This strong performance has served to lay a solid foundation for the corporation to further optimise plant operations and reinforce fuel security ahead during the remainder of the year.
On 23 July, PV Power held its mid-year business review conference, co-chaired by Hoang Van Quang, chairman of the Board of Directors, and Le Nhu Linh, president and CEO, to assess operational performance and chart priorities for the remainder of 2026.
An overview of the conference.
The conference reviewed the corporation’s achievements across power generation, maintenance and overhaul, fuel procurement, and investment activities, while also identifying key challenges and strategic measures aimed at maximising performance for the full year.
Impressive power output growth
PV Power navigated a demanding operating environment in the first six months of the year, marked by surging electricity demand, prolonged heatwaves from April onward, and continued volatility in terms of both fuel prices and the power market. Against this backdrop, the organisation managed to put in place a coordinated set of measures spanning corporate governance, production management, fuel security, and the optimisation of power plant operations.
Total electricity generation throughout the six-month period is estimated to stand at 13.034 billion kWh, exceeding the target by 15% and marking an annual rise of 42% from the same period in 2025. Of the figure, Vung Ang 1 Power Plant contributed more than 4.184 billion kWh, equivalent to 123% of the overall plan; Ca Mau 1 & 2 made up 2.734 billion kWh; Nhon Trach 3 & 4 supplied more than 2.6 billion kWh; and Nhon Trach 2 delivered over 2.141 billion kWh. The Hua Na and Dakdrinh hydropower plants also benefited from favourable hydrological conditions, making a meaningful contribution to the corporation’s overall performance.
Nhon Trach 3 & 4 Power Plant entered commercial operation in early 2026 ahead of schedule, adding a vital source of electricity to the national grid during a period of surging power demand.
One of the most significant milestones during the period was the early commercial operation of Nhon Trach 3 & 4, the nation’s first LNG-fired power plant. The project has not only expanded electricity supply at a time of rapidly rising demand, but also marked a pivotal step in PV Power’s transition toward cleaner gas-fired generation.
Alongside maintaining safe and stable plant operations, PV Power closely monitored movements in the electricity market and optimised generation during periods of elevated market prices. In the first half of the year, the average full-market electricity price increased from VND 1,143 per kWh in 2025 to almost VND 1,500 per kWh.
PV Power and its affiliates largely finished all planned maintenance and overhaul work, thereby ensuring high generating-unit availability. The minor overhaul of Ca Mau 1 & 2 Power Plant was completed four days ahead of schedule, while maintenance at the Hua Na and Dakdrinh hydropower plants was carried out in line with operating requirements and hydrological conditions.
Financial indicators significantly outperform targets
The plants’ strong operational performance, coupled with effective market optimisation, served to drive robust growth in PV Power’s financial results.
Total consolidated revenue for the first half of the year is estimated to be at VND 33.52 trillion, equivalent to 129% of the six-month target and 187% of the level recorded a year earlier. The parent company's revenue reached VND27.221 trillion, which is over twice as much as it was during the same period from 2025 and representing 125% of the overall objective.
PV Power’s service subsidiaries, including PV Power Services and PV Power TSC, also expanded their footprint beyond internal maintenance activities by securing technical service, equipment supply and materials contracts for external power projects.
Fuel supply remained a strategic priority throughout this period. In line with this, the corporation secured nearly two million tonnes of coal for Vung Ang 1 and worked closely with PV GAS and PV GAS LNG to safely receive six LNG cargoes totaling approximately 17.15 million MMBTU through the Thi Vai LNG terminal, while arranging additional shipments to ensure uninterrupted fuel supply for its generating assets.
Beyond operational performance, PV Power continued advancing its investment portfolio. It persisted in finishing quality documents, transferring materials, and moving forward with the Nhon Trach 3 & 4 Power Plant Project's final settlement procedure. At the same time, the corporation actively pursued new investment opportunities, laying the groundwork for the next phase of growth and expanding its long-term development footprint.
