At its 2026 Annual General Meeting of Shareholders on May 20, PetroVietnam Power Corporation (PV Power), a subsidiary of the Vietnam National Industry-Energy Group (Petrovietnam), approved a number of important resolutions pertaining to its business performance in 2025, as well as its strategic directions for the year ahead.
PV Power managed to maintain both a robust and resilient commercial performance, despite operating in an energy market increasingly rocked by geopolitical tensions, dwindling domestic gas supplies, skyrocketing input fuel prices, and unfavourable developments in the competitive power market.
Photo: PV Power’s 2026 Annual General Meeting of Shareholders.
According to the report given at the meeting, the corporation produced 18.6 billion kWh of electricity in 2025, up 16% from 2024. Total revenue stood at VND35.364 trillion, while pre-tax profit climbed to VND3.234 trillion, more than 2.3 times higher compared to the previous year. This achievement also marked the seventh consecutive year that PV Power has managed to exceed the profit targets assigned by the General Meeting of Shareholders.
Photo: PV Power Chairman Hoang Van Quang addresses the meeting.
PV Power officially brought the Nhon Trach 3 and Nhon Trach 4 power plants, the country’s first LNG-to-power project, into commercial operation over the past years. Nhon Trach 3 commenced commercial operations on November 21, 2025, followed by Nhon Trach 4 on December 17, 2025. This is seen as a particularly important turning point as it has opened up new horizons for the corporation in its energy transition strategy and the development of LNG-fueled power generation.
Photo: PV Power President & CEO Le Nhu Linh presents the corporation’s 2025 business performance and 2026 development targets.
For 2026, PV Power has set ambitious targets of generating 21.615 billion kWh of electricity, achieving total revenue of VND49.887 trillion, recording pre-tax profit of VND1.328 trillion, and contributing VND899 billion to the state budget. In the first quarter alone, it reported VND12.327 trillion in sales and VND1.3 trillion in after-tax profit, which represents an astounding rise of 51% and 175% over the same period last year.
Photo: The Presidium of the General Meeting.
In order to accomplish these objectives, PV Power has determined that improving corporate governance capacity and streamlining operations throughout its current power plants are strategic priorities, with a specific focus on optimising the efficiency of the Nhon Trach 3 and Nhon Trach 4 power complex after their commercial commissioning. Simultaneously, it will keep researching and advancing new power projects, including the Lam Son pumped-storage hydropower plant, the Nam Sum 3 hydropower plant in Laos, and a range of LNG power developments.
For gas-fired power plants such as Ca Mau 1 & 2, along with Nhon Trach 1 and Nhon Trach 2, the corporation will further implement technical solutions and optimise electricity market bidding strategies as it strives to improve dispatch efficiency, while also addressing challenges related to gas supply and fuel costs.
Photo: Delegates cast their votes at the General Meeting.
PV Power will therefore continue to step up maintenance and overhaul work for the Vung Ang 1 Thermal Power Plant while proactively securing coal supply for production. This includes plans to expand coal sourcing from Laos in a bid to enhance operational efficiency and strengthen competitiveness in the electricity market.
In the meantime, hydroelectric facilities, including Hua Na, Dakdrinh, and Nam Non, are being instructed to increase operational availability whilst maximising output in accordance with market dynamics and hydrological conditions.
Photo: Shareholders vote on resolutions at the General Meeting.
Alongside its core production and business activities, PV Power continues to accelerate corporate restructuring efforts, enhance governance efficiency, and advance its long-term development strategy through the study of new power generation projects, LNG developments, and the pursuit of M&A opportunities within the energy sector.
PV Power projects that its entire investment capital demand this year will reach VND1.739 trillion, with the goal of maintaining steady development while optimising shareholder value through ongoing investment expansion. Of this figure, VND662 billion will be specifically allocated to basic construction, equipment procurement, and fixed assets, while an additional VND1.077 trillion is expected to be contributed as capital to member units.
Based on this, the leadership of PV Power suggested maintaining the policy of not paying cash dividends for 2025 in favour of allocating funds to long-term growth drivers and strategic investments. In parallel, the corporation is expected to prioritise stock dividends as part of its shareholder return policy, a move aimed at reinforcing financial capacity while laying deeper foundations for its next phase of expansion amid an increasingly competitive energy landscape.
Photo: PV Power leaders congratulate newly elected personnel.
At the General Meeting, shareholders also approved the relocation of PV Power’s headquarters to the PV Power Building at 199 Nguyen Tuan Street, Thanh Xuan Ward, Hanoi. Furthermore, the corporation included the generation of industrial gases for power plant operation to its recognised business lines.
In terms of personnel, the General Meeting authorised Ngo Hoang Yen to remain a member of PV Power's Board of Directors through to July 31. Simultaneously, Phan Anh Minh was announced as a new member of the Board of Directors, effective as of August 1 for the 2026 to 2031 period. The meeting also ratified the election of Do Thi Minh Hong as a member of PV Power’s Supervisory Board for the 2026 to 2031 tenure.
With a number of notable honours in 2025, such as being included in Forbes Vietnam's Top 50 Best Listed Companies, being named among Vietnam's Top 100 Sustainable Enterprises for the sixth year in a row, and being acknowledged among businesses with exceptional annual reports, PV Power has been able to further solidify its position in the market.
Beyond the figures and honours, these achievements reflect PV Power’s enduring pursuit of sustainable growth — a journey which is shaped not only by operational resilience and strategic vision, but also by its determination to illuminate Vietnam’s energy future amid the sweeping tides of transition and transformation.
