Vietnam’s BCG Energy aims for green energy comeback

By Linh Linh, Minh Hue
Tue, July 22, 2025 | 9:54 am GMT+7

BCG Energy JSC (UPCoM: BGE), a subsidiary of Vietnam's multi-sector corporation Bamboo Capital, plans to hold its 2025 AGM on August 14, staying ready for a comeback to the green energy race.

A solar farm developed by BCG Energy in Vietnam. Photo courtesy of the company.

A solar farm developed by BCG Energy in Vietnam. Photo courtesy of the company.

The company announced that it had released its 2024 audited financial statements on Saturday.

Accounting loss – A necessary step toward sustainable restructuring

In late February 2025, major disruptions at Bamboo Capital Group (HoSE: BCG) had a domino effect on its subsidiaries, including BCG Energy. This resulted in a delay in the auditing process and prevented the company from releasing its 2024 audited financial statements on time.

As a consequence, since May 29, 2025, BGE shares have been put under restricted trading status by the Hanoi Stock Exchange (HNX), and the company has been unable to hold its AGM before the June 30 deadline, as required by regulations.

In response, BCG Energy launched a comprehensive restructuring, overhauling its financial structure, reassessing investment priorities, and enhancing operational efficiency.

The company also worked closely with a new auditing firm to finalize the 2024 audited financials, which were officially published on July 19.

According to the audited report, BCG Energy recorded a post-tax loss of VND766 billion ($29.3 million) in 2024, compared to a VND394 billion ($15.06 million) profit in the unaudited version.

This difference was mainly due to substantial provisions made under a highly conservative approach, especially for investments, receivables, and related-party transactions.

Additionally, profits from joint ventures were not recognized, as cash had not yet been received at the time the report was prepared.

On the stock market, it's not uncommon for audit firms to apply strict and cautious standards that lead to large provisions and exclude unrealized income, causing financial reports to shift from profit to loss.

Despite this, BCG Energy still holds high-quality assets, including cash-generating solar power projects in operation and a sizable renewable energy project pipeline under Vietnam’s Power Development Plan VIII.

Although the company reported a net loss, its operational metrics remained positive. Consolidated net revenue in 2024 reached VND1,278 billion ($48.86 million), up 13.5% year-on-year, thanks to the stable performance of its solar power plants and the expansion of its industrial rooftop solar business.

Its debt-to-equity ratio remained low at 1.05 times, while its quick and current ratios stood at 2.28, reflecting strong liquidity.

Preparing for 2025 AGM: Aiming for a strong comeback

Alongside the release of its audited financials, BCG Energy plans to hold its 2025 AGM on August 14, a key milestone in the company's ongoing restructuring and recovery journey.

At this upcoming AGM, new board members with extensive experience in finance and banking are expected to be introduced. Their participation is anticipated to revitalize the company’s governance approach, enhance professionalism, and lay a solid foundation for executing large-scale projects in the near future.

With over 600 MW of operational capacity, nearly 300 MW under development, and a robust pipeline under PDP VIII, BCG Energy has a strong foundation to capitalize on the new growth cycle in renewable energy.

Recent government policies supporting sustainable and green energy projects are expected to further accelerate investment efficiency and revenue generation.

At the same time, it is actively restructuring its finances and personnel, aiming to divest or transfer underperforming investments to strategic partners, thereby freeing up resources to focus on core growth strategies.

The release of the 2024 audited financial statements and the upcoming AGM are crucial steps toward having BGE shares removed from restricted trading, restoring market liquidity, and rebuilding shareholder and investor confidence.

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