The Vaskenian Theological Academy of Sevan was re-established in 1990 on the picturesque peninsula of Lake Sevan. The Academy was opened during the Pontificate and with the blessings of His Holiness Vasken I, of Blessed Memory, and by the direct initiative of His Holiness Karekin II, Supreme Patriarch and Catholicos of All Armenians, who was then the Vicar of the Araratian Pontifical Diocese. As the re-opening of the Academy was encouraged and approved by His Holiness Vasken I, it was decided in 1994 by His Holiness Karekin I, Supreme Patriarch and Catholicos of All Armenian of blessed memory, the Academy should be renamed the Vaskenian Theological Academy in honor of His Holiness, Vasken I.

During the first stages of its existence the Academy was housed in the ancillary building that was constructed in 1897 by the Catholicos of All Armenians, Mkrtitch I Khrimian (1892-1907) as a building of the Seminary. However, it was never used for that purpose. In the early 1990’s it served both as classrooms and a dormitory building for the students of the Seminary, and a portion of the building was made into a dining room. As the seminary grew, the Seminary property was extended and a stone building was added, to be used as classroom. The original building was converted to a complete dormitory.

In addition to the two buildings, the complex encompasses two Churches that are on the Sevan peninsula adjacent to the seminary. These are the St. Karapet and St. Arakelots Churches - and they serve as the heart of the Sevan Seminary, filled with the murmurs of prayers and the musical sounds of Armenian hymns (sharakan) after over half a century of silence. They have regained their former importance and have taken the newly-built Seminary under their protection.

During the course of its history the Vaskenian Seminary which was always headed and supervised by the Catholicos, has had several Deans. Each of them has left their mark on the Seminary. Reverend Father Khoren Martirossian (1990-1991), Sasoun Vardanian (1992-1995), Reverend Father Archimandrite Arakel Karamian (now Archbishop) (1995-1996), Reverend Father Minas Martirossian (1996-2000), Reverend Father Bagrat Galstanian (now Archbishop) (2000-2003) and Reverend Father Garegin Haroutjunnian (2003-2004) Currently, the Dean of the Seminary is Reverend Father Mkrtich Proshian.

Since its foundation the program and schedule of the Seminary has undergone various changes and improvements and gradually it emerged with a clear direction, clarifying the main objectives of the Seminary. Many wonderful traditions have been founded at the Vaskenian Seminary, among them are events and programs held during various feasts and pre-holiday evenings. The Seminary has also hosted several symposiums and will continue to do so in the future.

The Vaskenian Seminary has established itself as the crown of Lake Sevan, and each year hundreds of pilgrims make the arduous task of climbing the stairs to see her churches, always rewarded with site of the beauty of the church and a view of the magnificent lake.