For 2025, EVNGENCO3 aims for a total revenue of nearly VND 42.4 trillion for the parent company, a 7% increase from the previous year. The profit plan is to reach VND 512 billion (excluding exchange rate revaluation differences), a 4.7% increase compared to the profit excluding exchange rate differences from the previous year. The planned electricity output is over 25.4 billion kWh, an 8.6% increase. The expected dividend for 2025 is a minimum of 5%.
In the first quarter of 2025, PGV achieved consolidated revenue of VND 10.6 trillion, a 10% increase compared to the same period last year; net profit of over VND 96 billion, a strong recovery from a loss of VND 655 billion in the same period.
 2025 General Meeting of Shareholders of PGV
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At the General Meeting of Shareholders, PGV announced its estimated results for the first five months of the year. Accordingly, revenue reached nearly VND 18.8 trillion, accounting for 44% of the yearly plan; profit (excluding exchange rate revaluation differences) reached VND 470 billion, fulfilling nearly 77% of the plan.
For the entire second quarter, General Director Le Van Danh revealed an estimated profit of about VND 280 billion. However, expenses are expected to increase in the last seven months of 2025 due to the implementation of major repair projects (overhaul at Mong Duong 1 Thermal Power Plant in August-September; overhaul at Phu My Thermal Power Plant in November-December 2025).
The plan is set against the backdrop of ongoing geo-political conflicts (Russia-Ukraine and other countries) and high inflation in some countries in 2025. In Vietnam, the GDP growth target is a minimum of 8%. The electricity industry is expected to see a load growth of about 12%. However, in the first five months of 2025, the actual load growth was very low, only reaching 2.8%.
The low load growth, favorable hydrology for hydropower generation, and a significant decline in domestic gas supply in the Southeast region compared to previous years have resulted in lower-than-planned gas-fired power output in the first five months. Additionally, low CAN prices (along with low SMP) make it challenging to recover fixed revenues for PGV’s coal-fired power plants.
Regarding the electricity market regulations, the Alpha coefficient for thermal power has been relaxed from 70% (2024) to 80%, while that for hydropower remains at 98%. The calculation of Qc has also been relaxed for coal-fired and gas-fired power plants (calculated quarterly and semi-annually, respectively). This creates more favorable conditions for market participation.
Significant investment in capacity enhancement
In terms of capital plans, the meeting approved an amount of nearly VND 5.6 trillion, including more than VND 5.3 trillion for debt principal repayment and over VND 278 billion for net investment.
Notably, from 2026 to 2030, PGV will require significant resources to invest in and cooperate in investing in projects with a total capacity of 6,455 MW. The projects, including solar power, wind power, LNG power, flexible power, and offshore wind power, have been included in the 8th Power Plan revision.
Therefore, the company plans to issue an additional 170 million shares to raise VND 4,200 billion in the coming time.
Chairman of the Board of Directors Dinh Quoc Lam and General Director Le Van Danh
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To achieve its goals, PGV has proposed several solutions. In terms of power generation, PGV will closely coordinate with PV GAS to prioritize the maximum allocation of domestic gas for power generation and receive re-gasified LNG according to signed contracts. The company will also implement plans to purchase re-gasified LNG for the 2025-2026 period and the long term to ensure fuel supply and increase electricity production at Phu My Power Plants, meeting the rising load demands of the power system.
For coal-fired power plants, the company will prioritize coal delivery from suppliers according to signed contracts, closely monitor power supply situations, and flexibly adjust delivery plans to match the dispatch of the plants, ensuring sufficient coal for power generation and minimum inventory as per regulations. General Director Le Van Danh updated that PGV has signed coal supply contracts for two coal-fired power plants, Vinh Tan 2 and Mong Duong 1, for 4.2 million tons and 3.45 million tons, respectively.
Regarding construction investment, General Director Le Van Danh presented a relatively long-term plan. The company aims to complete the final settlement for several projects in 2025, including Thai Binh Thermal Power Plant, Vinh Tan 4, and Vinh Tan 4 Expansion; and the project to expand the coal yard roof at Vinh Tan 2 Thermal Power Plant (Phase 2).
For the Central Coal Import Port project in Vinh Tan Power Center, the company will submit to competent authorities and follow the directions of the major shareholder EVN to implement construction and dredging for 100,000 DWT ships after Binh Thuan province approves the adjustment of the Hon Cau conservation area and hands over the sea area.
Additionally, PGV listed 16 power projects with a total capacity of nearly 6,460 MW to be implemented from 2027 to 2031. The largest projects are the Ninh Binh Flexible Power Plant (1,200 MW) and the Long Son LNG Power Plant (1,500 MW), expected to be operational in 2030 and 2030-2031, respectively.
Notably, PGV will add some new business lines, including non-hazardous waste treatment and recycling to serve the treatment and consumption of ash and slag at Vinh Tan 2 Thermal Power Plant. According to General Director PGV, this line has been operational, with a treatment capacity of 500,000 m3/year.
Moreover, the company will expand into Commodity and Securities Brokerage and Management Consulting to act as brokers, consultants, and managers for direct power purchase and sale contracts (DPPA) in renewable energy projects.
Plan for exchange rate difference backup
One of the issues that shareholders were concerned about at the meeting was the settlement of exchange rate differences. As of the end of 2024, the unsettled exchange rate difference amounted to nearly VND 5.4 trillion, including the remaining amount from 2019.
According to Deputy General Director Nguyen Thi Thanh Huong, the settlement complies with Circular 07/2024 and Circular 12/2025 of the Ministry of Industry and Trade. PGV has calculated and reported to EVN annually, and “hopes that EVN will soon pay a part” – quoted from Ms. Huong.
Ms. Huong stated that PGV‘s goal for 2025 is to make up for the exchange rate difference loss, and they have proposed specific solutions, including stable power plant operation, effective bidding in the electricity market, cost optimization, and considering increasing dividend collection from subsidiaries/associated companies by the end of the year.
Meanwhile, EVN’s representative explained that the settlement of exchange rate differences follows state regulations and is not EVN’s separate policy. EVN also wants to make payments, but this depends on including the difference in the annual retail electricity price plan. In 2022-2023, EVN made losses and could not include it in the electricity price; there was a slight profit in 2024.
Therefore, the first and second quarters of 2025 price plans did not include this item. However, if the third and fourth-quarter price plans are balanced and the Ministry of Industry and Trade agrees, the exchange rate difference will be paid equally to all power plants.
The General Meeting of Shareholders approved the resignation of Mr. Nguyen Minh Khoa, a non-executive member of the Board of Directors for the 2023-2028 term, and Ms. Vu Hai Ngoc, a non-executive member of the Supervisory Board.
The newly elected members are Mr. Ho Anh Tuan – Head of EVN’s Planning Board, as a non-executive member of the Board of Directors; and Mr. Nguyen Van Dong, a specialist at EVN’s Inspection and Supervision Board, as a non-executive member of the Supervisory Board.
The 2025 General Meeting of Shareholders of PGV concluded with all proposals being approved.
– 14:06 10/06/2025
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