Vietnam-Malaysia-Singapore Renewable Electricity Initiative Reaches Key Milestone with Conditional Approval from Singapore’s Energy Market Authority

Singapore, 26 October 2026 – The Vietnam-Malaysia-Singapore (VMS) renewable electricity initiative has reached an important milestone, with Singapore’s Energy Market Authority (EMA) granting Conditional Approval to Sembcorp Utilities Pte Ltd, a wholly-owned subsidiary of Sembcorp Industries, the designated importer for the proposed project. The approval provides a basis for the participating consortia to advance the next stages of project development, subject to the necessary regulatory and project approvals.

The VMS initiative aims to import up to 1.3 GW of renewable electricity into Singapore through a regional power corridor linking Vietnam, Malaysia and Singapore. It will harness Vietnam’s offshore wind resources alongside solar and battery energy storage infrastructure in Malaysia for the proposed import, which is expected to commence in 2035. Under the proposed arrangement, renewable electricity generated in Vietnam would be transmitted through Malaysia and supplied to both Malaysia and Singapore, with Malaysia serving as both a recipient and transit country for the regional power flow.

The Conditional Approval builds on the Joint Development Agreement (JDA) signed in May 2025 between the consortium comprising PetroVietnam Technical Services Corporation (PTSC), a member of Vietnam National Industry–Energy Group (Petrovietnam), and Singapore-based Sembcorp Utilities Pte Ltd (SCU); and MY Energy Consortium, comprising Malaysia’s Tenaga Nasional Berhad (TNB) and Petroliam Nasional Berhad (PETRONAS). Since the signing of the JDA, the participating consortia have advanced technical and commercial activities in close collaboration with governments, regulators and other stakeholders across the three countries. The Conditional Approval reflects the collective progress achieved to date and the strong cooperation supporting the development of this landmark regional initiative.

The Conditional Approval was formally presented during the opening of Singapore International Energy Week (SIEW) 2026 on 26 October 2026, in a ceremony involving Mr. Wong Kim Yin, Group Chief Executive Officer of Sembcorp Industries; Mr. Phan Tu Giang, Vice President of Petrovietnam; Mr. Tran Ho Bac, President & Chief Executive Officer of PTSC; Tan Sri Tengku Muhammad Taufik, President & Group Chief Executive Officer of PETRONAS; and Dato’ Sri Ir. Ts. Shamsul bin Ahmad, President/Chief Executive Officer of TNB. The ceremony was witnessed by Dr Tan See Leng, Minister for Energy, Trade and Industry (Energy and Industry), Singapore; Datuk Amar Haji Fadillah bin Haji Yusof, Deputy Prime Minister and Minister of Energy Transition and Water Transformation, Malaysia; and Mr. Cao Anh Tuan, Vice Minister of Finance, Vietnam.

The VMS initiative supports broader efforts to unlock Southeast Asia’s renewable energy potential, strengthen cross-border energy connectivity and contribute to the advancement of the ASEAN Power Grid.