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Russia and Vietnam Sign Strategic Oil Reserve Deal
Confirmed
In Short: Russia and Vietnam signed a framework agreement to create a strategic oil reserve, marking a significant step in their growing strategic partnership.
Russia and Vietnam signed a framework agreement to create a strategic oil reserve during President To Lam's visit to Moscow on September 9, 2025, according to reports.
The agreement was signed by Russian state-owned oil and gas company Zarubezhneft and Vietnam’s state energy company Petrovietnam.
Background
Vietnam, officially the Socialist Republic of Viet Nam (SRV), is a country at the eastern edge of Mainland Southeast Asia. With an area of about 331,000 square kilometres and a population of over 102 million, it is the world's 16th-most populous country.
What's confirmed
- In brief: Russia signed a framework agreement to cooperate on creating a strategic oil reserve in Vietnam during President To Lam’s visit to Moscow on Wednesday, Sept. 9.
- The Moscow Times reported that Vietnamese Deputy Foreign Minister Le Thi Thu Hang had previously said Hanoi expected a breakthrough in cooperation with Russia regarding oil, gas and nuclear energy – key areas of cooperation between the two countries.
What's still developing
- “Discussions about the global and regional agenda confirmed that the positions of Russia and Vietnam are either largely aligned or very close,” Putin said, according to TASS.
- In March, Vietnamese Prime Minister Pham Minh Chinh urged Zarubezhneft to increase investment in Vietnam and provide long-term crude oil supplies.
- Russian Deputy Prime Minister Alexander Novak said in June that Moscow was ready to help Vietnam establish a strategic oil reserve.
- According to a separate report from TASS, the two leaders also adopted a joint statement on strengthening their comprehensive strategic partnership.
- Russia and Vietnam’s trade turnover rose by nearly 6% in 2025, Putin said, adding that the pace of growth had effectively doubled in the first half of this year.
- “The Vietnamese people are achieving impressive results,” Putin said, linking Vietnam’s economic development to its independence and sovereignty.
- He also said the agreements signed during To Lam’s visit would provide “a solid foundation” for further developing Russia’s strategic partnership with Vietnam.
- To Lam last visited Moscow in May 2025 for Russia’s Victory Day parade, when the two countries also signed a strategic partnership agreement.