ASEAN Ministers Push for Power Grid Initiative: Ensuring Regional Energy Security

(laichau.gov.vn) On August 14, the Consultation Meeting between ASEAN Economic and Finance Ministers and State Bank Governors on the ASEAN Power Grid Finance Initiative (APGF) took place online.

The Vietnamese delegation attending the Conference was led by Deputy Minister of Industry and Trade Nguyen Hoang Long.

Deputy Prime Minister and Minister of Energy and Water Transition of Malaysia, in its role as ASEAN Chair in 2025, chaired the Conference.

The conference was attended by ASEAN Economic Ministers (AEM), ASEAN Energy Ministers (AMEM), Finance Ministers and ASEAN Central Bank Governors (AFMGM) of 10 ASEAN countries and Timor-Leste as an Observer. The Vietnamese delegation to the conference was led by Deputy Minister of Industry and Trade Nguyen Hoang Long, along with representatives of the Ministry of Finance , the State Bank of Vietnam and units under the Ministry (Multilateral Trade Policy Department, Foreign Market Development Department, Electricity Authority).

The conference was held in the context of ASEAN strongly promoting the ASEAN Power Grid (APG) initiative under the ASEAN Energy Cooperation Action Plan being developed for the new period 2026-2030. APG aims to connect the power grids among member countries to improve energy security, diversify supply sources, improve resource efficiency and promote electricity trade in the region. The ASEAN Power Grid Finance (APGF) initiative was launched to provide financial support, creating a solid foundation to realize the set goals.

At the Conference, ASEAN Economic Ministers, Energy Ministers and Central Bank Governors discussed the following contents: strengthening inter-sectoral coordination on the APGF Initiative, reviewing the APGF Implementation Plan presented by the Asian Development Bank (ADB) and the World Bank (WB), exchanging on the potential contribution of each sector in mobilizing capital and promoting regional energy connectivity, and discussing the next steps to mobilize global capital to support the APG Initiative.

The Consultation Meeting between ASEAN Economic Ministers, Finance Ministers, and State Bank Governors on the ASEAN Power Grid Finance Initiative (APGF) took place online.

Based on the reports of the ASEAN Secretariat and relevant agencies, the ASEAN Ministers of Economy, Finance, Energy and Governors of the State Bank of Vietnam took note of the updated information on the APGF Initiative Implementation Plan; and adopted a Joint Press Statement to affirm the role of APG in enhancing economic competitiveness, promoting sustainable industrial growth, connectivity and energy security, contributing to the ASEAN Vision 2045; and at the same time, acknowledging that the APGF initiative will play a fundamental role in mobilizing capital for cross-border power interconnection projects in the region. The Ministers also requested relevant agencies in the ASEAN Economic Community to closely coordinate with ADB and WB in monitoring and implementing APGF.

On the Vietnamese side, Deputy Minister of Industry and Trade Nguyen Hoang Long welcomed the progress made in promoting the APG Initiative, and highly appreciated the coordinated efforts of the ASEAN Secretariat, the ASEAN Energy Center and development partners in developing the APGF Implementation Plan. In particular, ADB is ready to invest up to 10 billion USD over the next 10 years to support the ASEAN Power Grid and the World Bank (WB) has committed to contribute 2.5 billion USD through the “A Phased Approach to Accelerating Sustainable Energy Transition” (ASET-MPA) Program approved in 2024, to promote renewable energy development and electricity trade in the region.

Deputy Minister Nguyen Hoang Long emphasized that APG is not only a typical initiative at the regional level but also a strategic measure in the ASEAN Economic Community (AEC) Strategic Plan 2026-2030 to realize the goal of "A community connected through an increasingly expanding network of sustainable infrastructure". On that basis, Vietnam will continue to study proposals, exchange information and seek cooperation opportunities in accordance with national conditions and development priorities to promote cross-border electricity connectivity. Deputy Minister Nguyen Hoang Long also expressed his belief that with strong commitment and close coordination between ASEAN member countries and partners, APGF will become an important tool to promote the realization of the APG Initiative.

The conference concluded successfully, demonstrating ASEAN's common intention to enhance regional energy connectivity through cross-sectoral cooperation, synchronous policies and innovative financial solutions, towards a sustainable, safe and connected future.

Updated 8/14/2025

Source: https://laichau.gov.vn/tin-tuc-su-kien/chuyen-de/tin-trong-nuoc/cac-bo-truong-asean-cung-thuc-day-sang-kien-luoi-dien-bao-dam-an-ninh-nang-luong-khu-vuc.html