Vietnam and Russia Enhance Energy Ties at SPIEF 2026

Vietnam and Russia have solidified their resolve to strengthen bilateral collaboration across sectors including energy, trade, investment, education, and regional growth during high-level discussions at the 29th Saint Petersburg International Economic Forum (SPIEF 2026). The dialogues underlined the enduring strategic partnership shared by both nations and their commitment to exploring new avenues for cooperation in evolving industries.

During the meetings, Vietnam’s Deputy Prime Minister Pham Gia Tuc and Russian Deputy Prime Minister Alexander Novak evaluated progress on significant economic initiatives and pinpointed fresh collaborative prospects. Russian officials lauded the robust development of bilateral economic relations, emphasizing that energy cooperation, particularly in the oil and gas arena, continues to be a pivotal aspect of their partnership.

Both parties acknowledged successful collaborative efforts like Vietsovpetro and Rusvietpetro, viewing these as benchmarks of effective teamwork. Russian delegates also appreciated newly minted agreements boosting oil and gas exploration endeavors within both Russian territories and Vietnam’s continental shelf, which brings further reinforcement to their long-term energy partnership.

Discussions also encompassed energy transitions and upcoming power generation ventures. Deputy Prime Minister Novak conveyed Russia’s readiness to assist with the Ninh Thuan 1 Nuclear Power Plant initiative, which is anticipated to significantly bolster Vietnam’s energy security and diversification goals. A mutual interest was expressed in investigating further opportunities in gas-powered generation, wind energy, and other renewable projects.

Deputy Prime Minister Pham Gia Tuc reiterated Vietnam’s dedication to establishing a supportive investment climate for international associates, including Russian enterprises. He encouraged businesses from both countries to share insights, launch new initiatives, and forge partnerships corresponding to their developmental objectives. Leaders also considered strategies to mitigate challenges affecting ongoing initiatives and encourage subsequent investments.

In an ancillary meeting, Deputy Prime Minister Pham Gia Tuc engaged with Alexander Beglov, who commended Vietnam’s recent milestones and reiterated Saint Petersburg’s commitment to enhancing local-level collaborations. The two leaders deliberated on expanding opportunities between Saint Petersburg and Vietnamese provinces in sectors like trade, tourism, education, culture, and workforce improvement.

The discussions wrapped up with a mutual intent to reinforce cooperation in domains such as science, technology, education, investment, and transport. Both parties also endorsed enhancing direct air routes, increasing student exchange initiatives, and encouraging cultural interactions to further cement the long-established friendship between Vietnam and Russia.