#Vietsovpetro #DauTho #Petrovietnam #BachHo #NangLuong #DauKhiVietNam #LienXo #BienDong #CongNgheDauKhi #AnNinhNangLuong
Without the decision to cooperate strategically with the Soviet Union in the early 1980s, could Vietnam have an oil and gas industry worth tens of billions of USD and a budget revenue of hundreds of trillions of VND like today?
June 19, 2026 marks the 45th anniversary of the establishment of the Vietnam - Russia Joint Venture Vietsovpetro and 40 years since Vietnam exploited its first commercial oil stream. This is not only an economic milestone but also a symbol of the special friendship between Vietnam and the Soviet Union, laying the foundation for the country's modern oil and gas industry.
From the desire to find oil to a dream come true
In the late 1970s, Vietnam had just come out of the war with countless difficulties in economics, technology and capital. In a context where Western oil and gas corporations were almost unable to participate due to the embargo, the Soviet Union became a strategic partner to support Vietnam in building the oil and gas industry from almost nothing.
On June 19, 1981, the Intergovernmental Agreement establishing Vietsovpetro was signedc signed, opening a new chapter for Vietnam's energy industry.
Important historical milestones
Year of Events
1980 Vietnam - Soviet Union signed a protocol on oil and gas cooperation
1981 Established Vietsovpetro Joint Venture
May 24, 1984 Well BH-5 of Bach Ho field discovered industrial oil
June 26, 1986 Exploiting the first commercial oil stream
December 29, 1988 Reached 1 million tons of crude oil
1993 Reached 20 million tons of oil
2025 Cumulative exploitation of 255 million tons of oil equivalent
Why does the first 1 million tons of oil have special significance?
In the context of a difficult economy, foreign currency earned from crude oil exports has become an extremely important resource for the country's development.
Bach Ho crude oil is considered sweet, light, and low in sulfur, so it was quickly accepted by the international market.
Vietnam's first crude oil consumption markets
Market Role
Japan The first major import customer
Singapore Regional Petroleum Trading Center
China Important consumer market in Asia
Some of the first batches of oil exported to Japan were even used directly for power plants, affirming the quality of Vietnamese crude oil in the international market.
The story of "a grain of rice bitten in half" behind her storyng
The most special thing is not in revenue or output.
When reaching the milestone of 1 million tons of oil, both Vietnam and the Soviet Union were going through a difficult economic period. Instead of dividing profits, the two sides agreed to reinvest all resources into oil and gas exploration and exploitation activities.
That is a strategic decision that helps Vietsovpetro continue to expand its scale and create a foundation for future outstanding development.
Success opens the door for global oil and gas corporations
After the success of Vietsovpetro, Vietnam began implementing international bidding, signing petroleum product distribution contracts and attracting many of the world's leading energy corporations.
Typical international corporations have participated in the Vietnamese market
National Enterprise
Total France
BP UK
Shell Netherlands - UK
The presence of these corporations not only brings capital but also helps Vietnam access advanced mining technology and enhance its position on the global energy map.
From 1 million tons to 255 million tons of oil equivalent
The journey from first oil flow in 1986 to the end of 2025 is an impressive growth story.
Growth in mining output
Achievement Stage
1988 1 million tons of oil
1993 20 million tons of oil
2025 255 million tons of oil equivalent
The number of 255 million tons of oil equivalent not only reflects the exploitation capacity but also shows the maturity of the entire Vietnamese oil and gas ecosystem from exploration, exploitation to processing and technical services.
The first million tons of oil are not simply exploitation output. That was a milestone marking the moment Vietnam officially entered the ranks of oil and gas producing countries in the world, creating the foundation for national energy security and making important contributions to the state budget over the past four decades.
In the context of a strong global energy transition, do you think oil and gas will continue to play a pivotal role in the Vietnamese economy in the next 20 years or will renewable energy gradually replace this position?
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