PTSC and SCU presented the Joint Development Agreement (JDA) for export of electricity to Singapore from offshore renewable sources in Vietnam

Follow up with the Memorandum of Understanding signed in the end of October 2022, on February 10th, 2023 in Singapore within the framework of the official visit of Prime Minister of Vietnam to the Republic of Singapore, Petrovietnam Technical Services Corporation (PTSC) and Sembcorp Utilities Pte. Ltd. (SCU) have presented the Joint Development Agreement (JDA) for investment in offshore renewables in Vietnam and export of green electricity to Singapore.

Witnesses from the Vietnam side at the ceremony include Prime Minister Pham Minh Chinh, Minister of Planning and Investment Nguyen Chi Dung, Minister of Industry and Trade Nguyen Hong Dien, Minister of Foreign Affairs Bui Thanh Son, Minister - Chief of Government Office Tran Van Son, and several other leaders from Ministries, central and local authorities, and PetroVietnam. Witnesses from the Singapore side include Second Miniter of Trade and Industry Tan See Leng, Energy Market Authority Chief Executive Ngiam Shih Chun, and leaders from relevant authorities.

According to the JDA, PTSC and SCU will collaborate exclusively in investment on offshore wind farms in Vietnam with total capacity around 2,3 GW to generate clean electricity for export to Singapore via subsea HVAC cables. This collaboration not only marks the first ever renewable energy cooperation between the two companies, but also strengthens the relationship between the Government of Vietnam and the Governement of Singapore, realising the “Digital – Green Economic Partnership” between the two countries, notably in light of the 50th anniversary of diplomatic relations between Vietnam and Singapore (1973-2023) and the 10th anniversary of Vietnam-Singapore strategic partnership (2013-2023).

The presence of Vietnam Prime Minister, and officials of the two governments also demonstrated the Vietnamese and Singapore Governments’ support in accelerating the collaboration between the two countries in the field of clean energy, affirming their commitment toward net carbon emission ("Net-Zero") target by 2050. With this support, PTSC will together with SCU start the marine survey right after approval as well as other prepration works to make the project a success. This also realises PTSC double targets in the renewable sector, i.e. being an investor, a developer in offshore renewable in Vietnam, and at the same time being a professional and trustworthy supplier, contractor for the global offshore renewable energy.

Tran Thi Huyen Trang