An overview of the Quynh Lap LNG Thermal Power Plant Project.
The Quynh Lap LNG Thermal Power Plant Project has received its Investment Registration Certificate, with a consortium comprising of PV Power, Nghe An Sugar Company Ltd., and SK Innovation Ltd. designated as the project developer. Meanwhile, the Ha Tinh Provincial People’s Committee has approved the investment policy for the Vung Ang III LNG Power Plant Project and authorised the PV Power, B. Grimm, and LILAMA consortium as the project's investors.
Beyond these developments, PV Power is advancing a broader pipeline of strategic investments, including the expansion of Ca Mau 1 & 2 Power Plant, the Nhon Trach 5 Flexible Power Plant, the Hoa Ninh LNG Power Plant, the Lam Son Pumped-Storage Hydropower Project, as well as a number of power projects in both domestic and international markets.
Prioritising safe operations while expanding future growth
PV Power predicts that a variety of uncertainties will continue to affect its operations in the second half of 2026. It is therefore anticipated that domestic gas supplies will decrease, weather and hydrological conditions will grow more unpredictable, and fuel costs and power dispatch demand will continue to fluctuate significantly.
In light of this, PV Power is targeting electricity generation of more than 10.3 billion kWh ahead in the second half of the year, consolidated revenue of nearly VND 23.932 trillion, and pre-tax profit of VND 1.028 trillion, with the ultimate goal of fully achieving and potentially exceeding its 2026 business plan.
Hoang Van Quang, chairman of PV Power, addresses the conference.
In order to accomplish these goals, PV Power will continue to operate and maintain its power plants under the guiding principles of safety, stability, continuity and reliability, while striving to maintain high equipment availability and optimising generating-unit performance.
A key focus will be negotiating appropriate contracted electricity volumes for each plant, particularly Ca Mau 1 & 2, to balance contracted output with gas offtake obligations and to optimise fuel costs. PV Power is also working with PV GAS on a long-term gas supply strategy for the Ca Mau region beyond 2027, additional gas sources for southwestern Vietnam and LNG supply arrangements for power plants in the country’s southeastern industrial corridor.
For Vung Ang 1 Power Plant, the corporation will concentrate on securing a stable long-term coal supply, accelerating the utilisation of fly ash and bottom ash, and making full preparations for the major overhaul of Unit 1, which is scheduled to begin in mid-September. Scheduled maintenance programmes at Nhon Trach 1, Nhon Trach 3 & 4, Nam Non, and Dakdrinh plants will also be carried out in accordance with strict quality, schedule and safety requirements.
Le Nhu Linh, president and CEO, says PV Power will continue to monitor market developments closely, tighten cost control and accelerate new investment projects despite a challenging operating environment.
Nhu Linh credited the corporation’s leadership and workforce for maintaining safe and efficient operations throughout the first half of the year and delivering a strong set of financial and operational results.
He stressed that, with market conditions expected to remain challenging moving forward into the second half of the year, the group would continue to closely monitor market developments, maintain strict control over costs, cash flow and receivables, thereby ensuring sufficient fuel supply for electricity generation whilst further optimising operational performance. At the same time, PV Power will accelerate the resolution of outstanding issues while prioritising the preparation and implementation of new investment projects.
PV Power will therefore keep growing its investment portfolio in LNG-to-power, renewable energy, hydropower, energy storage, and key energy infrastructure in addition to the objective of completing its annual business plan. Additionally, the corporation will actively seek out investment possibilities, partnerships, and merger-and-acquisition deals involving potential assets in both domestic and foreign markets.
The combination of record first-half performance and decisive execution of its strategic priorities positions PV Power strongly for the remainder of the year. If sustained, then this momentum is likely to reinforce the corporation’s standing as one of the nation’s leading electricity producers while advancing its ambition to become a technologically advanced, efficient, and sustainable provider of green energy.
