National power utility EVN reports $875 mln loss in 2022
State utility Vietnam Electricity (EVN) has reported a loss of more than VND20.7 trillion ($874.5 million) in 2022, down 33% compared to pre-audit estimates.
According to financial statements audited by Deloitte, EVN's consolidated net revenue in 2022 was more than VND463 trillion ($19.56 billion), up 8% year-on-year. Of this, revenue from electricity sales accounted for more than 98% and the rest from sales of several products and services.

EVN is Vietnam's biggest power generator and monopoly distributor. Photo courtesy of the group.
According to the Ministry of Industry and Trade, as the only buyer in the market to resell to customers, EVN has high input costs but selling prices are regulated by the state. This is the main reason that the utility incurs losses.
The ministry said at a meeting late March that a 9.27% increase in power production costs in 2022 caused EVN to lose more than VND36 trillion ($1.52 billion).
A representative of the Electricity Regulatory Authority said that the price of materials (coal, gas) and an escalating exchange rate were reasons for the increase in the cost of buying electricity.
For example, the price of blended coal increased by more than 34-46% compared to 2021, while that of imported coal rose by 163% compared to the 2021 average.
In power transmission, the production cost was 5.56% higher than in 2021. Furthermore, price compensation for electricity production and business costs in communes and island district not yet connected to the national grid was also recorded at nearly VND400 billion ($16.89 million).
At the end of 2022, EVN's total assets stood at over VND666 trillion ($28.1 billion), down more than 5% compared to the beginning of the year. Of this, more than VND100 trillion ($4.22 billion) was in bank deposits, down more than VND30 trillion ($1.27 billion) compared to the previous year.
In 2022, the group earned more than VND3.7 trillion ($156.28 million) in deposit interest, slightly down from VND4.3 trillion ($181.63 million) in 2021.
EVN said that the maintenance of bank deposit balances of member units due to high demand for repayment of principal and interest during the year required them to maintain a sufficient balance and ensure credit credibility for future loans.
- Read More
Trung Nam Group’s solar power unit reports $5.3 mln in 2024 after-tax profit
Trung Nam Thuan Nam Solar Power Co., Ltd., a subsidiary of Vietnamese private conglomerate Trungnam Group, has announced a strong financial recovery in 2024, with an after-tax profit of VND138 billion ($5.28 million).
Companies - Tue, July 29, 2025 | 1:30 pm GMT+7
Southern Vietnam port operator Phuoc An posts heavy loss as forecast
Dong Nai province-based Petrovietnam Phuoc An Port Investment and Operation JSC (UPCoM: PAP) reported a post-tax loss of over VND125 billion ($4.78 million) in Q2/2025, its highest quarterly loss to date, due to revenue falling short of covering cost of goods sold and financial expenses.
Companies - Tue, July 29, 2025 | 10:37 am GMT+7
Council formed to appraise investment proposals for Cai Mep Ha downstream port complex in HCMC
A state appraisal council will be established to review investment proposals for the Cai Mep Ha downstream port complex project in Ho Chi Minh City, under a decision recently signed by Deputy Prime Minister Tran Hong Ha.
Economy - Tue, July 29, 2025 | 10:12 am GMT+7
Vietnam's pharma major Phytopharma posts 24% decline in Q2 profit
Ho Chi Minh City-headquartered Phytopharma, one of the leading pharmaceutical firms in Vietnam, reported an after-tax profit of VND15 billion ($57,340) in the second quarter of this year, down 24% year-on-year.
Companies - Tue, July 29, 2025 | 9:30 am GMT+7
Vietnam Rubber Group proposes renewable energy investment in central province
The state-controlled Vietnam Rubber Group (VRG) is eyeing opportunities to study renewable energy development on rubber plantation land in the central province of Gia Lai, in line with a new resolution by local authorities.
