The Power Sector’s Resilience in Vietnam: Overcoming Challenges with a Focus on Sustainable Growth
The first seven months of 2024 presented significant challenges for the power sector in Vietnam, with rising electricity demands and natural disasters impacting supply. Despite these hurdles, the country’s power production reached 27.7 billion kWh in July 2024, reflecting a 6.9% increase compared to the same period in 2023. The highest daily electricity consumption occurred on July 9, peaking at 964.3 million kWh, with a maximum capacity of 46,298 MW.
According to statistics, the system-wide energy mix from January to July 2024 comprised 13.4% renewable energy, 22.8% hydropower, 53.7% coal-fired power, and 8.2% gas turbine power. However, the input costs for fossil fuels used in thermal power generation, such as natural gas, underwent significant fluctuations. For instance, the average gas price paid by the Phu My Power Plant of EVNGENCO3 rose by 9% in the first seven months, with a peak increase of 20% in May and June compared to the same period in 2023.
Phu My Power Plant, a key contributor to Vietnam’s energy mix.
Amid these challenges, EVNGENCO3, a subsidiary of the Vietnam Electricity Group (EVN), demonstrated its resilience and agility. With a diverse portfolio of power plants, including both thermal and hydropower facilities, EVNGENCO3 achieved impressive production results while also contributing to community-oriented initiatives. The company’s system-wide electricity production reached 179.44 billion kWh, an 11.5% increase compared to the same period in 2023. EVNGENCO3’s cumulative production for the first seven months stood at 15.403 billion kWh, equivalent to 53.57% of the 2024 plan.
By proactively securing fuel supplies for power generation in the final months of 2024 and the dry season of 2025, along with implementing measures to ensure the availability and efficiency of power plants, EVNGENCO3 aims to increase its production in August by 60% compared to July, reaching 2.079 billion kWh. This strategic approach is expected to have a positive impact on the company’s financial performance.
EVNGENCO3’s electricity production revenue has shown consistent growth over time, reaching 1,620 billion VND in July and a cumulative total of 22,808 billion VND for the first seven months, which is equivalent to 57.17% of the annual plan. The company’s subsidiaries, including the Phu My, Vinh Tan, and Mong Duong Power Companies, have made significant contributions to this revenue growth. Maintaining the current growth trajectory, the company is well-positioned to surpass its 2024 revenue target of 39,897 billion VND.
Beyond its focus on power production, EVNGENCO3 has demonstrated a strong sense of social responsibility. Through initiatives such as environmental protection, disaster prevention drills, community support for underprivileged households, and honoring revolutionary contributors, the company has shown its dedication to the well-being of the communities it serves. On the recent War Invalids and Martyrs’ Day, EVNGENCO3 and its subsidiaries organized meaningful activities to express gratitude and remembrance for those who sacrificed for the nation’s revolution.
“Vietnamese Businesses Need to Ramp Up Investments in Russia to Match the Bilateral Relationship’s Potential”
The parliamentary leader encouraged the business community to remain united and law-abiding, adhering to Russian legal standards. He emphasized their role in fostering development within the Russian Federation and their native Vietnam, thus strengthening the bilateral comprehensive strategic partnership between the two nations.
“Devastating Storm Yagi Leaves Businesses in Industrial Parks in Ruins”
Although Typhoon Yagi caused extensive property damage, representatives from several industrial zones in Hai Phong confirmed that there were no casualties.
A Meeting of Great Minds: Prime Minister Pham Minh Chinh and the Lao People’s Revolutionary Party Central Committee’s General Secretary and President
On the afternoon of September 10, at the Government Headquarters, Prime Minister Pham Minh Chinh met with the General Secretary and President of the Lao PDR, Mr. Thongloun Sisoulith. This meeting was held on the occasion of the official state visit to Vietnam by the Lao leader, who was accompanied by a high-level delegation of the Lao People’s Revolutionary Party and Government.
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## Warm Welcome for the Mozambican President by General Secretary and President Tô Lâm
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Upon the invitation of General Secretary and President To Lam and his spouse, the President of the Republic of Mozambique, Filipe Jacinto Nyusi, and his spouse, arrived in Hanoi on September 8 for a three-day official visit to Vietnam.
Petrovietnam Extends Support to Fellow Citizens Affected by Storm Yagi
On September 10, in Hanoi, the Vietnam National Oil and Gas Group (Petrovietnam) launched a donation drive to support the people of the localities affected by the recent Storm No. 3 (Yagi). The drive aims to assist in relief efforts and help the community recover from the storm’s aftermath.
