Friday, 19 Jan 2018

Total asset of US$ 31bn, EVN becomes Vietnam’s second largest group

Updated at Monday, 08 Jan 2018, 17:23
The Hanoitimes - At the EVN conference on Jan 4, Deputy General Director of EVN Vo Quang Lam said total revenue of EVN in 2017 is estimated at US$ 12.87 billion.
With this revenue, the parent company and nine subsidiaries of EVN are profitable in the past year.
However, the specific profit of each subsidiary is not published in the report on business results at the end of the year.
Illustration photo.
Illustration photo.

Also in 2017, electricity produced and purchased by EVN is expected to reach 192.45 billion kWh, increasing by 8.6% over 2016. Commercial electricity is estimated at 174.05 billion kWh, increasing by 8.92% compared by 2016.
Electricity production capacity of EVN reached 1.92 million kWh / person, increasing by 9% compared to 2016.
EVN preserves and develops the state capital, the total value of assets estimated at the end of 2017 is VND 707,270 billion (increasing by VND 15,053 billion compared to 2016), of which owner's equity is VND 216,510 billion ( increasing by VND 11.275 billion).
With total assets exceeding VND 700 billion, EVN becomes the second largest group in Vietnam, after Petrovietnam.
In 2017, EVN contributed VND 15,870 billion to State budget.
Regarding equitization and divestment, EVN is implementing the equitization plan of Power Generation Corporation 3. Currently, the group is completing procedures for valuing Power Generation Corporation 1 and 2, to complete equitization in 2018.
During the year, the group and companies reduced capital in 8 shareholding companies with divestment/ reduction amount of VND 269.54 billion, revenue of VND 386.58 billion and surplus of VND 117 billion.
At the meeting, Deputy Prime Minister Trinh Dinh Dung said he highly appreciated EVN's efforts in the past year when supplying enough electricity for production and consumption, contributing to the GDP growth rate of 6.81 %.
At the same time, he also pointed out many challenges to the power sector, for example, while the South uses more than 50% of the total electricity demand (40% in the North and 10% in the Central), most of power source is in the north (over 50%) and the south can only produce less than 40%. As a result, local power shortages are currently a problem for EVN.
"In 2018, EVN must ensure sufficient supply of electricity for socio-economic development and urgently launch key projects in the south in order to avoid power shortages in this area", Deputy Prime Minister reminded.
Referring to the restructuring of EVN, Mr. Trinh Dinh Dung said that the implementation process in some EVN subsidiaries still "follow the previous form, remain the old restructuring model" . He asked EVN to review and enhance comprehensive restructuring from investment, business management to human resources.
Cam Anh
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