Moscow (VNA) – The recent state visit to Russia by General Secretary of the Communist Party of Vietnam Central Committee and President To Lam has opened new opportunities for Vietnam-Russia cooperation in the petrochemical sector, according to Russian expert Georgy Borey.
Borey, one of the developers of Russia’s methodology for implementing the federal budget through the Federal Treasury system from 1995-2000.
He noted that trade between the Eurasian Economic Union (EAEU) and Vietnam reached 8.3 billion USD in 2025. Despite the Vietnam-EAEU Free Trade Agreement having been in force for 10 years, considerable room remains to expand economic cooperation, particularly in petrochemicals.
Borey said oil extraction was only the first stage of the production chain. Zarubezhneft and Petrovietnam have cooperated for more than 40 years, while Rusvietpetro has produced nearly 40 million tonnes of oil and generated more than 3 billion USD in profits.
He identified oil refining as the next area with potential for deeper cooperation, noting that Gazprom Neft was negotiating to acquire a 49% stake in the Dung Quat Refinery. Such cooperation could help connect oil extraction with refining and the production and sale of higher-value products.
According to Borey, petrochemical cooperation could generate products with greater added value, including polymers, plastics and synthetic fibres, for Vietnam and the wider ASEAN market, where demand is growing.
He also said joint projects could create jobs, facilitate the transfer of expertise and strengthen the capabilities of specialists in both countries. Greater domestic production of petrochemical products could also help Vietnam reduce reliance on imports.
Borey highlighted several Russian technologies that could support such cooperation. These include energy-saving technologies developed by the Boreskov Institute of Catalysis in Novosibirsk for processing associated petroleum gas, as well as adsorbents for refining heavy oil.
He said estimates showed that porous catalysts used in marine fuel production could generate additional profits of more than 10 billion rubles a year. Meanwhile, Russia’s oil-refining depth currently stands at just over 70%, compared with more than 90% in some other countries.
Kazan Federal University has also developed a nickel-based catalyst that can raise synthetic oil output by 6-11% while improving quality. The technology is designed for heavy oil, which is abundant in Russia, he added.
Borey stressed that the opportunities should be pursued promptly as Vietnam continues developing its petrochemical industry. He noted that Russian businesses could face competition from China, the Republic of Korea and Japan if they move too slowly.
He recommended that Russian companies take early action, focus on long-term partnerships and integrate scientific research more closely into projects.
In his view, stronger integration of value chains, technology and expertise could help turn Vietnam-Russia petrochemical cooperation into long-term joint ventures and provide a basis for wider economic cooperation between Russia and Asian countries./.
