The investment is made via a wholly-owned subsidiary, Solarvest (Vietnam) Co., Ltd. The Malaysian group's entry into the Vietnamese market is in line with its commitment to meet the soaring demand for sustainable energy solutions.

Solarvest currently has a sizable project tender book of 100MWp in the nation, proving its commitment to the expansion and development of renewable energy efforts in the region.

Davis Chong Chun Shiong, executive director and group CEO of Solarvest said, “We are delighted with the progress of our overseas expansion efforts, which are well-aligned with our five-year strategic roadmap. Including Vietnam, our overseas project tenders now stand at 620MWp, indicating a strong job pipeline for the group. This expansion positions Solarvest favourably to tap into new streams of overseas income.”

"As part of our strategic expansion plan, we are advancing across the value chain as a comprehensive clean energy developer for our overseas projects," Shiong added.

"Given the focus on solar and wind energy within the Power Development Plan VIII (PDP8), where solar and wind energy are projected to account for approximately 34 per cent and 27 per cent of the 500GW installed capacity respectively, we are actively exploring wind energy projects alongside our ongoing solar ventures in Vietnam."

"Furthermore, we are venturing into innovative sustainable solutions, including battery energy storage systems, to enhance energy supply reliability and efficiency within our projects in the nation. These efforts are aimed at strengthening our foothold in both the domestic and international clean energy markets," the group CEO concluded.

Another Malaysian energy company, Tenaga Nasional Bhd (TNB) is also scaling up energy access through cross-border partnerships with key energy players in Vietnam.

The company has inked strategic partnerships with the major energy players in Vietnam. These MoUs were between TNB Renewables Sdn Bhd and Saigon Gia Dinh Electric JSC, and between TNB Repair and Maintenance Sdn Bhd and North Power Service JSC.

The prospects in Vietnam’s clean energy market are highly promising, with its commitment to transition away from coal as outlined in PDP8. The plan establishes ambitious goals in the country’s energy generation mix, aiming for the installed capacity of renewables to reach 150GW by 2030 and 500GW by 2050.

Consequently, Vietnam’s Ministry of Industry and Trade recently introduced a mechanism to incentivise the development of rooftop solar power systems, with a vision of equipping half of the country’s office and residential buildings with rooftop solar panels by 2030.