The rating is comparable to the country's own credit rating and to that of other powerful groups such as the Vietnam National Oil and Gas Group (PetroVietnam) and Vietnam Electricity (EVN). This is the best ranking a Vietnamese company can receive.
PV Power is currently the nation’s second-largest electricity producer and the market leader for gas power. Additionally, it benefits from diversified fuel sources, long-term power-purchase agreements (PPAs) with EVN (EVN, BB/Positive) and a strong financial profile.
For the third consecutive year, PV Power has received the esteemed rating of BB+ given by Fitch Ratings. The assessment highlights PV Power's effective business operations, robust financial standing, and promising future prospects, thereby laying a solid groundwork for the company to guarantee its financial and operational viability and foster trust among shareholders, investors, lenders, and other strategic partners. This ranking is especially important given the challenges that PV Power and the Vietnamese power industry as a whole are currently experiencing. Additionally, it significantly aids the firm in terms of collecting capital and attracting the interest of global credit organisations.
The Nhon Trach 3 and 4 Power Plant Projects, along with the Quang Ninh Liquefied Natural Gas (LNG) Power Plant Project, are only a few of the large capital-intensive projects in which PV Power is now investing. The capital sources for these projects may be mobilised from both domestic and foreign companies, the export credit agency (ECA), and foreign trade loans with competitive terms and interest rates. Earning a BB+ grade from Fitch Ratings is a plus for PV Power for the loan evaluation process of international credit organisations given the current absence of non-government guaranteed foreign loans.
By the end of the first quarter, PV Power’s total electricity output stood at an estimated at 4,003 million kWh, up 16% in comparison to its plan, meaning that all power plants are producing more than is anticipated. In terms of the financial situation, the first quarter's overall revenue increased and prospered when compared to the same time from the previous year. More specifically, it reported sales of VND7.913 trillion, a figure which is 110% more than the same period from last year and up 20% from the quarterly goal. This year, PV Power is working closely alongside EVN to tackle the challenge of a power deficit during the dry season and to do everything possible to secure national energy security, thereby satisfying the needs of the country's economic development, and serving the lives of local citizens.
