From the very first steps full of difficulties and challenges, the officers and employees of PV Power with passion and aspiration of rising up have worked persistently and creatively to build and develop PetroVietnam Power Corporation (PV Power) to develop sustainably, becoming one of the leading power generation enterprises in Vietnam.
May 17, 2007 is a special day for most leaders, officers and employees of PV Power when one member limited liability company – PetroVietnam Power Corporation was established with the main task of producing and trading electricity, and at the same time participate in the construction of power sources. PV Power aims to become a strong and reputable industrial and commercial corporation in the country and in Southeast Asia. The electricity sector is also identified as one of the five main areas of the Vietnam Oil and Gas Group (Petrovietnam).
PV Power started its journey with an initial charter capital of 7,600 billion VND, with 486 employees. After 2 months, the Corporation had 7 member units with a total of 720 employees. At that time, only Ca Mau 1 Thermal Power Plant came into operation with a capacity of 750 MW. The construction site of Ca Mau 1 and 2 Power Plants was filled with difficulties in those days, PV Power had constantly strived to promote all the creative capacities of a staff collective with unite, highly determination and unification from all levels of leadership to each employee in the unit.
PV Power employees at Nhon Trach 2 Power Plant
The next plants to connect to the national grid are alternately Nhon Trach 1, Nhon Trach 2, and Hua Na and Dakdrinh hydroelectric plants, then Ca Mau 2 power plant, the first thermal power plant Vung Ang 1 made PV Power become one of the GENCOs that have done well in diversifying power sources. All power plants PV Power manages and operates using advanced, modern and environmentally friendly equipment and technology.
During the past 15 years, PV Power’s production and business results have always grown positively, thus basically fulfilling the annual targets and tasks. Financial indicators are absolutely safe, ensuring the goal of preserving and developing capital sustainably.
Prime Minister Pham Minh Chinh and US Secretary of Commerce Gina Raimondo witness the signing ceremony of the agreement between PV Power and General Electric Corporation (GE) in May 2022
PV Power always maintains the operation and stability of power plants, minimizes fire and explosion incidents, environmental incidents, labor accidents, ensures the health of workers, and at the same time builds a professional and safe workplace. Since its establishment, PV Power has reached the milestone of 50 million safe working hours, making an important contribution to the excellent completion of the Corporation’s annual business and production tasks.
By the end of the first quarter of 2022, PV Power’s total accumulated electricity output to the national grid reached over 231 billion kWh; total revenue of the Corporation is estimated at 332 trillion VND; profit before tax is estimated at over 23 trillion VND; contribution to the State budget is estimated at 15.3 trillion VND. The contribution of continuous and stable power sources from PV Power’s power plants has an important meaning in ensuring national energy security, creating a driving force for national economic development and serving life of the people. At the same time, it plays an important role in creating a competitive electricity market in our country.
PV Power for 3 consecutive years achieved “Top 50 best listed companies in Vietnam”
On the way of construction and growth, PV Power has made many marks on the national energy map. PV Power is currently the power producer that owns and manages the most gas-fired power plants among domestic power producers with 4 plants including: Nhon Trach 1, Nhon Trach 2 and Ca Mau 1&2 with a total capacity of 2,700 MW
PV Power is the first unit in Vietnam’s electricity industry to successfully conduct an IPO, earning a surplus of more than VND 2,300 billion for the State budget. Currently, there are more than 16,000 shareholders and POW shares are always attractive to investors, with a large trading volume on the Ho Chi Minh Stock Exchange.
In 15 years of construction and development, PV Power has achieved 50 million safe working hours
The world’s leading credit rating agency Fitch Ratings has announced the first international credit rating for PV Power, at “BB” with a positive outlook. Besides, Fitch Ratings also rated PV Power as a long-term foreign currency issuer with a “BB” rating with a positive outlook. PV Power’s rating of “BB” with a positive outlook is equal to the national rating of Vietnam, on par with large corporations such as Vietnam Oil and Gas Group and Electricity of Vietnam Group. Along with that, PV Power has been in the Top 50 best listed companies for 3 consecutive years voted by Forbes and the top 100 sustainable enterprises in Vietnam voted by the Vietnam Business Council for Sustainable Development.
PV Power is currently a pioneer in the field of electricity and gas
It is also impossible not to mention that, PV Power has made important contributions to the economies of many localities from Ca Mau, Dong Nai, Ha Tinh, Nghe An to Quang Ngai province.
Currently, PV Power is making efforts to promote investment promotion for many new power projects. In particular, developing gas power sources using LNG is being focused. In order to improve competitiveness and sustainable development, PV Power has been actively implementing works to start construction of Nhon Trach 3 and Nhon Trach 4 power plants – the first LNG-using power plants in Vietnam. At the same time, the search for investment opportunities in power projects using LNG is promoted, creating a premise for the solid development of PV Power in the future.
PV Power has also built up a team of professional, enthusiastic, responsible, aspirational employees who dare to think, dare to commit, dare to take responsibility, constantly make efforts to overcome difficulties and contribute strength and wisdom to build and develop PV Power to be as powerful as it is today.
In the new context with many challenges, PV Power will take advantage of opportunities to develop the Corporation to become one of the leading power suppliers in Vietnam. At the same time, PV Power maintains the number one position in the field of gas power, focusing on investment and development of power sources using LNG and renewable energy; in parallel with the development of electrical engineering services, fuel supply services and other services for electricity production and business; continuing to build the Corporation culture imbued with both Oil and Gas culture and PV Power’s identity; improve remuneration regimes and policies for employees in the direction of closely linking wages with productivity and work quality; has the responsibility to share with the social community through social security policies and activities of socio-political organizations.
To do that, PV Power’s important cross-cutting mission is to safely and efficiently operate existing power plants to fulfill the targets and tasks of each year. Furthermore, PV Power continues to promote investment in new power projects, promote the development of renewable energy to fulfill the goal of ensuring national energy security, and contribute to the overall development of the country in line with the consistent strategy and vision: “PV Power – Lights up the future”.
Over the past 15 years, accompanying and developing in the value chain of Petrovietnam, PV Power has become one of the leading power generation corporations in Vietnam, a leading enterprise in the field of electricity and gas. Looking back on the process of building and growing up, PV Power’s employees have the right to be proud, more confident, and try their best to keep the fire of enthusiasm in each heart, continuing to overcome the difficult journey ahead, continue to write the glorious journey!