Petrovietnam Power Services

What Petrovietnam Power Services does

Petrovietnam Power Services Joint Stock Company ("PV Power") is a Hanoi-headquartered, state-owned power generation company and member of the Petrovietnam (Vietnam National Oil and Gas Group) family. Founded in 2007 and listed on the Ho Chi Minh Stock Exchange under the ticker POW, PV Power operates a portfolio of power generation assets totaling 5,120 MW of installed capacity across gas-fired, coal-fired, and hydroelectric plants, with its flagship Nhon Trach 3&4 (1,624 MW) becoming Vietnam's first LNG-fueled facility upon commercial operation on January 5, 2026.

The company's product surface is exclusively large-scale electricity generation. Asset details: Nhon Trach 1 (450 MW gas, 2009), Nhon Trach 2 (750 MW gas, 2011), Ca Mau 1&2 (1,500 MW gas, 2008), Vung Ang 1 (1,200 MW coal, 2014–2015), Hua Na (180 MW hydro, 2013), and Nam Non (20 MW hydro, transferred 2024). The Nhon Trach 3&4 facility is built on GE Vernova 9HA.02 turbines with H78 generators, achieving over 63% combined-cycle efficiency, and operates under a long-term LNG supply contract of 530 million cubic meters per year. Under development is the Quynh Lap LNG Project (1,500 MW, $2.3 billion) in Nghe An, a consortium with SK Innovation and NASU targeting AI data center and high-tech industrial demand with commercial operations planned for end-2030. Generation technology stack spans combined-cycle gas turbines (including first-of-kind HA-class deployment in Vietnam), coal-fired thermal generation, and run-of-river hydropower.

PV Power's revenue model is wholesale electricity generation sold exclusively into Vietnam's national grid under long-term power purchase agreements with Electricity of Vietnam (EVN) and other authorized utilities, with tariffs regulated by the Ministry of Industry and Trade. Pricing is not publicly disclosed at the company level. Revenue is supplemented by ancillary services and capacity payments. The customer base is structurally concentrated on a single regulated off-taker (EVN). Reported 2025 revenue was approximately VND 14.5 trillion with a 2026 target of nearly VND 50 trillion, driven primarily by the Nhon Trach 3&4 commissioning. The company has exceeded profit targets for seven consecutive years and is incorporated as a Vietnamese public limited company at 167 Trung Kinh Street, Yen Hoa Ward, Hanoi.

Name

Petrovietnam Power Services

Legal name

Tổng Công ty Điện lực Dầu khí Việt Nam - CTCP (PetroVietnam Power Corporation - Joint Stock Company)

Website

https://pvpower.vn

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

PV Power is a Hanoi-based, state-owned subsidiary of Petrovietnam that operates 5,120 MW of gas, coal, and hydro generation capacity and sells wholesale electricity to Vietnam Electricity (EVN) under regulated PPAs, including the newly commissioned Nhon Trach 3&4 LNG plant.

Ownership category

akta.pro rank

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Infrastructure, Operations, Personnel, Technology or R&D

Revenue model

1. Electricity Generation and Sales: PV Power operates multiple power plants and sells electricity to Vietnam's national power grid. Revenue is generated through long-term power purchase agreements (PPAs) with EVN (Electricity of Vietnam) and other off-takers. The company also earns from ancillary services and capacity payments.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

PV Power operates a diversified portfolio of power generation facilities in Vietnam — including LNG, gas-fired, coal-fired, and hydroelectric plants — totaling approximately 5,120 MW of installed capacity. The company generates and sells wholesale electricity to Vietnam's national grid via long-term PPAs with EVN and regional utilities, while also generating capacity payments and ancillary service revenue. It is developing additional LNG capacity, including the Quynh Lap LNG Project (1,500 MW) in partnership with SK Innovation.

Product overview

Petrovietnam Power (PV Power) is a state-owned power generation company and member of Petrovietnam. The company operates and manages a portfolio of power generation facilities across Vietnam, including LNG, gas, coal, and hydroelectric plants. The portfolio includes operational facilities (Nhon Trach 3&4 LNG as Vietnam's first LNG-powered plant at 1,624 MW, Nhon Trach 1 at 450 MW, Nhon Trach 2 at 750 MW, Ca Mau 1&2 at 1,500 MW, Vung Ang 1 coal at 1,200 MW, and Hua Na and Nam Non hydroelectric plants) as well as the Quynh Lap LNG project under development (1,500 MW planned). The company generates and sells electricity to Vietnam's national grid.

