Russia discussing VietSovPetro participation in developing offshore blocks, NPP construction, renewable energy in Vietnam

MOSCOW. Oct 23 (Interfax) - Russian Deputy Prime Minister Alexander Novak and Vietnamese Prime Minister Pham Minh Chinh have discussed cooperation in fuel and energy, including nuclear and renewable energy, and in agriculture, tourism, banking and finance and education, scientific and technical cooperation and culture, the Russian government press service said.

In the fuel and energy sector, the two discussed the operating environment for the VietSovPetro joint venture in Vietnam, including its possible participation in new projects to develop offshore fields.

The country plans to build a joint nuclear science and technology center, with a feasibility study for the project currently underway. Russia is ready to participate in the construction of both a large nuclear power plant and low-power onshore or floating reactors in Vietnam, and has also offered the services of its companies in creating new renewable energy capacities.

Russia and Vietnam boosted mutual trade 8.3% in 2023 compared with 2022, and 21.5% year-on-year in H1 2024. Exports from Russia to Vietnam increased 73.2%, and imports from Vietnam rose 8.8%.

Russia supplies Hanoi with fuel, ferrous metals, agricultural products and fertilizers, and wood and plastic products. Electronics and mobile phones, textiles and footwear and food and agricultural products are imported.

Some 125,000 Russian tourists visited Vietnam in 2023 with an 80% year-on-year increase in January-September 2024. The countries are negotiating an increase in the number of direct and charter flights.