Vietnam and the Russian Federation have signed cooperative agreements within the framework of the “Russian Energy Week” International Forum taking place in Moscow from October 11-13, the Voice of Vietnam has reported.

The deals were inked on October 12 by Minister of Industry and Trade Nguyen Hong Dien and Russian Minister of Energy Nikolai Shulginov.

“The Russian Federation is a comprehensive strategic partnership of Vietnam in various areas, including energy,” said Minister Dien. “This is clearly demonstrated through the signing of the two important agreements today on geological exploration and oil and gas exploitation. It also showcases the two sides’ consistency in prioritizing the development of energy and oil and gas in bilateral ties.”

Highlighting the importance of the deals, Minister Shulginov said Russia will extend the cooperative deal with the Vietsovpetro Joint Venture until 2033.

With regard to the RusPetro Joint Venture, he added, the oil fields being exploited will continue to be subject to a preferential tax rate.