On 8 December 2017, Prime Minister has signed the decision No 1977/QD-TTg approving the equitization proposal of PetroVietnam Power Corporation ( PV Power) – the Parent company.

The establishment of PV Power marked the diversification of ownership of power supply sources for the country in the process of moving towards a transparent and competitive power market, at the same time turned power generation into one of the five main business sectors of PetroVietnam.