Vietnam Electricity Group (EVN) reported a surprise profit of over VND 8.2 trillion (US$315.4 million) in 2024, rebounding from a VND 26.77 trillion (US$1.03 billion) loss in 2023, Dan Tri has reported→view source.
Despite the turnaround, accumulated losses still total more than VND 38.6 trillion (US$1.48 billion).
Key details:
- Revenue: EVN’s 2024 consolidated revenue rose nearly 16 percent year-on-year to VND 580.5 trillion (US$22.33 billion), with electricity sales making up 98 percent.
- Gross profit: Reached VND 49.6 trillion (US$1.91 billion), almost four times higher than 2023.
- Profit after tax: Totalled VND 8.24 trillion (US$317 million); parent company profit stood at VND 7.22 trillion (US$278 million).
- Asset position: Total assets fell to VND 675.87 trillion (US$25.99 billion), with cash and deposits at VND 91.29 trillion (US$3.51 billion).
- Debt: Financial debt stood at VND 369.08 trillion (US$14.19 billion), with over 87 percent in long-term loans and leases.
- Key driver: A 4.8 percent electricity price hike in October 2024 helped offset rising production costs.
- Energy mix: Hydropower contributed just 25 percent of total output; 75 percent came from higher-cost sources including coal, gas, oil, and renewables.
- FX pressure: Fluctuating and rising exchange rates further raised generation costs, which account for 83 percent of EVN’s total electricity production costs.
EVN’s return to profitability underscores the importance of pricing power properly (electricity was being often being sold below cost for several years) in an increasingly costly generation environment.
However, heavy debt, reliance on expensive inputs, and currency volatility remain major structural risks.
See also: Electricity in Vietnam 2025: Pricing, Supply & Sources