HCMC – The Asian Development Bank (ADB) and the World Bank plan to establish a joint financing platform worth over US$12.5 billion to support cross-border power grid projects across Southeast Asia.
The ASEAN Power Grid Financing (APGF) initiative will be introduced at the 43rd ASEAN Ministers on Energy Meeting, scheduled for October 16–17 in Malaysia, according to the Vietnam News Agency.
The initiative forms part of the ASEAN Power Grid (APG) and the ASEAN Petroleum Security Agreement, both designed to enhance regional energy connectivity, promote the transition to low-carbon energy, and strengthen energy security.
Malaysia, as ASEAN chair in 2025, is leading the regional energy agenda with a focus on expanding the APG—seen as crucial for ensuring clean energy supply and addressing climate challenges. Malaysia’s Minister of Energy Transition and Water Transformation (PETRA) said clean energy investment in ASEAN, particularly in Malaysia, is expected to continue rising to accelerate the energy transition and build a globally competitive green ecosystem.
Vietnam’s delegation to the meeting is led by Deputy Minister of Industry and Trade Nguyen Hoang Long, along with representatives from the Ministry of Finance, the State Bank of Vietnam, and relevant departments.
Deputy Minister Long welcomed the progress made in advancing the APG initiative and praised ASEAN’s Secretariat, the ASEAN Centre for Energy, and development partners for their efforts in developing the APGF implementation plan.
He emphasized that the APG is not only a flagship regional initiative but also a key component of the ASEAN Economic Community (AEC) Strategic Plan 2026–2030, which aims to build a “connected community through an expanding network of sustainable infrastructure.”
Vietnam, he said, will continue to study proposals, share information, and explore cooperation opportunities aligned with its national priorities to promote cross-border electricity connectivity.
Long expressed confidence that, with strong commitment and close coordination among ASEAN member states and partners, the APGF would become a key instrument in realizing the APG initiative.
Vietnam’s electricity demand is forecast to grow by 12–13% in 2025 from the previous year, driven by robust industrial production, expanding industrial zones, and export growth. The Government has identified renewable energy expansion as an urgent priority to ensure national energy security.
