Putin Hails Deepening Economic Ties with Vietnam Amid South China Sea Tensions
Russian President Vladimir Putin welcomed Vietnam's President and Communist Party General Secretary To Lam to the Kremlin on September 9, praising their deepening economic ties. Trade between Russia and Vietnam increased by almost 6% in 2022 and has 'practically doubled' in the first half of this year, according to Putin.
The two nations have a long-standing defense partnership, with Russia serving as Vietnam's largest military supplier. Vietnam is seeking to upgrade its military capabilities and diversify its partners amid an increasingly assertive Chinese presence in the South China Sea.
Russia and Vietnam signed several agreements during Lam's visit, including a production-sharing agreement between state-owned Zarubezhneft and the Vietnamese Trade Ministry for offshore blocks. Novatek PJSC may also start exporting liquefied natural gas to Vietnam next year, with talks at an advanced stage.