Prime Minister Pham Minh Chinh on March 24 afternoon (local time) visited and held a working session with leading officials of Zarubezhneft, a long-standing and leading partner of Vietnam in the oil and gas sector, as part of his official visit to Russia.
Zarubezhneft has maintained cooperation with the Vietnam National Industry – Energy Group (Petrovietnam) over the past more than four decades, alongside their joint ventures Vietsovpetro in Vietnam and Rusvietpetro in Russia, focusing on geological exploration and oil and gas exploitation.
At the meeting, Zarubezhneft’s leaders briefed PM Chinh on ongoing cooperative projects in both countries, as well as future directions. They affirmed that the two sides have made every effort to implement the documents signed during General Secretary To Lam's visit to Russia in May 2025 regarding the extension and expansion of oil and gas exploration and exploitation areas in Russia and Vietnam.
Given huge potential for bilateral energy cooperation, they proposed expanding collaboration with Vietnamese partners in new areas, including the development of an offshore wind energy programme, notably a 1GW offshore wind farm project, and advancing joint investment projects in third countries. PM Chinh underscored that energy cooperation remains a strategic pillar of Vietnam–Russia relations, describing it as a partnership with a “century-long vision” and of enduring strategic significance to both countries. He commended Zarubezhneft for its sustained contributions to joint exploration and production activities in both Vietnam and Russia, particularly through its cooperation with Petrovietnam.
He commended the relevant parties for their efforts in finalising negotiations and signing amended protocols to the intergovernmental agreement regarding Vietsovpetro and Rusvietpetro, as well as an intergovernmental agreement on expanding areas of geological exploration and oil and gas exploitation on Vietnam’s continental shelf and within the territory of Russia.
Witnessing the signing of specific contracts between enterprises, PM Chinh welcomed and highly valued the parties’ efforts in concluding these documents, describing them as concrete evidence of the effective implementation of the amended protocols and intergovernmental agreements in expanding operational areas for oil and gas exploration and production.
Emphasising the need for tangible products and concrete outcomes, the Government leader called on both sides to continue seeking solutions to strengthen cooperation, accelerate implementation, enhance efficiency, and actively engage in the restructuring of the global oil and gas industry.
Regarding proposals to supply oil, gas, and related products to Vietnam on a stable, long-term basis and to develop oil storage infrastructure in the country, PM Chinh requested Zarubezhneft to work closely with Petrovietnam and other Vietnamese enterprises to formulate projects aligned with Vietnam’s legal framework, as well as its energy development strategy and planning, and submit them to competent authorities in accordance with regulations.
He also welcomed Zarubezhneft’s proposal to implement an offshore wind energy development programme in Vietnam, urging the company and its Russian partners to coordinate closely with Petrovietnam and Vietsovpetro to further refine the proposal for submission to the relevant authorities of both countries for consideration and decision.
Expressing his agreement with and support for Vietnam–Russia oil and gas cooperation in third countries, PM Chinh suggested several potential partner markets and called on all parties to promptly engage in discussions and expedite the early implementation of such initiatives.
At the meeting, the two sides also exchanged views on a number of specific measures aimed at advancing the implementation of their cooperative projects.
Russian Deputy PM Alexander Novak assessed energy cooperation as a pillar in bilateral relations, in which businesses play a very important role. He highly appreciated the documents signed on this occasion, as well as the development and expansion of oil and gas joint ventures between the two countries, and especially the signing of an agreement between the two governments on cooperation in building a nuclear power plant in Vietnam.
The Deputy PM agreed with the opinions of PM Chinh, affirming that he will strive, together with relevant agencies, to continue promoting oil and gas and energy cooperation, contributing to the implementation of the agreement of the high-level leaders of the two countries.
