Energy companies from Malaysia, Singapore and Vietnam have entered a joint development agreement to explore the potential of exporting renewable electricity from Vietnam to the other two countries.
The agreement involves MY Energy Consortium from Malaysia, a collaboration between Tenaga Nasional Berhad and Petroliam Nasional Berhad, along with Vietnam’s PetroVietnam Technical Services Corporation (PTSC) and Singapore’s Sembcorp Utilities, a subsidiary of Sembcorp Industries.
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Vietnam is leveraging its strategic position to become a renewable energy hub, with the government prioritising offshore wind and pursuing aggressive clean energy development.
The consortium aims to harness Vietnam’s offshore wind power to generate and supply clean electricity across borders, contributing to the Association of Southeast Asian Nations’ (ASEAN) regional power grid integration and efforts to decarbonise the region’s energy sector.
The consortium plans to assess the feasibility of a new subsea cable system to export renewable energy, which would be integrated through the Peninsular Malaysia National Grid.
This includes the possibility of additional renewable energy generation and storage solutions.
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By GlobalDataThroughout the project’s development, the consortium will seek approvals from national authorities to advance the project.
Malaysia, as chair of the ASEAN Summit in Kuala Lumpur, Malaysia, which took place from 26 May to 27 May 2025, is playing a pivotal role in promoting sustainable and resilient economic growth in the region.
MY Energy Consortium members Datuk Ir, Tenaga Nasional Berhad president and CEO Megat Jalaluddin Megat Hassan, and PETRONAS president and Group CEO Tan Sri Tengku Muhammad Taufik said in a joint statement: “Malaysia’s participation in this initiative reflects our strong commitment to the ASEAN Power Grid vision, which aims to strengthen regional energy security through the creation of a power transit hub.
“This tripartite partnership is a step forward in advancing transnational green infrastructure, tapping into Vietnam’s renewable energy potential, and delivering stable, low-carbon electricity to communities and businesses. It marks a significant milestone in our collective journey towards achieving net-zero emissions.”
Singapore’s goal to import 6GW of low-carbon electricity by 2035, which represents about one-third of its expected energy demand, is a driving force behind the push for regional grid connectivity.
The agreement sets the stage for a scaleable model of cross-border renewable energy co-operation in Southeast Asia.
PTSC president and CEO Tran Ho Bac stated: “This agreement highlights the role of PTSC in particular, and PVN as a whole, in advancing national energy transition strategies. We expect its effective implementation will mark a significant milestone — a starting point for renewable energy investment in Vietnam.”
In October 2024, Sembcorp Industries, through its subsidiary Sembcorp Green Infra, secured a letter of award for a 150MW interstate transmission system-linked wind-solar hybrid power project in India.
