Russia-Vietnam Joint Venture - Vietsovpetro was established on June 19th, 1981 upon the Intergovernmental Agreements signed S.R Vietnam and the Soviet Union in 1981, to co-operate in petroleum exploration and production on the Southern continental shelf of Vietnam. Since 1993, Russian Federation took over the Russian Committee's rights and responsibilities in Vietsovpetro. Vietsovpetro is currently operating under the Intergovernmental Agreement between S.R. Vietnam and Russian Federation signed on December 27th, 2010 to continue the co-operation in the petroleum exploration and production in Vietnam. 

VSP's Core Businesses include conducting scientific research, exploration drilling, field development engineering, producing - gathering – processing oil, gas and condensate in Block 09-1. Provide technical and petroleum-related services to clients in Vietnam, Russian Federations and third-party countries.

With these achievements, Vietsovpetro is now recognized as the most effective and efficient venture in the field of petroleum exploration and production in Vietnam, considered a great contributor to the economy of Vietnam, and awarded the Hero of Labour title in New age, Ho Chi Minh and Gold Star Order by Vietnamese Government.