The Petrovietnam holds a 49 percent stake in the Rusvietpetro joint venture with the Russian Zarubezhneft company.
The first oil in the project is planned extracted next week.
Field resources are estimated to 95 million tons of oil. Peak annual production will be six million tons, newspaper Vedomosti reports with reference to Reuters. Production in 2011 is expected to amount to 1,5 million tons.
It is the first time a Vietnamese company engages in oil production in Russia. The Russia cooperation is part of a deal with Zarubezhneft, which is involved in offshore projects in Vietnamese waters.
The Russian-Vietnamese joint venture in early 2008 won a tender on the Central Khoreyversky structure in Nenets Autonomous Okrug, the website of Zarubezhneft informs.