Vietnam Power Development

What Vietnam Power Development does

Vietnam Power Development is a publicly listed Vietnamese power generation company headquartered in Hanoi and founded in 2002. It develops, owns, and operates electricity generation assets that feed into Vietnam's national grid, with a current strategic focus on converting a planned LNG-to-power project into a renewables-plus-storage configuration pending regulatory approval. The company is listed on the Ho Chi Minh Stock Exchange (HOSE) under ticker VPD, with a reported 2025 enterprise value of approximately 94.5 trillion VND (~$3.78B USD) and a workforce of 101–250 employees.

The company's revenue profile reflects project development and electricity generation operations. Reported revenues across 2021–2025 were approximately 24.9T, 28.9T, 22.3T, 23.1T, and 26.5T (input labeled $M but magnitude indicates VND given the Vietnam/HOSE context), implying roughly $1.06B USD in 2025 at prevailing exchange rates. Revenue volatility year-to-year (notably the 2022 peak and 2023 contraction) is consistent with project commissioning cycles, hydrological conditions, or tariff adjustments typical of IPP economics rather than a steady-state utility profile.

Vietnam Power Development's business model centers on generating electricity and selling it primarily under long-term power purchase arrangements with Vietnam's regulated wholesale market, which is dominated by the state-owned utility Electricity of Vietnam (EVN). The relatively low headcount of 101–250 indicates a capital-intensive project developer structure rather than a fully vertically integrated utility, consistent with the model of a listed independent power producer. The current LNG-to-renewables pivot signals a strategic realignment of capital toward lower-fuel-cost, lower-carbon generation technologies amid evolving Vietnamese energy policy.

Name

Vietnam Power Development

Website

https://vnpd.com.vn

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

101–250 employees

Short description

Vietnam Power Development is a Hanoi-based, HOSE-listed (ticker VPD) power generation company founded in 2002 that develops and operates electricity generation assets for Vietnam's national grid and is pivoting from LNG to renewables plus battery storage.

Ownership category

akta.pro rank

Product category

Power Generation Services

NAICS

Electric Power Generation (22111), Fossil Fuel Electric Power Generation (221112)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Development Management & Owner’s Engineering (Design Basis, Yield, Technical Due Diligence) (EUAMAAAG)

Keywords

• Power generation
• Electricity supply
• Renewable energy
• Energy infrastructure
• Utility services

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Personnel

Core offering

Vietnam Power Development is a Vietnamese power generation company that supplies electricity. The company is actively developing its generation portfolio, including seeking regulatory approval to replace a planned LNG-to-power project with renewable energy projects paired with battery storage systems. It operates as a publicly listed utility on the Ho Chi Minh Stock Exchange under ticker VPD.

Product overview

Vietnam Power Development is a Vietnamese power development company. According to news sources, the company is seeking regulatory approval to replace a planned LNG-to-power project with renewable energy projects paired with battery storage systems. The available source material does not provide additional details on specific product names, product architecture, or service offerings.

Differentiator

Problem solved

Functional benefit

Products and services

• Electricity Generation and Supply Power generation services supplying electricity, serving Vietnam's national grid and end-use consumers. The company operates power plants that produce electricity delivered through the national power infrastructure.
• Renewable Energy with Battery Storage Project Planned renewable energy generation project paired with battery energy storage systems, replacing a previously planned LNG-to-power project. Subject to regulatory approval.

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Recent moves3 records

Expansion highlights3 records

Direct peers

• Gunkul Engineering: Thai-listed renewable energy developer and IPP (SET: GUNKUL). Comparable as a Southeast Asian IPP focused on solar, wind, and storage with project-development operations supplying electricity to the grid.
• PV Power (Petrovietnam Power JSC): Vietnamese state-affiliated Independent Power Producer listed on HOSE (ticker POW). Closest publicly traded peer given similar scale, listed status, Vietnamese market focus, and thermal/renewable generation mix.
• Pha Lai Thermal Power JSC: Vietnamese listed thermal power generator on HOSE. Comparable business model operating coal-fired generation supplying electricity to the Vietnamese grid, with similar regulatory and operational exposure.
• ACEN Corporation: Ayala Group's listed renewable energy platform in the Philippines (PSE: ACEN). Comparable as an ASEAN-listed IPP pivoting toward renewables at scale, with similar project-development and capital-markets profile.

Regional players

• Sembcorp Industries: Singapore-listed diversified energy and urban solutions company (SGX: U96). Comparable as a regional Southeast Asian energy operator with renewable and conventional generation assets serving industrial customers, though with broader diversification.
• Energy Development Corporation: Philippine-listed geothermal and renewable IPP (PSE: EDC). Comparable as a regional Southeast Asian independent power producer with a generation-only model, though focused on a different primary technology.

Broad incumbents

• Brookfield Renewable Partners: NYSE-listed global renewable IPP (BEPC) operating one of the world's largest renewable platforms. Comparable as a renewable-focused independent power producer, though at substantially larger global scale and with infrastructure-fund backing.
• NTPC Limited: India's largest state-owned power generator (NSE: NTPC), with thermal and renewable generation assets. Comparable as a publicly listed large-scale power generation company pursuing a thermal-to-renewable transition, though at materially larger scale.
• Vietnam Electricity (EVN): State-owned national power utility dominating Vietnam's generation, transmission, and distribution. Overlaps with VPD as a power offtaker and competitor, but operates at vastly larger scale across the full electricity value chain.
• CGN New Energy Holdings: Hong Kong-listed renewable and clean energy IPP (HKEX: 1816), part of China General Nuclear Power Group. Comparable as a large-scale renewable IPP pursuing diversified generation across Asia, though at significantly larger scale and with state backing.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 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 Power Development