Deputy PM urges Russia’s Zarubezhneft to invest in Vietnam offshore wind energy

Deputy Prime Minister Tran Hong Ha has urged Russia’s state-owned Zarubezhneft to invest Vietnam’s renewables sector including offshore wind power and green hydrogen and ammonia production.

Ha’s urging came at a Wednesday meeting with Sergey Kudryashov, general director of Zarubezhneft, just ahead of Russian President Vladimir Putin’s June 19-20 visit to Vietnam. He said the Russian firm can utilize oil-gas facilities including oil rigs for the investments.

He said Zarubezhneft and Petrovietnam, Vietnam’s state-owned oil-gas group, should study, develop technological prowess and invest in producing green fuel using renewable energy. This would greatly facilitate the green transition process, he added.

The Deputy PM called on Vietnamese authorities, Zarubezhneft and its partners to continue their cooperation and continue investing in Vietnam, in line with the trust and comprehensive partnership between Vietnam and Russia.

The Vietnamese government has been simplifying administrative procedures to facilitate this cooperation, he added.

For his part, Sergey Kudryashov proposed solutions for issues related to investments and business operations of foreign businesses in Vietnam.

Stronger Russia-Vietnam ties via BRICS

Previewing Putin’s visit to Vietnam, Russian Ambassador to Vietnam Gennady Bezdetko said the two countries were set to sign a joint statement and several cooperation agreements in higher education, legislation, customs procedures, healthcare, energy and science.

Russia and Vietnam would also commemorate major events this year, including the 30th anniversary of the Hoa Binh hydropower plant, the second-biggest of its kind in Vietnam; 75 years of the diplomatic relations (1950-2025); and 10 years of Vietnam-Eurasian Economic Union Free Trade Agreement (2015-2025).

Putin’s visit to Vietnam would further boost bilateral relations with particular focus on traditional sectors of economy, investment, science-technology, education-training, culture-tourism, humanitarian aid and defense-security, he said.

Regarding bilateral cooperation on international issues, Bezdetko said Russia was willing to collaborate with Vietnam, first and foremost on United Nations (UN) and the ASEAN-centered platforms.

He said Russia backed multilateral cooperation through entities like the Eurasian Economic Union, the Shanghai Cooperation Organization (SCO) and the ASEAN. The BRICS grouping was another potential platform for Russia to cooperate with Vietnam, he added.

BRICS was established in 2009 as a cooperation platform for emerging economies, comprising Brazil, Russia, India and China, with South Africa joining the group in 2010. In January 2024, Iran, Egypt, Ethiopia and the United Arab Emirates joined the organisation as new members.