At the ceremony, PV Power received the Second-class Labour Order from Vice President of Viet Nam Vo Thi Anh Xuan for its contribution to the country’s economic development. — VNS Photo Mai Huong
The Petrovietnam Power Corporation (PV Power) yesterday celebrated 15 years since its establishment, confirming its position as a leading electricity producer in Viet Nam.
Speaking at the ceremony, Minister of Industry and Trade Nguyen Hong Dien said PV Power had risen steadily to become the second-largest power supplier in Viet Nam, after Viet Nam Electricity (EVN) and the biggest gas-electricity producer, confirming its important position in Viet Nam’s energy map.
The company has produced more than 240 billion kWh of electricity in the past 15 years, contributing to ensuring national energy security and the country’s economic development, Dien said.
The firm earned more than VND350 trillion (US$14.8 billion) in revenue, with profits of over VND25 trillion during the period. In addition, it has paid more than VND16 trillion to the State budget.
The firm has operated seven power plants with a total capacity of 4,209 MW. Its total assets increased 12-fold to VND56.5 trillion ($2.36 billion) from only VND4.78 trillion in 2007 when it was established, with the owner’s equity exceeding VND32 trillion.
Minister Dien said the power industry is facing significant challenges in the new era when it must both ensure energy supply for the fast-growing economy and transform to more eco-friendly products to help realise Viet Nam’s COP26 commitments.
He asked PV Power to take advantage of gas-fuelled power to continue the development of LNG power projects, including Nhon Trach 3 and 4, which have combined designed capacity of 1,600MW using the state-of-the-art technologies, along with Quang Ninh LNG with an expected capacity of 1,500MW. Besides, PV Power needs to apply advanced technology to switch to less-carbon energy production while expanding investment in renewable energy projects.
PV Power’s General Director Le Nhu Linh confirmed the firm would focus on transitioning to green energy and environmental protection.
By 2035, the firm’s total capacity is expected to reach 5,760-9,560MW, supplying 30-47 billion kWh to the market each year, with a growth rate of 3-4 per cent annually.
The first unit to make IPO
PV Power was also the first unit in the electricity sector to conduct an IPO in Viet Nam successfully.
The stock code POW has continuously led in liquidity among power trading companies on the Ho Chi Minh Stock Exchange. The share has been in the Top 50 Best Listed Companies for three consecutive years by Forbes magazine, and the credit rating ranked BB with a positive outlook by Fitch Ratings for the past two years.
At the ceremony, PV Power received the Second-class Labour Order from Vice President of Viet Nam Vo Thi Anh Xuan for its contribution to the country’s economic development. — VNS