Vietnam Electricity Construction 2 JSC

What Vietnam Electricity Construction 2 JSC does

Vietnam Electricity Construction 2 JSC (VNECO2) is a Vinh, Nghe An-headquartered Vietnamese public joint stock company (traded on the Hanoi Stock Exchange as VE2) that has operated in the electrical power infrastructure construction sector since 1990. The company's core business is the construction of electrical transmission and distribution assets, including power lines across voltage classes from 35kV to 500kV and substations (with documented execution including 62.4 km of 500kV lines, 67 km of 220kV lines, and 209.4 km of 110kV lines, plus substation projects such as Hung Dong 220kV and Thach Linh 110kV). It also performs civil and urban infrastructure construction (sidewalks, parking, public facilities totaling 173,036 m2) and operates a block-brick manufacturing line. The business model is project-based B2B contracting, with Vietnam Electricity (EVN) and related power-sector entities as the primary customer, supplemented by municipal and government civil-works clients across Northern, North Central Coast, Central Highlands, and South Central Coast Vietnam. Pricing is not publicly disclosed and operates through direct tender and contract award.

Underlying technology is conventional civil and electrical construction engineering using mechanical equipment; no software, digital, or AI capabilities are disclosed. The company is currently in acute distress: revenue has contracted roughly 98% from its 2018 level, it has reported three consecutive years of operating and net losses (2023-2025), its shares have been subject to trading suspension, and in 2026 it has been hit with an administrative penalty, a management dismissal, and an announced cancellation of public-company status, all of which collectively signal severe financial and governance deterioration.

Name

Vietnam Electricity Construction 2 JSC

Legal name

Công ty cổ phần xây dựng điện VNECO2

Website

https://vneco2.com.vn

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Electrical Power Infrastructure Construction

NAICS

Power and Communication Line and Related Structures Construction (237130), Heavy and Civil Engineering Construction (237)

SIC

Heavy Construction Other Than Bldg Const - Contractors (1600), Water, Sewer, Pipeline, Comm & Power Line Construction (1623)

akta.pro primary industry

Overhead Transmission Line EPC (HV/EHV) (EUAEABAA)

akta.pro secondary industries

Overhead Distribution Line Construction (MV/LV) (EUAEACAA), Civil & Site Works EPC (Earthworks, Roads, Drainage, Foundations) (EUAEADAA), Site Preparation & Civil Works (Clearing, Grading, Earthworks, Roads) (EUAMAFAA)

Keywords

• Power line construction
• Electrical substations
• Transmission infrastructure
• Civil infrastructure construction
• Construction materials manufacturing

Headquarters

HQ city

Vinh

HQ country

Vietnam

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure

Distribution channels1 record

Marketing channels1 record

Core offering

Vietnam Electricity Construction 2 JSC (VNECO2) is a Vietnamese construction company specializing in the construction and completion of electrical power infrastructure, including high-voltage transmission lines (500kV, 220kV, 110kV, and 35kV) and transformer substations. In parallel, the company delivers civil construction and urban technical infrastructure works (sidewalks, parking, public facilities) and produces block bricks for construction applications. Its primary customers are Vietnam Electricity (EVN) and related power sector entities, as well as local government authorities.

Product overview

Vietnam Electricity Construction 2 JSC (VNECO2) is an electrical construction company established in 1990, operating as a single unified service provider rather than a platform-plus-modules architecture. The company offers four core products: (1) Power Line Construction covering 500kV, 220kV, 110kV, and 35kV transmission lines; (2) Substation Construction for transformer stations; (3) Civil and Urban Infrastructure Construction including sidewalks and parking facilities; and (4) Block Brick Manufacturing for construction materials. These products serve Vietnam's electrical infrastructure and construction sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Power Line Construction (Xây lắp hoàn thành đường dây)

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators2 records

Recent moves6 records

Expansion highlights2 records

Broad incumbents

• MYR Group: North American specialty electrical construction services company focused on T&D infrastructure — useful as a public-market benchmark for VNECO2's core transmission line and substation business model.
• Song Da Corporation: Major Vietnamese state-owned construction group active in power, hydro, and civil infrastructure. Overlaps with VNECO2 in hydropower-related construction and large-scale civil works for power projects.
• Quanta Services: Large US-listed electrical infrastructure construction services firm with global utility transmission and distribution EPC operations; serves as a public-market comparable for scale, business model, and end-market exposure.
• Lilama Corporation: Vietnamese state-owned industrial construction group that builds power plants, substations, and heavy industrial facilities — adjacent in capability to VNECO2's substation and power construction scope.
• PECC1 (Power Engineering Consulting JSC 1): Larger state-affiliated power engineering and construction firm in Vietnam, offering a broader portfolio of consulting, EPC, and grid infrastructure services that overlaps directly with VNECO2's transmission and substation work.

Direct peers

• VNECO11 (Vietnam Electricity Construction 11 JSC): VNECO group affiliate providing the same core suite of electrical power infrastructure construction services to EVN and related Vietnamese utilities.
• VNECO3 (Vietnam Electricity Construction 3 JSC): Direct peer within the VNECO group of state-affiliated electrical construction contractors, performing similar power line and substation construction in Vietnam. Linked from VNECO2's own website as a sister entity.
• VNECO9 (Vietnam Electricity Construction 9 JSC): Sister VNECO-affiliated electrical construction contractor offering comparable transmission, distribution, and substation EPC services across Vietnam.

Market position

Strengths3 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights4 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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 Vietnam Electricity Construction 2 JSC