Russia and Vietnam signed a framework agreement to cooperate on establishing a strategic oil reserve in Vietnam during Vietnamese President Tô Lâm’s visit to Moscow on Wednesday, Sept. 9.
Russian state-owned oil and gas company Zarubezhneft signed the agreement with Vietnam’s state energy company Petrovietnam, according to Reuters, which noted that the companies had not disclosed the planned reserve’s capacity, construction timetable, or financial terms.
“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.
“Our countries firmly defend the principles of the rule of the international law, sovereignty, and non-interference in internal affairs,” he continued.
Visa-free travel proposal
Russian authorities are also working to introduce a visa-free regime for Vietnamese nationals, according to state-owned RIA Novosti.
“We are working to introduce a visa-free regime for Vietnamese friends in the near future,” Putin said, without providing a timeline or ad
The proposal was announced following talks in Moscow, when the two leaders addressed reporters.
Wider partnership agreement
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.
In March, Vietnamese Prime Minister Pham Minh Chinh urged Zarubezhneft to increase investment in Vietnam and provide long-term crude oil supplies, according to the Reuters citing the Vietnamese government.
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.
Structured into three parts and published on the Kremlin website, the 50-point document covers defense, trade, political, economic, energy, transport, agricultural, scientific, educational, health and humanitarian cooperation.
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 Lâm’s visit would provide “a solid foundation” for further developing Russia’s strategic partnership with Vietnam.
The two leaders later formally launched a joint infectious disease research laboratory by video link, the Moscow Times reported.
To Lam last visited Moscow in May 2025 for Russia’s Victory Day parade, when the two countries also signed a strategic partnership agreement.
The announcements come as the Russian oil crisis, caused by Ukrainian strikes on critical infrastructure, deepens.
Since the beginning of 2026, Ukrainian drones have struck Russian oil refineries at least 70 times, pushing Russia’s refining output to its lowest level in two decades, as Kyiv seeks to disrupt a key source of revenue and for Moscow’s war effort.