At the meeting, Tengku Muhammad Taufik congratulated Le Manh Hung on his appointment as Vietnam’s Minister of Industry and Trade, while expressing confidence that cooperation between Vietnam and Malaysia in general, and energy cooperation between Petronas and its Vietnamese partners in particular, would continue to be strengthened and expanded in the coming period.
Minister of Industry and Trade Le Manh Hung
He highly valued the long-standing and effective cooperation between Petronas and the Vietnam National Industry – Energy Group (Petrovietnam), noting that the partnership has made positive contributions to energy security and economic development in both countries.
The Petronas President highlighted that the regional and global geopolitical landscape remains complex and could continue through 2027, resulting in persistently high and rising energy costs. In this context, Petronas believes Vietnam and Malaysia should further enhance cooperation in the energy sector to ensure energy security, promote sustainable development, and improve resilience against fluctuations in international energy markets.
During the talks, the Petronas President also recalled the Memorandum of Understanding (MoU) on energy cooperation signed between Petronas and Petrovietnam in 2023, describing it as an important foundation for bilateral cooperation in recent years. Building on the positive outcomes achieved so far, Petronas will coordinate with Petrovietnam to study the possibility of upgrading the current cooperation framework into a more comprehensive strategic energy partnership agreement, thereby facilitating long-term energy cooperation projects between the two countries.
Overview of the working session.
Discussing regional cooperation trends, the Petronas President underscored the growing importance of energy connectivity within ASEAN, particularly as ASEAN member states have reached consensus on advancing the ASEAN Power Grid initiative to strengthen regional infrastructure interconnection and energy security. According to Tengku Muhammad Taufik, each ASEAN country possesses distinct strengths in the energy sector. Vietnam, for example, has considerable potential in refining and petrochemicals, renewable energy, and offshore wind power, while Malaysia has strong capabilities in oil and gas, LNG, and diesel fuel production. Rather than seeking cooperation mechanisms outside the region, ASEAN countries should deepen intra-regional cooperation and leverage their complementary advantages to build stable, sustainable, and more resilient regional energy supply chains capable of withstanding global disruptions.
The Malaysian side affirmed its readiness to strengthen cooperation with Vietnam in information sharing, exchange of management experience, as well as training and improving the quality of technical human resources in the energy sector.
Tengku Muhammad Taufik, President and Group CEO of Petronas.
Minister Le Manh Hung highly appreciated Petronas’ role and expertise in oil and gas, LNG, and new energy sectors, while reaffirming that Vietnam’s Ministry of Industry and Trade consistently supports and facilitates energy cooperation activities between enterprises of the two countries on the basis of harmonized interests, in line with legal regulations and Vietnam’s energy development orientations.
Regarding the Vietnam – Malaysia – Singapore (VMS) offshore wind power cooperation project, Minister Le Manh Hung welcomed initiatives aimed at promoting regional energy connectivity and energy transition cooperation within ASEAN. The Minister stated that Vietnam stands ready to consider and select the most effective and feasible cooperation model based on economic efficiency, energy security requirements, compatibility with the national power development plan, and balanced interests among participating parties.
The Minister also emphasized that energy cooperation continues to serve as one of the key pillars of the Vietnam-Malaysia Comprehensive Strategic Partnership, while encouraging Petronas to expand its investment and deepen participation in new energy projects in Vietnam, thereby contributing to regional energy connectivity and stronger economic cooperation between the two countries amid the ongoing energy transition.
At the conclusion of the meeting, both sides reaffirmed their commitment to maintaining close coordination in order to further sustain and expand Vietnam-Malaysia energy cooperation, thereby contributing positively to energy security, regional connectivity, and ASEAN’s sustainable development goals in the years ahead.
