EVN returns to profit in 2025, narrowing accumulated losses from 2022–23

EVN returns to profit in 2025, narrowing accumulated losses from 2022–23

EVN's production and business operations in 2025 generated profits above the level assigned by the Ministry of Finance, contributing to a reduction in the accumulated operating losses from the 2022–23 period.

EVN's year-end review conference on Monday. — Photo courtesy of EVN

Việt Nam Electricity (EVN) reported a profitable year in 2025, beating the earnings target set by the Ministry of Finance and helping to narrow accumulated losses from 2022–23, as the power group sustained supply amid rising demand and volatile conditions.

The results were announced at EVN’s year-end review conference on Monday.

According to EVN, consolidated revenue in 2025 is estimated at VNĐ645.2 trillion, about US$26.3 billion, up 10.3 per cent year on year. Revenue at the parent company reached VNĐ543.8 trillion, an increase of 11.8 per cent compared with 2024.

The group’s equity is estimated at about VNĐ245 trillion, equivalent to 121.7 per cent of the 2024 level, while total contributions to the State budget this year are expected to reach VNĐ26.3 trillion.

EVN said production and business operations in 2025 generated profits above the level assigned by the Ministry of Finance, contributing to a reduction in accumulated operating losses from the 2022–23 period.

Operational reliability also improved. Power plants operated by EVN and its generation corporations recorded 102 incidents in 2025, down 37 per cent from a year earlier. The power grid managed by EVN logged 281 incidents, a fall of 54 cases or 16 per cent compared with 2024.

Speaking at the conference, EVN General Director Nguyễn Anh Tuấn said that despite significant challenges, the group maintained a stable electricity supply throughout the year amid rising demand and increasingly volatile operating conditions.

EVN's year-end review conference on Monday. — Photo courtesy of EVN

By the end of 2025, the total installed capacity of the national power system, excluding imported electricity, reached about 87,600MW, an increase of roughly 6,400MW from 2024. This makes Việt Nam’s power system the second largest in ASEAN by installed capacity. 

“In a context of strong demand growth and complex operating conditions, EVN responded flexibly,” Tuấn said. “The group’s steering committee for electricity supply security worked closely with the National Power System and Market Operator (NSMO) to synchronously deploy solutions, regulate reservoirs in a balanced manner and strengthen supply for the system.”

Investment in power sources and grids remained a central focus in 2025. EVN and its subsidiaries concentrated resources on major generation and transmission projects in line with directions from the Government and the Prime Minister.

Several large-scale and strategically important projects were brought into operation, including the expanded Hòa Bình Hydropower Plant, the 500kV Lào Cai–Vĩnh Yên transmission line, power supply lines and underground cables for Côn Đảo, the expanded Ialy Hydropower Plant, Quảng Trạch I Thermal Power Plant, the expanded Trị An Hydropower Plant, the Bắc Ái pumped-storage hydropower project and the Phước Thái 2 and 3 solar power plants.

During the 2021–25 period, EVN completed 222 of 225 500kV and 220kV transmission projects, with a total length of nearly 10,000 kilometres and a combined transformer capacity of about 63,000MVA. These included key backbone projects such as the Quảng Trạch–Phố Nối 500kV line, completed in 2024, and the Lào Cai–Vĩnh Yên 500kV line, completed in 2025 in record time, significantly strengthening transmission capacity to northern provinces.

Addressing the conference, Acting Minister of Industry and Trade Lê Mạnh Hùng acknowledged EVN’s progress in corporate governance and financial performance, noting that the group has gradually returned to profitability and begun to address accumulated losses from previous years.

“This is a very significant achievement that has been recognised by society, even though many of the causes of past losses were beyond EVN’s control,” he said, while stressing the need for continued improvements in financial reporting and governance to fully eliminate accumulated losses.

In 2026, EVN aims to ensure a secure electricity supply, complete commercial operation of the Quảng Trạch I Thermal Power Plant, begin construction of 11 power generation projects and complete about 300 grid projects at the 110–220–500kV levels. The group also targets maintaining profitability, balancing its finances, streamlining its organisational structure, improving customer service quality and accelerating digital transformation. 

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