“EVN and EVNGENCO2 Audit: Re-evaluating Vietnam’s Hydropower Assets”

According to the State Audit Portal, on September 9, the State Audit Office of Vietnam (SAV) coordinated with the Vietnam Electricity Group (EVN) and Power Generation Corporation 2 (EVNGENCO2) to organize a conference on audit deployment.

The audit team will audit the results of the revaluation of fixed assets of the three Hoa Binh, Tri An, and Ialy Hydropower Plants and the equitization settlement value of state capital at the time of the official transformation into a joint-stock company of the parent company – Power Generation Corporation 2 within 53 days from the announcement of the Audit Decision (from September 4, 2025).

The audited units include: EVN parent company; EVNGENCO2 Office; EVNGENCO2 branches: Can Tho Thermal Power Company, Song Bung Hydropower Company, An Khe – KaNak Hydropower Company, Quang Tri Hydropower Company, Trung Son Hydropower One-Member Limited Liability Company.

The audit aims to verify the truthfulness and reasonableness of the financial statements and reports on the settlement of state capital value at the time of the official transformation into a joint-stock company; evaluate the compliance with laws on the settlement of state capital value at the time of the official transformation into a joint-stock company of EVNGENCO2 and the revaluation of fixed assets of the three Hoa Binh, Tri An, and Ialy Hydropower Plants; timely detect acts of corruption, wastefulness, and violations and clearly define the responsibilities of collectives and individuals for handling in accordance with the law.

The audit content includes: Financial statements and reports on the settlement of state capital value at the time of the official transformation into a joint-stock company; compliance with laws on equitization and financial handling during equitization from the time of enterprise valuation to the time of official transformation into a joint-stock company of EVNGENCO2 parent company. Audit compliance with laws in the revaluation of fixed assets of the three Hoa Binh, Tri An, and Ialy Hydropower Plants.

The scope of the audit of the revaluation results of fixed assets of the three Hoa Binh, Tri An, and Ialy Hydropower Plants: as of 0:00 on July 1, 2021; auditing the settlement value of state capital at the time of the official transformation into a joint-stock company: from the time of enterprise valuation to the time of official transformation. into a joint-stock company (from January 1, 2019, to 0:00 on July 1, 2021) and related previous and subsequent periods.

Directing the conference, Deputy Auditor General Doan Anh Tho emphasized that this is an important audit, conducted at the request of the Government to revalue the assets and state capital of hydropower plants, thereby providing a basis for investing in power development projects to restructure finances and improve the efficiency of EVN’s operations.

Deputy Auditor General Doan Anh Tho requested that the audit team comply with the provisions of the law, the Law on State Audit, the State Audit Standards, and the objectives, contents, and scope of the audit; organize the audit and issue audit reports within the prescribed time frame. She also requested the audited units to closely coordinate and provide full and timely information, documents, and explanations related to the audit to ensure the success of the audit.