Why Vietnam is leaning on Russia to weather energy turmoil
The energy shortage is ‘seriously threatening’ Vietnam’s growth objective and could dent the new leadership’s legitimacy, analysts say
Observers also say the fallout in fuel supply caused by the Iran war could even chip away at the legitimacy of Hanoi’s new leadership.
Vietnamese Prime Minister Pham Minh Chinh’s official visit to Russia this week reportedly saw the signing of several agreements, including on oil and gas cooperation.
His trip – which ends on Wednesday – to the major oil-producing nation comes as Vietnam seeks to shore up its fuel reserves amid global supply disruptions from the Middle East conflict.
The visit is focused on deepening ties with Russia and expanding cooperation in trade, investment and energy, according to a Vietnamese government statement on Sunday. “Cooperation in oil and gas energy will be reinforced in all fields of trade, exploration, extraction and human resource training,” it added.
During talks in Moscow on Monday, both sides agreed to expand cooperation in new, clean and renewable energy, and signed an agreement to build two nuclear power plants in Vietnam.