Vietnam’s Oil Giant Initiates First Steps for $10 Billion Electricity Export Project to Singapore and Malaysia

On August 11, 2025, Vietnam Oil Engineering Services Corporation (PVS) and LS Eco Energy Ltd. (LSEE) signed a Joint Development Agreement to build a high-voltage underground cable manufacturing plant in Vietnam, with an investment of $40 million. This project is a key step toward Vietnam’s major offshore wind power export project valued at $10 billion, intended to supply electricity to Singapore and Malaysia. The first phase of the project is estimated at $10 billion, including an offshore wind farm with over 2,000 MW, an underground cable system connecting the two countries, and substations. The commercial operation is expected to commence in 2033, with feasibility studies set to be completed by 2026 and a final investment decision in 2027. PVS shares have risen 46% over the past three months, reflecting investor optimism about the project’s future.