In an important step for energy cooperation in the region, top energy companies from Malaysia, Singapore, and Vietnam have agreed to work together. They will explore sending renewable electricity from Vietnam to Malaysia and Singapore.
The companies said in a statement on Monday that this partnership shows their strong commitment to working together on sharing power across the region and speeding up efforts to reduce carbon emissions using practical and profitable solutions.
Under this agreement, Malaysia will be represented by the MY Energy Consortium. This group was created by two big companies, Tenaga Nasional Berhad (TNB) and Petroliam Nasional Berhad (Petronas).
They will work together with a group made up of PetroVietnam Technical Services Corporation (PTSC) from Vietnam and Sembcorp Utilities, a company owned by Singapore-based Sembcorp Industries.
Together, these groups will work on using Vietnam’s abundant renewable energy, especially wind power from the ocean, to create clean electricity that can be shared with other countries.
This partnership shows the increasing progress toward creating a connected ASEAN Power Grid across the region.
As part of this agreement, the groups will study if it’s possible to send renewable energy from Vietnam to Malaysia and Singapore using a new underwater cable. The energy would pass through Malaysia’s national power grid with extra renewable energy sources and storage added if needed.
To make this happen, the groups will work closely with government officials getting the required approvals during each stage of the project. This will help connect power systems across the region and improve energy sharing between countries.
As the current Chair of ASEAN in 2025, Malaysia plays an important role in leading efforts to promote sustainability, strengthen resilience, and support economic growth in the region.
“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,” said members of MY Energy Consortium Datuk Ir. Megat Jalaluddin Megat Hassan, President/Chief Executive Officer of Tenaga Nasional Berhad, and Tan Sri Tengku Muhammad Taufik, President and Group Chief Executive Officer of Petronas, in a joint statement.
As a part of ASEAN, Vietnam is working towards becoming a key renewable energy center in the region. It is focused on developing clean energy, cutting emissions and meeting the growing energy needs of Southeast Asia.
Vietnam’s Prime Minister has said that offshore wind energy is vital for the country. The government is taking strong and clear actions to speed up renewable energy growth. This shows their strong commitment to creating a sustainable energy future.
By joining this three-country partnership, Vietnam hopes to create new business opportunities, support sustainable growth, and provide good jobs. At the same time, it wants to help ASEAN work together for a strong, low-carbon energy future.
“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 as a starting point for renewable energy investment in Vietnam,” said Tran Ho Bac, President and Chief Executive Officer of PTSC.
Singapore aims to bring in about 6 gigawatts (GW) of low-carbon electricity by 2035. This will cover about one-third of the country’s energy needs at that time.
Connecting regional power grids will also promote the development of renewable energy in the region and pave the way to realizing the ASEAN Power Grid vision, said the statement.
“This agreement highlights Singapore’s strategic role as a demand center and a key enabler of cross-border power imports to support its decarbonization goals,
“We are committed to supporting ASEAN’s low-carbon transition through shared infrastructure and strengthened partnerships,” Wong Kim Yin, Group Chief Executive Officer of Sembcorp Industries.
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