The agreements are inked by Vietnamese Minister of Industry and Trade Nguyen Hong Dien (L) and Russian Energy Minister Nikolai Shulginov. Photo: VNA

The documents were inked by Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Russian Energy Minister Nikolai Shulginov on the sidelines of the 6th "Russian Energy Week" International Forum in Moscow on October 12-13, VietnamPlus reported.

In a working session with Shulginov on October 12, the two sides reviewed the implementation of bilateral oil and gas, and energy projects and agreed on a number of major cooperation directions for the coming time.

Dien affirmed that the signing of the cooperation deals showed the strong support of leaders of the Vietnamese and Russian States and governments for prioritized policies in the fields of energy, and oil and gas in the bilateral cooperative ties in the time to come.

At the working session between Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Russian Energy Minister Nikolai Shulginov. Photo: VNA

Earlier the same day, Dien received Russian Deputy Minister of Economic Development Vladimir Ilichev. The two officials recognized the recovery of bilateral trade after a sharp fall in 2022. Russia's statistics showed that two-way trade reached $2.7 billion in the first seven months of 2023, up 6.2% year on year.

They agreed to remove difficulties in payment, transport, and travel of people, especially entrepreneurs, between the two nations in a bid to foster economic, trade, and investment ties.

The two sides also discussed bilateral cooperation in industry, and agriculture as well as in exploration and exploitation of natural resources, and sought new cooperation projects in green transition, energy transition, climate change response, circular economy, science-technology, and innovation.

During the trip, Dien attended the opening of Vietnam Days in Russia, lasting from October 12-15, and the inauguration of a milk cow farm of TH Group in Moscow oblast, and received leaders of several Russian oil and gas groups such as Zarubezhneft, Gazprom, and NOVATEK.

Russian energy companies may gain access to a segment of the energy market in Association of Southeast Asian Nations (ASEAN) member states with an annual value of about $170 billion, Russia-ASEAN Business Council Chairman Ivan Polyakov said at the ASEAN Business and Investment Summit in Jakarta.

The Bovanenkovo gas field in Russia. Photo: AFP/VNA

"The collective energy security platform of Russia and ASEAN countries is capable of providing Russian companies with access to an additional economically focused market of $170 billion per year," Polyakov said. Statistics on imports/exports and investments in regional projects show that the turnover of the ASEAN energy market is estimated at $300-400 billion per year, he noted. "A share of $170 billion could be the target given the right approach," he noted.

The operation of the platform is of great interest for all countries in the region across the board given that it enables carrying out specific approaches in reality, and not just on paper, aimed toward boosting the energy security level and practical inclusiveness, Polyakov noted.

The Russia-ASEAN collective energy security platform is a complex set of mechanisms for supporting deliberations on the correct energy strategy for an over 30-year period. The platform supports an acceptable level of supply and demand, infrastructure development, continuity of energy supplies, and regional energy security, with the development of net zero and alternative energy programs, primarily covering nuclear, hydrogen, and solar energy, Polyakov told TASS./.

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