Russian President Vladimir Putin has arrived in Vietnam for discussions with the country's officials following the completion of a defense agreement with North Korea, according to Russian news sources.

Reports indicate that Putin's plane landed in Hanoi early Thursday. Vietnam marks the conclusion of his two-nation Asien tour.

Before his visit, Putin commended Vietnam for its "balanced" approach towards the Ukraine conflict, noting advancements in finances, energy, and trade in an article in Vietnam's Communist Party newspaper.

The Southeast Asian country, governed by communists, was praised by Putin for backing "a pragmatic way to resolve the crisis" in Ukraine, as stated in an article published in Nhan Dan on Wednesday.

Vietnam, which pursues a neutral policy in dealings with major global powers, has not condemned Russia's actions in Ukraine.

Putin is scheduled to meet with Vietnamese leaders on Thursday, soon after visiting North Korea where Kim Jong Un promised "full support and solidarity" with Russia's stance on Ukraine.

The two leaders committed to a mutual defense agreement, marking one of Russia's significant strategic moves in Asia over recent years, which Kim described as an "alliance".

Al Jazeera's Moscow correspondent, Yulia Shapovalova, reported that local media depicts Putin's regional visit as garnering significant global attention.

"They claim these visits... have attracted considerable focus from the United States and the West as they could influence regional, geopolitical scenarios," Shapovalova noted.

In his article, Putin, making his first trip to Vietnam since the 2017 Asia-Pacific Economic Cooperation (APEC) summit, commented that Russia and Vietnam share "similar perspectives on the Asia-Pacific region".

Vietnam's stance on the South China Sea contrasts with China, which claims almost the entire strategic waterway, including gas and oil fields within Vietnam's Exclusive Economic Zone, where Russian firms are involved in extraction.

Strategic Significance

Putin emphasized the strategic importance of energy in their bilateral relationship, citing joint ventures between Russia and Vietnam in fossil fuels both in the South China Sea and northern Russia.

He mentioned that Gazprom is currently operating gas fields in Vietnam. Additionally, the Russian energy company Novatek plans to initiate liquefied natural gas (LNG) projects in Vietnam, Putin hinted without further details.

He also referenced the initiative to set up a Centre for nuclear science and technology in Vietnam with the assistance of Rosatom, Russia's state-owned nuclear energy corporation.

Approximately ten years ago, Vietnam put on hold its plans to develop a nuclear power plant, and it's uncertain if they will revisit that decision. Meanwhile, South Korea and Canada are among the countries offering nuclear energy alternatives to Vietnam.

Putin also acknowledged progress in financial and trade sectors.

Settling financial transactions between the two nations has been complicated due to Western sanctions on Russian banks, and addressing this complexity has been a crucial topic in bilateral discussions, officials revealed.

Vietnam has historically imported significant quantities of Russian arms.

Putin noted that in the first quarter of this year, transactions in roubles and Vietnamese dong comprised 60 percent of bilateral trade payments, up from over 40 percent last year.

"The Vietnam-Russia Joint Venture Bank plays a pivotal role in ensuring secure financial transactions," Putin wrote, referring to the bank established in Hanoi in 2006.

He also pointed out an increase in bilateral trade.

Nonetheless, Vietnam's trade with Russia remains limited compared to its primary trading partners, the United States and China.