Key facts
- Vietnam and Russia agreed to deepen energy cooperation, including nuclear power, oil and gas.
- Trade between Russia and Vietnam expanded by almost 6% in 2025 and the growth rate has practically doubled in the first half of 2026.
- Russia is Vietnam's largest military supplier.
- State-owned Zarubezhneft signed a production-sharing agreement on offshore blocks.
- Novatek PJSC may start LNG exports to Vietnam in 2027.
Vietnamese President To Lam and Russian President Vladimir Putin met in Moscow on September 9, agreeing to deepen energy cooperation, including in nuclear power, oil and gas. This state visit, the first since 1991, also underscored cooperation in defense and trade.
Putin highlighted that trade between Russia and Vietnam expanded by almost 6% in 2025 and that the growth rate had "practically doubled" in the first half of 2026. Russia has historically been Vietnam's largest military supplier, and Vietnam is seeking to upgrade its military capabilities and diversify its partners amid concerns over China's assertiveness in the South China Sea.
Energy cooperation is a key focus, building on Russia's role in Vietnam's oil and gas sector and a prior agreement to build the Ninh Thuan 1 nuclear power plant. Vietnam is seeking new power sources to ensure energy security following the Iran war and to support its goal of 10% economic growth. Following the talks, state-owned Zarubezhneft signed a production-sharing agreement on offshore blocks with the Vietnamese Trade Ministry. Novatek PJSC may also begin exporting liquefied natural gas to Vietnam in 2027, with talks reportedly in an advanced stage, according to its chief executive Leonid Mikhelson.
Earlier, Lam met with Prime Minister Mikhail Mishustin on September 8, and defense officials discussed increased cooperation. Lam's visit to Moscow is part of a busy foreign travel schedule in 2026, which has included trips to Australia, New Zealand, Singapore, China, and the US, reflecting Vietnam's strategy to balance relations with major powers amid global tensions. Lam is also expected to attend the United Nations General Assembly later in September.