The Vietnamese Government has reaffirmed its commitment to fostering a conducive environment for the Russian oil and gas enterprise Zarubezhneft to deepen its collaborative efforts with the Vietnam National Oil and Gas Group (Petrovietnam). During a high-level meeting in Hanoi on 27th May 2026 Vietnam’s Deputy Prime Minister Pham Gia Tuc met with Zarubezhneft General Director Sergey Kudryashov to discuss the future trajectory of the Vietnam-Russia oil and gas cooperation.
The Deputy Prime Minister characterized the long-standing partnership between the two energy giants as a definitive bright spot within the broader economic framework of Vietnam-Russia relations. This diplomatic engagement serves as a direct implementation of high-level agreements previously established between Russian President Vladimir Putin and the General Secretary of the Communist Party of Vietnam Central Committee and State President To Lam, aimed at fortifying the Comprehensive Strategic Partnership between the two nations.
The dialogue between Zarubezhneft, the Vietnamese Ministry of Industry and Trade, and Petrovietnam is expected to yield more effective and sustainable bilateral outcomes. Central to this success is the Vietsovpetro joint venture, which the Deputy Prime Minister highlighted as a premier model for attracting foreign investment. This venture has not only symbolized the strength of Vietnam-Russia oil and gas cooperation but has also played a pivotal role in the technical evolution of Vietnam’s domestic energy sector.
General Director Sergey Kudryashov provided an overview of the 45-year history of collaboration, noting that the partnership has remained resilient and productive. A significant milestone in oil and gas cooperation was reached in 2025 when, under the witness of both heads of state, Zarubezhneft and Petrovietnam signed protocols to extend the operational lifespan of their joint ventures in both Vietnam and Russia through 2050.
Beyond traditional extraction, the two entities are actively exploring investment opportunities in third countries. Currently, Zarubezhneft holds the position of the largest Russian supplier of coal to the Vietnamese market, further diversifying the energy portfolio. Deputy Prime Minister Tuc expressed strong support for these expansion plans, suggesting that the energy partnership should evolve to meet modern demands.
The Vietnamese government has encouraged Zarubezhneft to leverage its technical expertise in areas beyond fossil fuels. Potential sectors for future growth include offshore wind power development and renewable energy infrastructure, advanced technology transfer, electricity generation and rare earth mineral exploitation.
