Singaporean government to help Petrovietnam unit’s 1.2 GW electricity export project
The Singaporean government will continue backing PTSC, the technical arm of state-owned Petrovietnam, to deploy a project to export 1.2 GW of offshore wind power from Vietnam to Singapore.
A delegation of the Singaporean government made the commitment during a Monday visit to PTSC’s headquarters in Vietnam’s southern coastal province of Ba Ria-Vung Tau. The project is part of Singapore's effort to reach its net zero emission target in 2050 and bolster the Vietnam-Singapore partnership, the delegation said.
A delegation of the Singaporean government visits PTSC's headquarters in Ba Ria-Vung Tau province, southern Vietnam, March 4, 2024. Photo courtesy of PTSC.
The electricity export project is also part of Singapore’s target to import 4 GW of low-carbon electricity by 2035, making up around 30% of Singapore’s power supply, the delegation affirmed. Besides the Vietnamese project, Singapore’s Energy Market Authority has so far granted conditional approval for 1 GW from Cambodia and another 2 GW from Indonesia.
During the visit, PTSC, as the co-investor and co-developer of the project, and project partner Sembcorp Utilities of Singapore, affirmed their target of putting it into commercial operation from 2033, with electricity transmission via undersea cables.
In August 2023, PTSC received a permit from Vietnam’s Ministry of Natural Resources and Environment to carry out wind, marine and geological surveys for the electricity export project. It features two locations covering 89,027 hectares and 98,897 hectares off the southern province of Ba Ria-Vung Tau.
In October 2023, Sembcorp received conditional approval from Singaporean authorities for the project.
- Related News
- Read More
Hyundai Vietnam joint venture to spend $100 mln on shipbuilding capacity expansion
Hyundai Vietnam Shipbuilding Co., Ltd. (HVS), a joint venture between South Korea and Vietnam, is set to invest an extra $100 million in expanding its shipbuilding capacity in Vietnam.
Industries - Fri, May 2, 2025 | 8:03 pm GMT+7
Vietnam's economic hub HCMC moves closer to establishing int’l financial center
After more than two decades of planning, the vision of establishing an international financial center in Ho Chi Minh City is finally gaining real momentum as the Politburo has officially endorsed the proposal, drawing significant attention from investors.
Southeast Asia - Fri, May 2, 2025 | 6:04 pm GMT+7
Vietnam cuts LNG import tariff to boost clean energy transition
The Vietnamese Government has reduced the preferential import tariff on LNG from 5% to 2% under a decree issued on March 31, which marks a key step in accelerating the country’s shift from fossil fuels to cleaner energy.
Southeast Asia - Fri, May 2, 2025 | 3:26 pm GMT+7
Vietnam races against time to have EC’s 'yellow card' lifted before Sept 15
Vietnam's Ministry of Agriculture and Environment has proposed Prime Minister Pham Minh Chinh issue an action plan to address the European Commission's (EC) “yellow card” warning and prepare for the fifth EC inspection.
Southeast Asia - Fri, May 2, 2025 | 3:21 pm GMT+7
Vietnam's property market sees mixed prospects in Q2: analysts
Vietnam’s real estate market is expected to see positive developments in Q2, with developers launching new projects, but uncertainties from U.S. trade policies may influence market sentiment and consumer confidence, said analysts.
Real Estate - Fri, May 2, 2025 | 3:14 pm GMT+7
Vietnam’s largest container fleet operator records 478% profit growth in Q1 on surging shipping rates
Vietnam’s Hai An Transport and Stevedoring JSC (HAH) reported after-tax profit of nearly VND274 billion ($10.54 million) in Q1/2025, skyrocketing 478% year-on-year, thanks to soaring shipping rates.
Companies - Fri, May 2, 2025 | 3:00 pm GMT+7
Vietnam's leading construction contractor Hoa Binh targets US market amid low domestic profit
Hoa Binh Construction Group, one of Vietnam's top contractors, is negotiating a joint venture agreement with American partners to pave the way for implementing major projects in the U.S.
Companies - Fri, May 2, 2025 | 2:04 pm GMT+7
Northern Vietnam province Hai Duong to have first urban area-golf course complex
Hai Duong province's authorities have granted in-principle approval for the Lien Hong New Urban Area and Golf Course project, with a total investment of VND11 trillion ($423 million).
Real Estate - Fri, May 2, 2025 | 9:59 am GMT+7
Central Vietnam 'awakened' by major resort projects
From once-abandoned coastal lands to emerging resort-urban areas, central Vietnam is witnessing a strong resurgence of investment.
Real Estate - Fri, May 2, 2025 | 9:22 am GMT+7
Vietnam Airlines posts strong profit on international passenger surge, fuel price decline
National flag carrier Vietnam Airlines (HVN) said on Wednesday that it recorded consolidated pre-tax profit of around VND3.6 trillion ($138 million) on consolidated revenue of approximately VND31.1 trillion ($1.2 billion) in Q1/2025.
Companies - Fri, May 2, 2025 | 8:17 am GMT+7
S Korean firms pledge nearly $2 bln in new investments in Indonesia
South Korea's companies will increase their investment in Indonesia by $1.7 billion, Indonesian Economic Minister Airlangga Hartarto said on Monday after attending a meeting between a Korean business association and President Prabowo Subianto.
Southeast Asia - Thu, May 1, 2025 | 10:01 pm GMT+7
Malaysia develops sustainable semiconductor ecosystem
The Malaysian Investment Development Authority (MIDA), the Federation of Malaysian Manufacturing (FMM), and Bintang Capital Partners (Bintang Capital) on Monday announced a landmark MoU signed recently regarding the establishment of Bintang Semiconductor Impact Fund I (BSIF I).
Southeast Asia - Thu, May 1, 2025 | 9:59 pm GMT+7
Vietnam to become second-largest economy in Southeast Asia by 2036: CEBR
The Centre for Economic and Business Research (CEBR), in its report World Economic League Table 2022, forecasts that Vietnam will become the second-largest economy in Southeast Asia after Indonesia and the 20th-largest economy in the world by 2036.
Southeast Asia - Thu, May 1, 2025 | 9:42 pm GMT+7
Vietnam conglomerate Vingroup's Q1 revenue surpasses $3 bln for first time
Vingroup, Vietnam's leading private conglomerate, recorded revenue of VND84.05 trillion ($3.3 billion) in the first quarter of 2025, its record high.
Companies - Thu, May 1, 2025 | 3:44 pm GMT+7
Work starts on expressway connecting Vietnam's Central Highlands with southeastern region
Construction on Tuesday began on the first component of Gia Nghia town (the Central Highlands province of Dak Nong)-Chon Thanh town (the southeastern province of Binh Phuoc) section of the North-South Expressway.
Infrastructure - Thu, May 1, 2025 | 2:46 pm GMT+7
Final sections of central Vietnam’s longest sea-crossing bridge joined
Authorities of Hue city in central Vietnam on Wednesday held a ceremony to celebrate the joining of the final sections of Thuan An sea-crossing bridge, a landmark infrastructure project with significant implications for local development and tourism.
Infrastructure - Thu, May 1, 2025 | 2:35 pm GMT+7
