Vietnam Economic News: 05.9 - 12.9.2026
Summary of Vietnam Economic News: 05.9 - 12.9.2026
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Summary of Vietnam Economic News: 05.9 - 12.9.2026 ---
RUSSIA AND VIETNAM SIGN FRAMEWORK DEAL ON STRATEGIC OIL STORAGE
Reuters News – 9 September 2026
Russian state-owned oil and gas company Zarubezhneft has signed a framework agreement with Vietnam’s state energy company Petrovietnam to cooperate on establishing a strategic oil reserve in Vietnam. The agreement was signed during Vietnamese leader To Lam’s state visit to Russia, although the companies did not disclose a timeline, the potential size of the reserve or the financial terms. Russian President Vladimir Putin said Russia had proposed that its partners consider jointly establishing strategic fuel reserves in Vietnam. Energy cooperation has been a key focus of relations between Moscow and Hanoi, with Vietnamese Prime Minister Pham Minh Chinh urging Zarubezhneft in March to increase its investment in Vietnam and provide long-term crude oil supplies to the country. In June, Russian Deputy Prime Minister Alexander Novak also said Moscow was ready to support Vietnam in creating a strategic oil reserve.
PETROVIETNAM, KEPCO STEP UP TALKS ON NUCLEAR POWER PROJECT
Reuters News – 9 September 2026
Vietnam’s state energy company Petrovietnam and South Korea’s Korea Electric Power Corp (KEPCO) have agreed to accelerate discussions on developing the planned Ninh Thuan 2 nuclear power plant, as Vietnam moves forward with plans to revive nuclear energy. During a meeting in Seoul, Petrovietnam CEO Le Manh Cuong and KEPCO President Kim Dong-cheol agreed to strengthen cooperation on technology, investment and financing options for the project. KEPCO is being considered as a potential foreign partner for Ninh Thuan 2, which Petrovietnam has been assigned to develop, following positive initial discussions between the two sides. Petrovietnam said around 97.5% of the land required for the project has already been cleared, with the remaining work expected to be completed soon. KEPCO also highlighted its experience in developing the Barakah nuclear power plant in the UAE and expressed interest in working with Petrovietnam on an effective implementation model. Meanwhile, Vietnam has selected Russia’s state nuclear energy company Rosatom to develop the other planned nuclear facility, Ninh Thuan 1.
VINFAST NAMES FOUNDER’S ELDEST SON AS ITS GLOBAL CHIEF EXECUTIVE
Reuters News – 5 September 2026
Vietnamese electric vehicle maker VinFast has appointed 33-year-old Pham Nhat Quan Anh, eldest son of founder Pham Nhat Vuong, as global CEO as the loss-making company prepares to restructure and expand overseas. Anh, who became global chairman in May, will succeed his father as CEO while Vuong remains on the board. The company plans to adopt a more asset-light business model and focus on markets including Southeast Asia and India, following a restructuring plan involving the transfer of about $530 million in manufacturing assets and approximately $6.9 billion in debt. Despite a 42% increase in first-quarter revenue, VinFast reported a wider net loss and continues to receive financial support from Vuong. Anh, a Singapore Management University graduate, has held senior positions across VinFast and Vingroup and will also remain CEO of VinMetal. Meanwhile, Vuong’s second son, Pham Nhat Minh Hoang, was appointed global CEO of VinFast-linked taxi company GSM, which plans a Hong Kong listing in 2028 and to purchase around 1 million EVs and 4 million e-scooters from VinFast between 2026 and 2030.