Finance
Vietnam, Russia Set to Sign Energy Deals During PM's Moscow Visit
Published by Global Banking & Finance Review®
Posted on March 23, 2026
2 min readLast updated: March 23, 2026
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Vietnam’s Prime Minister Pham Minh Chinh is in Moscow (Mar 23–26, 2026) to finalize strategic energy, trade, and investment agreements with Russia, including a likely nuclear-power accord, amid surging fuel prices in Vietnam driven by the Middle East conflict.
Vietnam and Russia to Sign Major Energy Agreements During Moscow Visit
Overview of Vietnam-Russia Energy Cooperation and Agreements
HANOI, March 23 (Reuters) - Vietnam and Russia are expected to sign energy deals during Vietnamese Prime Minister Pham Minh Chinh's four-day visit to Moscow that started on Sunday, the government said.
Key Agreements and Focus Areas
- The two sides are expected to sign "important agreements", focusing on energy, trade and investment, Vietnam's government said in a statement late on Sunday.
High-Level Meetings
- Chinh is scheduled to meet counterpart Mikhail Mishustin and Russian President Vladimir Putin.
Context: Rising Fuel Prices
- Chinh's visit comes as Vietnam has faced surging fuel prices since the U.S.-Israel war on Iran, with gasoline prices up 50% and diesel prices rising 70%.
Strategic Relationship and Energy Projects
Military and Energy Ties
- Communist-run Vietnam maintains close ties with Russia, its longtime top supplier of military equipment, while Russian oil and gas companies operate offshore of Vietnam.
Future Collaboration: Nuclear Power Plant
Ongoing Negotiations
- The two countries have been in talks for a Russian company to build Vietnam's first nuclear power plant, and officials said they are likely to officially sign a nuclear power agreement during Chinh's trip.
(Reporting by Khanh Vu; Editing by Martin Petty)
Key Takeaways
- •The visit aims to ink key energy, trade, and investment deals, with a standout priority being a nuclear power agreement between Vietnam and Russia.
- •Vietnam is grappling with sharp fuel price increases—gasoline prices up by ~7–21%, diesel similarly spiking—as disruptions in the Middle East, notably the U.S.–Israel–Iran war, squeeze global supply chains.
- •Russia has signaled readiness to supply LNG, oil, and construct Vietnam’s first nuclear power plant (Ninh Thuận 1), reviving a project shelved in 2016; negotiations are reportedly close to conclusion.
- •The fuel-cost shock underscores Vietnam’s energy vulnerability, reinforcing the strategic importance of securing diversified energy sources, including nuclear, to stabilize prices.
Frequently Asked Questions about Vietnam, Russia set to sign energy deals during PM's Moscow visit
1What agreements will Vietnam and Russia sign during the PM's Moscow visit?
Vietnam and Russia are expected to sign important agreements focusing on energy, trade, and investment.
2Who will Vietnamese Prime Minister Pham Minh Chinh meet in Russia?
Prime Minister Pham Minh Chinh is scheduled to meet Russian counterpart Mikhail Mishustin and President Vladimir Putin.
3Why is Vietnam's visit to Russia significant now?
The visit comes as Vietnam faces surging fuel prices since the U.S.-Israel war on Iran, impacting gasoline and diesel costs.
4Are Vietnam and Russia planning a nuclear power agreement?
Officials said they are likely to officially sign a nuclear power agreement during Chinh's trip.
5What is the historical relationship between Vietnam and Russia?
Vietnam maintains close ties with Russia, its top supplier of military equipment, and Russian oil and gas firms operate in Vietnam.
