A Significant Step Forward in the Development of the ASEAN Power Grid
According to the Government Portal, in the afternoon of May 26, Prime Minister Pham Minh Chinh, together with Prime Minister Anwar Ibrahim of Malaysia and Prime Minister Lawrence Wong of Singapore, witnessed the signing of a cooperation agreement between the leading energy corporations of the three countries on exporting renewable energy from Vietnam to Malaysia and Singapore.
Prime Minister Pham Minh Chinh, Prime Minister Anwar Ibrahim of Malaysia, and Prime Minister Lawrence Wong of Singapore witness the signing of a cooperation agreement between the leading energy corporations of the three countries. – Photo: VGP/Nhat Bac
As per the agreement, Malaysia, through the Malaysia Energy Consortium (MYEC) between Tenaga Nasional Berhad (TNB) and Petroliam Nasional Berhad (PETRONAS), will collaborate with the Vietnam Oil and Gas Technical Services Corporation (PTSC), a member of the Vietnam National Oil and Gas Group (Petrovietnam), and Sembcorp Utilities Pte Ltd, a subsidiary of the Sembcorp Industries Group (Singapore), to harness Vietnam’s abundant renewable energy potential, especially offshore wind power, thereby producing clean energy and supplying cross-border electricity.
According to the agreement, the parties will jointly study the feasibility of exporting clean energy from Vietnam to Malaysia and Singapore via an underground cable connected to the national grid of Peninsular Malaysia, while also considering the possibility of supplementing the power supply and storage system to ensure stability.
The Prime Minister of Malaysia expects the underground cable transmission from Vietnam to become a symbol of regional success in energy transition.
The Vietnamese enterprise that has been entrusted with this significant task is the Vietnam Oil and Gas Technical Services Corporation (PTSC), led by General Director Tran Ho Bac.
PTSC was established based on the implementation of Decision No. 458/TTg dated November 24, 1976, by the Prime Minister on approving the project to build a Vung Tau oil and gas service base. The company is a member of Petrovietnam (PVN), a group with a revenue of nearly VND 1 quadrillion in 2024.
The company operates in the field of providing oil and gas mechanical services, including Design, Procurement, Construction, Transportation, Installation, Connection, and Testing (EPC/EPCIC) for offshore engineering projects in Vietnam’s exploitation and development mines.
Mr. Tran Ho Bac – General Director of PTSC.
2024 marked a remarkable growth milestone for PTSC, with consolidated revenue reaching VND 24,986 billion – the highest ever, exceeding the annual plan by 161% and an increase of over 15% compared to 2023. Consolidated after-tax profit reached VND 1,255 billion, completing 190% of the plan and the highest in the past 9 years. The after-tax profit margin on equity reached 30.43%.
In this, revenue from the overseas market accounted for more than 50%, executing a series of technical service contracts for offshore engineering projects in the Middle East, Asia-Pacific, and Europe.
The company’s milestones include technically demanding offshore projects such as the Bien Dong 01 Project, the Su Tu Cluster of Mines, the Trang Field, the Vang – Dai Nguyet Mine, the Vang Field, and now the B Gas Field Cluster of Projects.
Notably, there is the manufacturing of the central processing platform (CPP) for the B Gas Field Project – the largest-scale engineering project ever designed and executed in Vietnam.
On May 29, PVS will organize the 2025 Annual General Meeting of Shareholders online, discussing important contents related to dividends, investment plans, and new development strategies.
Exporting 2 wellhead platforms for the Gallaf 3 Project.
PTSC’s Goals for 2025
Entering 2025, PTSC sets its development goals with a spirit of proactive adaptation, maintaining efficiency, and ensuring financial safety. The consolidated revenue plan is VND 22,500 billion, continuing the high scale set in the previous year. Consolidated after-tax profit is expected to reach VND 780 billion.
PTSC plans to increase its charter capital from VND 4,779 billion to VND 5,114 billion after paying dividends in shares, thereby consolidating its financial foundation to implement large-scale projects domestically and internationally.
The total investment value of the whole system in 2025 is estimated at over VND 5,000 billion, of which the Parent Company alone is expected to invest more than VND 2,500 billion, focusing on key fields such as offshore wind power, oil and gas service ports, industrial machinery, and LNG infrastructure – in line with the global energy transition trend.
Prime Minister’s Dialogue with Businesses: Unlocking the Potential of Vietnam’s Private Sector
On May 31st, Hanoi played host to a significant event as Prime Minister Pham Minh Chinh chaired a discussion with businesses and enterprise associations. The focus of this important gathering was to effectively implement Resolution 68-NQ/TW of the Politburo, aiming to boost the development of the private economy.
“US-Vietnam Trade: A Call for Fair Tariff Treatment”
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Emphasizing the importance of a comprehensive strategic partnership, Prime Minister Pham Minh Chinh requested that the United States adopt a balanced approach in tariff negotiations, supporting sustainable economic and trade development between the two nations.
The Leading Low-Cost Airline in Southeast Asia Wants to Do Something for a Company Headed by the Son of a Vietnamese Business Tycoon.
“With an impressive weekly operation of 346 flights across 17 routes, this airline connects the vibrant cities of Vietnam to Kuala Lumpur, Bangkok, Phnom Penh, and Siem Reap. A true aviation powerhouse, offering seamless travel experiences and convenient connections across Southeast Asia.”
“Handing Over Resettlement Boundary of the Lao Cai – Hanoi – Hai Phong Railway Project in May 2025”
The Government Office has issued Notification No. 260/TB-VPCP, dated May 24, 2025, conveying the conclusions of Prime Minister Pham Minh Chinh at the meeting to review and evaluate the implementation of the high-speed rail project on the North-South axis and the Lao Cai-Hanoi-Haiphong route.
Aim High: Vietnam Targets Robust Growth Amid Global Slowdown
“During a discussion with National Assembly delegates on the morning of May 23, Prime Minister Pham Minh Chinh shared insights on the tasks and solutions to achieve high economic growth targets amidst a global backdrop of downgraded forecasts. He emphasized three strategic breakthroughs, the implementation of four key pillars, and a strong focus on decentralization and empowerment. The government aims to transform its service delivery to better serve citizens and businesses, drastically reduce red tape, and shift from pre-inspection to post-inspection. These efforts are complemented by a focus on planning and standard-setting to drive sustainable growth and development.”
