cost and safety issues considered the main reasons. The project got a second wind in 2024. The station is expected to be built by 2034.
— The republic is rapidly developing its industry and is experiencing an acute shortage of energy. No other sources can provide such safe and cheap energy as nuclear power. Therefore, after the construction of this power plant, the country will be able to solve the problem of its energy security," the expert said.
Russian President Vladimir Putin during a meeting with Vietnamese Prime Minister Pham Minh Tin in the Kremlin
The NPP project should become a cornerstone in bilateral relations. The fact that the agreement was concluded right now, when Russia is under intense pressure and in international isolation from Western countries, is significant, Nikulina noted.
— Vietnam, in such a difficult time, not only supports Russia politically, but also concludes such important agreements with it. This indicates that our relations will continue to develop," she said.
Russia and Vietnam discussed prospects for long-term oil and gas supplies
Meanwhile, the expansion of cooperation in the oil and gas sector was also on the agenda. On March 24 in Moscow, Pham Minh Tinh held a separate meeting with the leadership of Zarubezhneft, one of the country's key and long—standing partners in the oil and gas sector. Russian Deputy Prime Minister Alexander Novak also participated in it.
The parties discussed not only the current state of joint projects, but also the prospects for long-term supplies of oil, gas and related products to Vietnam, as well as the development of specialized infrastructure. Zarubezhneft and Petrovietnam have signed agreements that will facilitate the implementation of joint field development projects.
In addition, at the Russian-Vietnamese business forum, which was also held on March 24, the companies of the two countries exchanged four more agreements — in oil and gas, maritime transportation, railway and logistics. A preliminary agreement on the supply of Russian liquefied natural gas (LNG) to the republic was also reported separately.
Given the problems with energy supply and price spikes, Hanoi's interest in cooperation with Moscow is really growing, said Peter Tsvetov, a leading researcher at the Institute of China and Modern Asia, in a conversation with Izvestia.
In 2025, Vietnam imported 14.2 million tons of oil, with Kuwait accounting for about 80% of this volume — 11.35 million tons. In addition, according to the country's customs statistics, the republic imported at least 676.8 thousand tons of liquefied natural gas from the Middle Eastern countries: Qatar, Saudi Arabia, the United Arab Emirates and Kuwait. Due to the blocking of the Strait of Hormuz and rising energy prices, this import structure has become an additional argument for Hanoi in favor of diversifying supplies and finding new long-term partners, including Russia. On March 18, the media reported an increase in prices of about 30% for gasoline and 40% for diesel, and by March 23 — up to 50% and 70%.
In this regard, Moscow will help Vietnam to stabilize domestic prices, Elena Nikulina emphasized. Peter Tsvetov expressed a similar opinion. However, this may be hindered by sanctions, which are already affecting the volume of supplies to the country. Firstly, Russia was disconnected from SWIFT. Secondly, there is a mechanism of secondary sanctions, and this stops some partners from fully cooperating.
— But it is not necessary that the supplies of our petroleum products be paid for via SWIFT. Therefore, I do not see any particular problems for this issue to be resolved bypassing sanctions," he said.
However, it is not worth counting on Hanoi to fully turn towards Moscow. Vietnam's foreign policy remains multi-vector. The United States remains of critical importance to the republic as the main export market and one of the key political and economic partners: in 2025, Vietnam's trade surplus with the United States reached $178 billion, and Hanoi itself simultaneously made tariff concessions and new deals with Washington to avoid American duties.
At the same time, Vietnam remains at odds with China over the South China Sea. This is evidenced by the mutual diplomatic protests around the disputed waters. However, the republic cannot afford to break with Beijing either: imports from China are critically important to it, and in January 2026 they reached a record monthly level. Therefore, the expansion of ties with Moscow for Hanoi is another element of balancing between the largest centers of power.
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