Hanoi Turns to Moscow for Energy Deals as Fuel Costs Surge
Hanoi Turns to Moscow for Energy Deals as Fuel Costs Surge
HANOI, March 23, 2026 — Vietnam and Russia are expected to sign energy agreements during a four-day visit to Moscow by Prime Minister Pham Minh Chinh, as Hanoi seeks to secure energy supplies amid rising global fuel prices.
The visit, which began on Sunday, is set to include talks with Russian Prime Minister Mikhail Mishustin and President Vladimir Putin, according to a Vietnamese government statement.
Both sides are expected to sign key agreements covering energy, trade and investment, with energy cooperation taking centre stage.
The trip comes as Vietnam faces sharp increases in fuel prices following escalating tensions in the Middle East. Since the outbreak of conflict, gasoline prices in Vietnam have risen by around 50%, while diesel has surged by about 70%.
Russia already operates oil and gas projects offshore Vietnam, and the two countries have been in discussions over potential cooperation on Vietnam’s first nuclear power plant.
Officials said a nuclear energy agreement could be signed during the visit, marking a significant step in deepening bilateral energy ties.
Analysts say the move highlights Vietnam’s efforts to diversify energy sources and strengthen long-term energy security amid global market volatility.
