Vietnam and Russia Strengthen Energy Ties Amid Global Fuel Crisis

Vietnam's Prime Minister Pham Minh Chinh embarked on an official visit to Russia from March 22 to 25, 2026, to sign multiple agreements focused on oil and gas cooperation. This visit comes as Vietnam faces a significant increase in fuel prices, with 95-octane petrol rising by 50% and diesel by 70% due to global supply disruptions linked to the ongoing war in the Middle East. The agreements will include projects related to nuclear power and enhanced cooperation in energy, trade, and investment. Chinh has also reached out to several countries, including Qatar and Japan, for fuel support. The meeting with Russian counterpart Mikhail Mishustin is scheduled for March 23, 2026, to discuss trade and joint projects. The collaboration aims to bolster Vietnam's energy security and address the pressing fuel shortages. This partnership follows a previous agreement in January 2025, where Russia expressed readiness to assist in building Vietnam's nuclear power industry.

Key Points: • Vietnam's fuel prices surged by 50% for petrol and 70% for diesel due to global disruptions. • Prime Minister Chinh's visit to Russia aims to secure energy agreements amid the crisis. • Agreements will cover oil, gas, and nuclear power cooperation between Vietnam and Russia.