Differentiator

Problem solved

Functional benefit

Products and services

• Nhon Trach 3 & 4 LNG Power Plant (Nhà máy điện LNG Nhơn Trạch 3 và Nhơn Trạch 4) Vietnam's first LNG-fueled power plant with designed capacity of 1,624 MW, located in Ong Kao Industrial Park, Phuoc Khanh commune, Nhon Trach district, Dong Nai province. Uses GE Vernova 9HA.02 gas turbines and H78 generators to provide baseload and peaking power to Vietnam's national grid.
• Nhon Trach 2 Power Plant (Nhà máy điện Nhơn Trạch 2) Gas-fired power plant with capacity of 750 MW located in Phuoc Khanh commune, Nhon Trach district, Dong Nai province, with an annual average electricity output of 4.5 billion kWh supplying Vietnam's national grid.
• Nhon Trach 1 Power Plant (Nhà máy điện Nhơn Trạch 1) Gas-fired power plant with capacity of 450 MW, producing an annual average electricity output of 2.5 billion kWh for Vietnam's national grid.
• Ca Mau 1 & 2 Power Plant (Nhà máy điện Cà Mau 1 & 2) Combined gas-fired power plant with total capacity of 1,500 MW (2x750 MW) located in Khanh An commune, U Minh district, Ca Mau province, with annual average electricity output of 9.0 billion kWh supplying Vietnam's national grid.
• Vung Ang 1 Coal Power Plant (Nhiệt điện than Vũng Áng 1) Coal-fired thermal power plant with total capacity of 1,200 MW (2x600 MW) located in Ky Loi commune, Ky Anh district, Ha Tinh province, with annual average electricity output of 7.2 billion kWh supplying Vietnam's national grid.
• Hua Na Hydroelectric Power Plant (Nhà máy thủy điện Hủa Na) Hydroelectric power plant with capacity of 180 MW (2x90 MW) located in Dong Van commune, Que Phong district, Nghe An province, with annual average electricity output of 717 million kWh supplying Vietnam's national grid.
• Nam Non Hydroelectric Power Plant (Nhà máy thủy điện Nậm Nơn) Hydroelectric power plant with capacity of 20 MW located in Xa Luong commune, Tuong Duong district, Nghe An province, with annual average electricity output of 89 million kWh supplying Vietnam's national grid.
• Quynh Lap LNG Project Planned 1,500 MW LNG combined-cycle power plant and LNG terminal located in Nghe An province, approximately 220 km south of Hanoi. A $2.3 billion project under consortium development with SK Innovation and NASU, targeting supply to AI data centers and high-tech industrial areas, with GE Vernova contracted to deliver 9HA.02 gas turbines and H78 generators.

Quantifiable outcome

• Over 63% combined-cycle efficiency at Nhon Trach 3&4 LNG plant
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core.

• SK InnovationcoreStrategic or Co-development Partner · 18 May 2026SK Innovation led a consortium with PV Power and NASU for the Quynh Lap LNG Project in Nghe An Province — a $2.3 billion, 1.5 GW combined-cycle gas power plant with LNG terminal. Groundbreaking was held May 18-19, 2026, with commercial operations targeted for end of 2030. The project aims to supply power to AI data centers and high-tech industrial areas.
• NASUcoreStrategic or Co-development Partner · 18 May 2026Vietnamese agriculture company NASU joined SK Innovation and PV Power as the local partner in the Quynh Lap LNG Project consortium. NASU's role is to provide local partnership and land access for the $2.3 billion project in Nghe An Province.
• GE VernovacoreTechnology or Integration · 5 January 2026GE Vernova was contracted to deliver 9HA.02 gas turbines and H78 generators for PV Power's Nhon Trach 3&4 LNG plant — the first deployment of HA turbine technology in Vietnam. The plant achieved commercial operation on January 5, 2026, with over 63% combined-cycle efficiency. GE Vernova was also separately contracted for the Quynh Lap project.
• Petrovietnam (Tập đoàn Công nghiệp - Năng lượng Quốc gia Việt Nam)coreOthersPV Power is a subsidiary (member company) of Petrovietnam (Vietnam National Oil and Gas Group). Petrovietnam is the parent state-owned enterprise overseeing PV Power's strategic direction, capital allocation, and alignment with national energy policy.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• NTPC Limited: India's largest state-owned power generator with a multi-technology fleet including new LNG/gas additions — comparable as a large SOE generator transitioning from coal, selling under long-term PPAs to a national grid.
• Banpu Power Public Company: Thailand-based IPP with combined-cycle gas and renewable assets across Asia — comparable as a privately listed power generator operating gas-fired and renewable generation under long-term offtake arrangements in emerging Asia.

Broad incumbents

• PetroVietnam Gas (PV Gas): Sister company under the same Petrovietnam parent; operates Vietnam's gas distribution and LNG import infrastructure that supplies feed-gas to PV Power's gas and LNG-fired plants — closely aligned strategic counterpart with overlapping energy-transition objectives.
• Electricity of Vietnam (EVN): State-owned national utility and PV Power's sole off-taker; comparable as the vertically integrated Vietnamese power sector incumbent that defines the PPA counterparty and tariff regime for PV Power's revenue.

Others

• Tokyo Gas Co., Ltd. Japanese LNG and gas-fired power operator with combined-cycle gas turbine generation — relevant as a global LNG-power sector adjacency, particularly given the GE Vernova HA turbine technology deployed at PV Power's Nhon Trach 3&4 plant.

Direct peers

• Power Generation Corporation 3 (EVNGENCO3): Vietnamese state-owned power generator (under EVN) operating coal, gas, and hydro plants selling under PPAs to the national grid — directly comparable in business model, customer base, and regulatory framework to PV Power.
• Power Generation Corporation 2 (EVNGENCO2): Vietnamese state-owned power generator focused primarily on hydro and thermal assets, selling under PPAs to EVN — directly comparable in model, market, and geographic footprint.

Regional players

• Sarawak Energy Berhad: Malaysian state-owned vertically integrated power utility with significant gas and hydro generation — comparable as an ASEAN state-linked generator with multi-technology mix and grid-based PPA revenue model.
• PT PLN (Persero): Indonesian state-owned vertically integrated utility — comparable as a national SOE utility with generation, transmission, and distribution, operating in an adjacent ASEAN market undergoing similar coal-to-gas/LNG transition.
• Electricity Generating Authority of Thailand (EGAT): Thai state-owned power generation and transmission utility — directly comparable in scale, mixed gas/coal/hydro generation portfolio, and SOE-led energy-transition role within an ASEAN neighbor.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries6 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Petrovietnam Power Services