Deputy Prime Minister Pham Gia Tuc Meets with Vietnam Electricity

Politburo Member and Deputy Prime Minister Pham Gia Tuc works with Vietnam Electricity (EVN) on September 15, 2026.

At the meeting, Deputy Prime Minister Pham Gia Tuc spoke highly of the power sector’s contributions over the past 72 years to socio-economic development, national defense and security, and improvements in people’s living standards. He also recognized the contributions of EVN and more than 97,000 officials, employees and workers across the power sector.

Against the backdrop of Viet Nam pursuing high economic growth, with science and technology, innovation and digital transformation serving as key drivers, the Deputy Prime Minister emphasized the increasingly important role of the power sector. The development of data centers, high-tech industries and new manufacturing sectors requires a stable, reliable and safe power supply at reasonable costs, with the flexibility to respond quickly to rising demand. At the same time, ensuring energy security is becoming increasingly important amid a complex international environment.

For the 2026–2030 period, Viet Nam aims to maintain double-digit GDP growth, which is expected to drive continued growth in electricity demand. EVN and other state-owned enterprises are expected to maintain their core role while effectively mobilizing resources from other economic sectors for power system development.

Regarding EVN’s restructuring, the Deputy Prime Minister said that this should go beyond simply streamlining the organizational structure. It should be linked to building a stronger group, mastering science and technology, enhancing competitiveness and making a greater contribution to energy development and economic growth. EVN aims to become one of the three Vietnamese enterprises included in the Fortune Global 500 by 2030.

EVN’s Performance in the First Eight Months of 2026

• Total electricity generation and imports reached 235.82 billion kWh, up 9.3% year on year, while electricity sales reached 210.4 billion kWh, up 9.8%. Electricity demand increased by 12% in May and 14.53% in June, with demand in northern Viet Nam rising by 14.7% and 17.5%, respectively.

• EVN’s economic and technical indicators for power supply reliability and power losses remained among the top four in ASEAN.

• The Group’s investment value was estimated at VND 76.82 trillion, equivalent to 62.2% of the annual plan, while disbursement reached VND 69.535 trillion, or 56.3% of the plan. EVN commenced construction of 118 110–500 kV grid projects and energized 116 projects.

• Several major power generation projects continued to move forward. The Quang Trach 1 Thermal Power Plant is expected to be completed in 2026; the Quang Trach 2 LNG Power Project has signed its EPC contract and is scheduled for completion in 2030; while the Quang Trach 3 LNG Power Project is completing procedures and aims to start construction in early 2027.

• As of June 30, 2026, EVN had fully cleared its accumulated losses from previous years. During the first eight months, the Group generated revenue of VND 482.042 trillion, an estimated profit of VND 12.215 trillion, and contributed approximately VND 17.16 trillion to the state budget.

EVN Chairman of the Board of Members Dang Hoang An delivers a report at the meeting.

Plans for the Remainder of 2026

EVN aims to ensure adequate power supply under all circumstances, with electricity demand in the final four months of the year forecast to increase by approximately 10.5–12%. The Group plans to complete its 2026 investment program with total capital of VND 123.56 trillion, prioritize completion and power generation at the Quang Trach 1 Thermal Power Plant, and accelerate power generation and grid projects under the revised Power Development Plan VIII.

EVN will also strengthen inter-regional and inter-area transmission capacity and power import connections; develop smart and digital grids; enhance real-time monitoring and control; and improve the integration of renewable energy sources. For the full year, EVN targets profit of more than VND 13.5 trillion and state budget contributions of more than VND 26.3 trillion.

Challenges and Restructuring Orientation

According to EVN, a major challenge is rapidly rising electricity demand while power generation development remains uneven. Under the revised Power Development Plan VIII, the power system needs to add approximately 93,000 MW of generation capacity by 2030. EVN has been assigned to develop and complete around 6,066 MW of generation capacity and approximately 1,700 MW of energy storage capacity. Gas-fired and offshore wind power projects require substantial capital and have long payback periods, creating a need for appropriate mechanisms to facilitate financing and investment.

There is also a gap between the development schedules of power generation and transmission infrastructure. Some wind and solar power projects can be developed relatively quickly, while 220–500 kV transmission projects require more time for investment procedures, site clearance and construction. Accelerating grid development is therefore necessary to ensure synchronization with generation capacity.

EVN has proactively streamlined its organizational structure and reduced the number of member units from 82 in 2011 to 33 at the end of 2025. Going forward, the Group plans to maintain its core role in power generation, transmission, distribution and retail; improve the efficiency of power plant operations; gradually separate distribution from retail activities; develop power consulting capabilities and electrical equipment manufacturing; and explore new areas such as EV charging infrastructure, energy management and digital platforms.

EVN’s 2030 Targets

By 2030, EVN aims to reach approximately 505 billion kWh in electricity generation and purchases and 465 billion kWh in electricity sales. Total investment capital for the 2026–2030 period is projected at approximately VND 830 trillion.

The Group aims to place its economic and technical indicators and power supply reliability among the top three in ASEAN, while seeking to become one of the three Vietnamese enterprises included in the Fortune Global 500.

Recommendations from Ministries and Agencies

Ministries and agencies recognized EVN’s efforts to ensure power supply and invest in generation and transmission infrastructure. However, rapidly rising electricity demand, delays in some generation projects and the lack of synchronization between generation and grid development continue to pose challenges to energy security during 2027–2030.

They called on EVN to continue playing its core role, review and update power development scenarios, accelerate generation projects, energy storage systems and distributed power sources, and speed up investment in transmission lines, particularly inter-regional 500 kV lines and regional interconnections.

They also recommended diversifying funding sources, improving access to long-term capital and developing financial mechanisms suited to the specific characteristics of power projects. Regulations concerning investment, land, environmental protection, site clearance, investor selection and grid development should also continue to be streamlined to shorten implementation times while maintaining proper inspection and oversight.

“Only when EVN is strong enough can it effectively perform its core and leading role in ensuring energy security and providing a stable and reliable power supply for socio-economic development and people’s lives,” Deputy Prime Minister Pham Gia Tuc emphasized.

Deputy Prime Minister’s Conclusions

Deputy Prime Minister Pham Gia Tuc asked EVN to accelerate restructuring in line with its development strategy, enhance competitiveness and operational efficiency, clearly define the scale and share of generation capacity that EVN needs to retain to maintain its core role, and improve the management and operation of existing power plants.

He also called on EVN to improve the quality of electricity retail and technical services, place customer satisfaction at the center, and take the lead in science and technology, innovation and digital transformation. The Group was also asked to develop the power industry, strengthen research and technological capabilities, and enhance domestic capacity in manufacturing electrical equipment, energy storage systems and advanced transmission technologies.

EVN was instructed to mobilize resources to accelerate key projects, particularly in northern Viet Nam, and ensure that generation development is coordinated with grid development. The Group should also continue addressing outstanding issues at projects, particularly renewable energy projects, while diversifying funding sources and improving financial mechanisms. The Deputy Prime Minister assigned the Ministry of Finance to lead and coordinate with the State Bank of Viet Nam and relevant agencies in reviewing and addressing EVN’s proposals within their respective authority.

Deputy Prime Minister Pham Gia Tuc expressed his confidence that EVN would successfully fulfill its assigned tasks, maintain its core role in ensuring national energy security and contribute to the country’s rapid and sustainable development./.