Русский
Russia’s Novatek is in talks to supply liquefied natural gas to private companies in Vietnam, starting at 1 million tonnes per year, the company CEO Leonid Mikhelson has stated.
He said electricity consumption in Vietnam was growing significantly, primarily from gas. Russia has signed an agreement with PetroVietnam. Mikhelson said. “We raised the issue of working not only with state-owned companies but also with private ones—this was also reflected in the protocol. We are currently discussing supplies with companies that are completing the construction of private regasification terminals. To begin with, we’re looking at 1 million tonnes.”
Vietnamese Prime Minister Pham Minh Chinh visited the Novatek office while in Moscow last week. Novatek is interested in exporting LNG to Vietnam and has recently signed a preliminary supply agreement, having been negotiating with potential buyers for the last five years, Mikhelson said.
He added, “Novatek is also interested in investing in infrastructure projects. Expertise in moving transport to LNG—we are also glad to share this expertise and assist in the development of LNG retail network projects in the Vietnamese market.”
Vietnam’s electricity consumption has shown significant growth, with the country’s total energy consumption surging by 9% annually from 2022 to 2025, reaching 126 million tons of oil equivalent (Mtoe) in 2024. Hydropower accounts for nearly 44% of Vietnam’s electricity generation, with solar power contributing 8% and wind energy making up roughly 4%. Despite efforts to reduce reliance on fossil fuels, coal remains a significant part of the energy mix, with a 50% share in 2025. #
Russia and Vietnam are also cooperating in nuclear energy. On March 23, the two countries signed an intergovernmental agreement on the construction of Vietnam’s first nuclear power plant, Ninthuan-1. The plant will consist of two Russian-designed VVER-1200 reactors with a total capacity of 2,400 megawatts.
