The project to export renewable energy from Vietnam to Malaysia and Singapore has reached a significant milestone with conditional approval from the Singapore Energy Market Authority.

The VMS project aims to import a maximum of 1.3 GW of renewable energy into Singapore via a power transmission corridor connecting Vietnam, Malaysia, and Singapore. According to the proposed plan, the VMS project will utilize offshore wind power in Vietnam, combined with solar power and battery energy storage systems (BESS) in Malaysia, to serve the purpose of exporting electricity to Singapore. Electricity imports are expected to begin in 2035. Under the proposed model, renewable energy produced in Vietnam will be transmitted through Malaysia to supply both the Malaysian and Singaporean markets. Malaysia will both receive and consume a portion of this electricity and act as a cross-border transit point from Vietnam to Singapore.

This conditional approval is based on the Joint Development Agreement (JDA) signed in May 2025 between the VMS Consortium, comprising Vietnam Petroleum Technical Services Corporation (PTSC), a member of the Vietnam National Energy and Industry Corporation (Petrovietnam), and Sembcorp Utilities Pte Ltd (SCU), a Singapore-based enterprise, and the MY Energy Consortium, comprising the Malaysian National Electricity Corporation (Tenaga Nasional Berhad - TNB) and the Malaysian National Oil and Gas Corporation (PETRONAS). Since the signing of the JDA, the VMS Consortium has progressively implemented the technical and commercial works for the VMS Project, while closely coordinating with government agencies, regulatory bodies, and stakeholders in all three countries. The EMA's granting of Conditional Approval marks a significant step forward in the development of the VMS Project, recognizing the collaborative efforts and results of the parties in promoting this important cross-border energy connectivity initiative for the region.

The Conditional Acceptance document was formally presented at the opening ceremony of Singapore International Energy Week (SIEW) 2026 on October 26, 2026. The ceremony was attended by Mr. Wong Kim Yin, CEO of Sembcorp Industries; Mr. Phan Tu Giang, Deputy General Director of Petrovietnam; Mr. Tran Ho Bac, General Director of PTSC Corporation; Mr. Tan Sri Tengku Muhammad Taufik, Chairman and CEO of PETRONAS Corporation; and Mr. Dato' Sri Ir. Ts. Shamsul bin Ahmad, Chairman and CEO of TNB. The ceremony was witnessed by Dr. Tan See Leng, Minister for Energy, Trade and Industry of Singapore; Mr. Datuk Amar Haji Fadillah bin Haji Yusof, Deputy Prime Minister and Minister for Energy Transition and Transformation of Malaysia; and Mr. Cao Anh Tuan, Deputy Minister of Finance of Vietnam.
The VMS project contributes to realizing Southeast Asia's renewable energy potential, strengthening cross-border energy connectivity, and promoting the development of the ASEAN Power Grid (APG).
Regarding PTSC
Vietnam Petroleum Technical Services Corporation (PTSC), a member of the Vietnam National Energy and Industry Group ( Petrovietnam ), is one of the leading enterprises in Vietnam and the region in providing technical services to the oil and gas, industrial, and energy sectors. With over 30 years of experience in implementing large-scale projects with complex technical requirements, PTSC offers a diverse portfolio of services, including engineering, procurement, construction, and installation (EPC/EPCIC); fabrication of structures; supply and operation of floating storage and offloading (FSO/FPSO); transportation and installation of offshore structures; operation and maintenance; geological and geophysical surveys; port operations and logistics services; vessel services; and renewable energy. Leveraging its capabilities and accumulated experience over many years, PTSC is gradually expanding its role in the energy sector, not only as a service provider but also as an investor and project developer in the international market, with an increasingly strong focus on renewable energy, especially offshore wind power. Through cooperation with strategic partners in cross-border energy initiatives, PTSC contributes to promoting the development of renewable energy and strengthening energy connectivity in the region.
For more information, please visit: www.ptsc.com.vn.
Regarding the MY ENERGY CONSORTIUM consortium
The MY Energy Consortium (MYEC) is a strategic partnership between the National Electricity Corporation of Malaysia (Tenaga Nasional Berhad - TNB) and the National Oil and Gas Corporation of Malaysia (Petroliam Nasional Berhad - PETRONAS), two leading Malaysian energy companies. Established to support the goal of making Malaysia a regional power transit hub, the MYEC Consortium plays a crucial role in promoting cross-border renewable energy trading and implementing the ASEAN Power Grid initiative. Through the MYEC Consortium, TNB and PETRONAS are jointly researching options for connecting power transmission lines along the Vietnam-Malaysia-Singapore route, aiming to promote regional energy connectivity, enhance Malaysia's energy security, and boost the country's role in ASEAN's transition to a low-carbon economy .
Regarding TNB
TNB (www.tnb.com.my) is one of Malaysia's leading power companies in Asia, with an international presence in the United Kingdom , Ireland, Australia, Turkey, Saudi Arabia, Kuwait, Pakistan, and Cambodia. In the renewable energy sector, TNB owns a combined installed capacity portfolio of 3.5 GW in Peninsular Malaysia, including 2.5 GW of large-scale hydropower, and a portfolio of 1.3 GW in the United Kingdom, Ireland, Australia, and Turkey, primarily from solar, wind, and hydropower sources. Besides being Malaysia's primary power generation unit, TNB also handles power transmission and distribution in Peninsular Malaysia, Sabah, and the Federal Territory of Labuan. As of June 30, 2026, TNB supplied electricity to over 11 million customers.
About PETRONAS
Established in 1974, PETRONAS (www.petronas.com) is a comprehensive Malaysian integrated energy group providing energy solutions and is among the world's largest companies according to the FORTUNE Global 500® ranking. As a manager and developer of Malaysia's oil and gas resources, PETRONAS seeks investment opportunities in the energy sector globally, particularly in the context of the world's shift towards a low-carbon future. Through Gentari, a company specializing in cleaner energy solutions, PETRONAS currently has a total installed and under-construction renewable energy and energy storage capacity of 9.1 GW globally. PETRONAS's portfolio includes solar power, onshore and offshore wind power, battery energy storage systems, hydrogen, and green transport solutions. PETRONAS also supports initiatives to enhance regional energy connectivity, including opportunities to develop cross-border renewable energy trading in Southeast Asia. PETRONAS applies advanced technologies and innovative solutions to ensure the quality of its products and services, while aiming to become an energy partner that contributes to improving the quality of life and building a sustainable future.
About SEMBCORP INDUSTRIES
(Business registration number: 199802418D)
Sembcorp Industries (Sembcorp) is a leading energy and urban solutions company focused on driving the energy transition. Headquartered in Singapore, Sembcorp provides sustainable solutions to support energy transition and urban development, drawing on industry expertise and global project implementation experience. Sembcorp has a balanced energy portfolio with a total capacity of 35.2 GW, including 21.8 GW of combined renewable energy capacity, across 11 countries*. Sembcorp's urban development projects span over 18,000 hectares across Asia, creating over 466,000 jobs and attracting US$64 billion in investment. Sembcorp is listed on the Singapore Stock Exchange. The company's shares are components of the FTSE Russell Index, MSCI Singapore Small Cap Index, and Straits Times Index, as well as sustainability indices, including the FTSE4Good Index and several MSCI ESG indices.
For more information, please visit: www.sembcorp.com.

Note *: Total gross capacity is calculated on the assumption of 100% ownership of assets, including secured development projects and projects under construction, as well as pending acquisitions.

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