PVS: PTSC Joins 1,300 MW Singapore-Vietnam-Malaysia Clean Power Project

Overview

Singapore’s Energy Market Authority (EMA) has granted conditional approval to Sembcorp Utilities, a subsidiary of Sembcorp Industries, to develop a 1,300 MW low-carbon electricity import project drawing on offshore wind from Vietnam and solar-plus-storage from Malaysia. Tổng công ty Cổ phần Dịch vụ Kỹ thuật Dầu khí Việt Nam (PTSC, ticker PVS on HNX), a Petrovietnam member, is named among the project partners, placing the Vietnamese oilfield-services contractor inside a cross-border power corridor targeted for operation in 2035.

Key Facts

• EMA issued conditional approval on 26 October to Sembcorp Utilities for a 1,300 MW (1.3 GW) low-carbon import project, per The Business Times.
• The project is named Vietnam-Malaysia-Singapore (VMS) and is developed with the MY Energy Consortium.
• Partners include Petronas, Tenaga Nasional Berhad and PTSC (PVS), a Petrovietnam subsidiary.
• The 1,300 MW figure covers the entire three-country project, not Vietnamese exports alone; for scale, Lai Châu hydropower has 1,200 MW installed capacity.
• Vietnamese offshore wind would be transmitted through Malaysia to supply both Malaysia and Singapore.
• Commercial operation is targeted for 2035, contributing to the ASEAN Power Grid initiative.
• Sembcorp separately received conditional approval for 300 MW from Johor and 1,000 MW from Sarawak; it reported 2025 revenue of nearly SGD 5.8B and about 15 GW of operating renewables capacity at end-2025.

What Happened

According to The Business Times, EMA on 26 October granted conditional approval to Sembcorp Utilities to proceed with the VMS project, which combines offshore wind generated in Vietnam with solar and battery energy storage in Malaysia. Malaysia serves as both an offtake market and a transit country for Vietnamese renewable power flowing to Singapore. The partners aim to bring the project online from 2035, advancing the ASEAN Power Grid, the regional initiative to interconnect Southeast Asian electricity systems.

The article does not disclose the project’s investment value, PTSC’s specific equity stake, the volume of capacity sourced from Vietnam, or the commercial terms of the arrangement. It also does not specify which Vietnamese offshore wind projects would supply the corridor. Speaking at Singapore International Energy Week on 26 October, Minister for Energy Tan See Leng said Singapore is also pushing a new 2,000 MW interconnection with peninsular Malaysia, with subsea survey work due to begin shortly.

Market Context

PVS closed at VND 32,300 on 25 October 2026 on the Hà Nội Stock Exchange (HNX). The stock sits in the oil and gas services sector, where order books have historically been tied to upstream EPC and offshore construction work for Petrovietnam. The VMS approval extends that addressable market into subsea power transmission and offshore wind installation, a segment where PTSC has been building capability. The news lands against a broader Vietnamese policy push on power development, with recent coverage citing a need for more than USD 27B per year of electricity investment.

Strategic Significance

The strategic angle for PVS is positioning rather than near-term revenue: a named role in a Singapore-anchored, three-country power corridor gives PTSC a reference project for offshore wind and subsea interconnection work that could anchor its backlog well beyond the 2035 start date. The competitive dynamic matters too. Singapore is contracting low-carbon supply from multiple Malaysian states and Vietnam simultaneously, which means Vietnamese offshore wind must compete on cost and delivery against Sarawak hydro and Johor solar-plus-storage. For long-term holders, the thesis rests on whether PTSC converts its participation into engineering, procurement and construction contracts, and whether Vietnam’s offshore wind regulatory framework, including the PDP8 implementation and marine spatial planning, matures fast enough to support a 2035 commissioning date.

What to Watch

• Disclosure from PTSC or Petrovietnam on its role, stake and contract value in the VMS project.
• Vietnamese offshore wind policy milestones, including PDP8 implementation and marine spatial planning approvals.
• Any power purchase or transmission agreements between the VMS partners and Singapore’s EMA.
• PTSC’s quarterly order book and backlog disclosures for offshore wind and subsea work.
• Progress on Singapore’s separate 2,000 MW Malaysia interconnection and its implications for the VMS corridor.