Vietnam, Malaysia, Singapore firms sign deal on clean electricity supply

Leading energy corporations of Vietnam, Malaysia and Singapore have agreed to cooperate in clean electricity production and cross-border supply.

Vietnam's Prime Minister Pham Minh Chinh and his Malaysian and Singaporean counterparts Anwar Ibrahim and Lawrence Wong on Monday witnessed the signing of a cooperation agreement on exporting renewable energy from Vietnam to Malaysia and Singapore.

The deal was signed between leading energy corporations of the three Southeast Asian countries. The three Prime Ministers witnessed the signing ceremony on the occasion of the 46th ASEAN Summit in Kuala Lumpur, Malaysia.

The event marked an important start of the tripartite cooperation, which reflects a shared commitment to increase cross-border clean electricity trade and a shared vision of the ASEAN power grid and sustainable regional energy connectivity.

Under the agreement, the Malaysian Energy Joint Venture between Tenaga Nasional Berhad and Petroliam Nasional Berhad will cooperate with PetroVietnam Technical Services Corporation (PTSC), a member of state-owned Petrovietnam, and Sembcorp Utilities Pte Ltd of Singapore.

The businesses will cooperate to exploit Vietnam's renewable energy potential, especially offshore wind power, generating clean electricity and supplying it across borders.

Specifically, the parties will jointly study the feasibility of exporting clean electricity from Vietnam to Malaysia and Singapore via submarine cables.

The parties will also consider the possibility of providing additional power sources and storage systems to ensure stability.

Vietnam aims to become a regional renewable energy hub, with a commitment to developing clean energy, reducing emissions, and meeting the growing energy demand in Southeast Asia.

Through this tripartite cooperation, Vietnam aims to open up new economic opportunities, promote green growth, create more high-quality jobs, and strengthen ASEAN's common commitment to a sustainable energy ecosystem.

"This will be an important milestone in the field of renewable energy investment in Vietnam," said Tran Ho Bac, general director of Vietnam's PTSC.

At a press meeting he jointly hosted togther with Prime Minister Pham Minh Chinh, Malaysian Prime Minister Anwar Ibrahim said he highly appreciated the vision of ASEAN power grid cooperation.

In particular, the submarine cable line from Vietnam to Malaysia will be a giant project demonstrating the success of ASEAN and cooperation between the two countries. This project will help realize and concretize cooperation programs and policies on energy transition and renewable energy development of the two countries and the whole region, he noted.