Vietsovpetro is a joint Russian-Vietnamese enterprise for oil and gas exploration. JV Vietsovpetro was established in 1981 under an inter-governmental agreement between the JSC Zarubezhneft of the Soviet Union and Vietnam's state-owned PetroVietnam, with each side holding half of stake. The company is developing a number of oil and gas fields in the Vietnamese offshore areas, according to the production sharing agreement.