Vietnam and Russia are set to sign a series of energy agreements during Prime Minister Pham Minh Chinh’s four-day visit to Moscow, as Hanoi seeks to strengthen economic and strategic ties amid rising fuel costs.

The Vietnamese government said the visit, which began on Sunday, will focus on cooperation in energy, trade and investment, with several “important agreements” expected to be finalised.

Focus On Energy And Strategic Ties

Chinh is scheduled to hold talks with Russian Prime Minister Mikhail Mishustin and President Vladimir Putin, underscoring the importance both sides place on the partnership.

Vietnam has long maintained close relations with Russia, particularly in defence, with Moscow remaining a key supplier of military equipment. Russian oil and gas firms are also actively involved in offshore projects in Vietnam, further deepening energy cooperation.

Nuclear Cooperation On Agenda

A major area of discussion is expected to be nuclear energy. The two countries have been in negotiations over plans for a Russian company to build Vietnam’s first nuclear power plant.

Officials indicated that a formal agreement on nuclear cooperation could be signed during the visit, marking a significant step in Vietnam’s long-term energy strategy.

Rising Fuel Prices Add Pressure

The visit comes at a time when Vietnam is grappling with sharply rising fuel prices. Petrol costs have increased by around 50 per cent, while diesel prices have surged by 70 per cent, largely driven by global tensions linked to the U.S.–Israel conflict with Iran.

These pressures have added urgency to Vietnam’s efforts to secure stable and diversified energy supplies.

Balancing Growth And Global Uncertainty

Beyond immediate energy concerns, the talks are also expected to address broader economic cooperation as Vietnam navigates an increasingly uncertain global environment.

With geopolitical tensions affecting trade flows, energy markets and supply chains, Hanoi is looking to reinforce partnerships that can support sustained growth while ensuring energy security.

(with inputs from Reuters)