Companies - Tue, July 29, 2025 | 8:00 am GMT+7
Vietnam's retail giant Mobile World posts record revenue in Q2
Mobile World Investment Corporation (MWG), a leading retailer in Vietnam, delivered its highest-ever quarterly revenue in Q2/2025, rising nearly 10% from a year earlier to over VND37.52 trillion ($1.44 billion).
Companies - Mon, July 28, 2025 | 4:23 pm GMT+7
Techcombank named domestic retail bank of the year by Asian Banking & Finance for 4th consecutive year
Techcombank has been named Domestic Retail Bank of the Year - Vietnam at the Asian Banking & Finance Retail Banking Awards 2025.
Companies - Mon, July 28, 2025 | 3:06 pm GMT+7
Navigating tariff shocks: Vietnam’s path forward through diversification
Market diversification is not a choice but an urgent necessity for Vietnam to safeguard export growth and mitigate risks from global policy and market fluctuations, writes Huong Vu, general director of EY Consulting Vietnam Joint Stock Company and vice chairwoman of Vietnam's Association of Foreign Invested Enterprises (VAFIE).
Consulting - Mon, July 28, 2025 | 2:16 pm GMT+7
UK Jadestone Energy seeks more cooperation with Petrovietnam
UK Jadestone Energy, an independent upstream production and development company focused on the Asia-Pacific region, is eyeing opportunities to further cooperate with Vietnam's state giant Petrovietnam.
Energy - Mon, July 28, 2025 | 10:30 am GMT+7
Malaysia urges strengthening intra-ASEAN trade
Malaysia is focusing on strengthening the ASEAN economic framework by boosting intra-bloc trade to ensure the continuity of the region’s agenda, Malaysian Foreign Minister Datuk Seri Mohamad Hasan said last Thursday.
Southeast Asia - Mon, July 28, 2025 | 10:26 am GMT+7
Vietnam's fertilizer major PVFCCo launches new product using 100% potassium sulphate
Petrovietnam Fertilizer and Chemicals Corporation (PVFCCo or Phu My Fertilizer), has officially introduced its new product to the market: NPK PHU MY 15-15-15+5S+TE SOP, an advanced nutritional solution that contributes to the sustainable development of Vietnam’s agricultural sector.
Companies - Mon, July 28, 2025 | 10:19 am GMT+7
Vietnam insurer MIC earns B++ credit rating, sets sights on becoming regional leading digital insurer
Vietnam’s Military Insurance Corporation (MIC), listed on the Ho Chi Minh Stock Exchnage as MIG, has secured a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb” (Good), both with a stable outlook, from global credit rating agency AM Best.
Finance - Mon, July 28, 2025 | 9:55 am GMT+7
Military Bank leads in CASA ratio, securing spot among Vietnam’s Big 5 lenders
Hanoi-based Military Bank’s (MB) emerged as a banking sector leader in current account savings account (CASA) ratio from mid-2024 to Q1/2025, earning a spot among Vietnam’s Big 5 lenders.
Banking - Mon, July 28, 2025 | 9:44 am GMT+7
HCMC-based Thuduc House returns to profit under new board of directors
Thuduc Housing Development Corporation (Thuduc House) posted nearly VND19 billion ($726,720) in H1 net profit, a sharp turnaround from a loss of more than VND33 billion ($1.26 million) in the same period last year.
Companies - Mon, July 28, 2025 | 9:32 am GMT+7
HCMC institute proposes standardized EV battery recycling center
As part of a roadmap to transition 400,000 vehicles to electric in Ho Chi Minh City, the municipal Institute for Development Studies (HIDS) has proposed building a standardized battery recycling center or plant capable of recovering up to 95% of the valuable metals in EV batteries.
Economy - Mon, July 28, 2025 | 9:00 am GMT+7
AI cannot match human empathy, creativity: fintech company exec
AI automates a range of repetitive office tasks such as data analysis and reporting but cannot have the same emotions and creativity as humans, said Colin Blackwell, chairman of Hyperion Fintech, a Swiss financial technology services company.
Executive Talk - Mon, July 28, 2025 | 8:05 am GMT+7