Vinh Son Song Hinh Hydropower

What Vinh Son Song Hinh Hydropower does

Vinh Son Song Hinh Hydropower Joint Stock Company (VSH) is a Vietnamese hydroelectric power generation company operating three plants — Vinh Son, Song Hinh, and Thuong Kon Tum — located in the Central Highlands and South Central Coast regions of Vietnam. The Vinh Son plant has been in continuous operation since 1994, while the Thuong Kon Tum plant commenced operations around 2021 and was recognized for five years of safe and efficient operation as of April 2026. The company's core technology is conventional hydroelectric generation using dam, reservoir, and turbine infrastructure, with combined quarterly output of approximately 681 million kWh in Q3 2026.

VSH operates as a single-customer B2G enterprise, selling 100% of its generated electricity to Vietnam Electricity (EVN) under regulated long-term power purchase agreements for distribution through the national grid. The company is a subsidiary of Tổng Công ty Phát điện 3 (GENCO 3 / Power Generation Company 3), which is itself a unit of the state-owned EVN group. VSH is publicly listed on the Ho Chi Minh Stock Exchange (HOSE) under ticker VSH and distributes regular cash dividends to shareholders, including an interim payment exceeding 236 billion VND announced in February 2026.

The company's revenue model is recurring and contract-based, with no retail or merchant exposure; pricing is determined by Vietnamese government and EVN regulation rather than market forces. Strategic activity is limited: in January 2026, VSH's board approved a share purchase in GE Central Highlands Joint Stock Company (Công ty CP GE Tây Nguyên), the most notable recent expansion signal. VSH holds its head office in Quy Nhon City, Binh Dinh Province, and its registered address references Gia Lai Province.

Name

Vinh Son Song Hinh Hydropower

Legal name

Công ty Cổ phần Thuỷ điện Vĩnh Sơn - Sông Hinh

Website

https://vshpc.evn.com.vn

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

101–250 employees

Short description

Vinh Son Song Hinh Hydropower (VSH) is a Vietnamese joint-stock company that operates three hydroelectric power plants in the Central Highlands, selling 100% of generated electricity to state-owned Vietnam Electricity (EVN) under regulated power purchase agreements, and is listed on HOSE under ticker VSH.

Ownership category

akta.pro rank

Headquarters

HQ city

Vinh

HQ country

Vietnam

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Others

Revenue model

1. Electricity Generation and Sales: VSH generates electricity through its three hydroelectric power plants (Vinh Son, Song Hinh, and Thuong Kon Tum) and sells the generated electricity to the national grid under EVN. Revenue is recurring based on power generation output sold to the state electricity utility.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

VSH operates three hydroelectric power plants in Vietnam (Vinh Son, Song Hinh, and Thuong Kon Tum) and sells all generated electricity directly to Vietnam Electricity (EVN) for distribution through the national grid. The company produces baseload renewable hydropower from facilities located in the Central Highlands region, with 2026 quarterly output of approximately 681 million kWh and daily production of about 6.38 million kWh across its three plants.

Product overview

Vinh Son Song Hinh Hydropower operates a portfolio of three hydroelectric power plants in Vietnam: NMTĐ Vĩnh Sơn, NMTĐ Sông Hinh, and NMTĐ Thượng Kon Tum. The company's core business is electricity generation from hydropower resources. Production data from 2026 shows daily output of approximately 6.38 million kWh and Q3 2026 output of 681.11 million kWh across the three plants.

Differentiator

Problem solved

Functional benefit

Products and services

• NMTĐ Vĩnh Sơn (Vinh Son Hydropower Plant) Hydroelectric power plant operated by VSH producing approximately 209,982,146 kWh in 2026 with daily output of 913,600 kWh; sells all generated electricity to EVN for national grid distribution.
• NMTĐ Sông Hinh (Song Hinh Hydropower Plant) Hydroelectric power plant operated by VSH producing approximately 214,282,324 kWh in 2026 with daily output of 841,596 kWh; sells all generated electricity to EVN for national grid distribution.
• NMTĐ Thượng Kon Tum (Thuong Kon Tum Hydropower Plant) Hydroelectric power plant operated by VSH that achieved 5 years of safe and efficient operation by April 2026, producing approximately 3,113,845 kWh in 2026; sells generated electricity to EVN.

Quantifiable outcome

• 681 billion+ kWh quarterly production capacity across three plants

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered minor and core.

• Gia Lai Power Company (Công ty Điện lực Gia Lai)minorStrategic or Co-development Partner · 5 December 2025VSH collaborated with Công ty Điện lực Gia Lai and Gia Lai Province General Hospital's Hematology Department to organize a blood donation drive on December 5, 2025, commemorating the 71st anniversary of Vietnam's electricity sector.
• Vietnam Electricity (EVN)coreStrategic or Co-development PartnerVSH is a subsidiary of Vietnam Electricity (EVN) under Tổng Công ty Phát điện 3 (GENCO 3 - Power Generation Company 3). EVN is the state-owned electricity utility that operates Vietnam's national power grid and purchases all electricity generated by VSH's hydropower plants.
• Power Generation Company 3 (GENCO 3 / Tổng Công ty Phát điện 3)coreStrategic or Co-development PartnerGENCO 3 is the parent power generation company overseeing VSH and other hydropower plants. The parent company provides oversight, support during natural disasters, and conducts regular visits to VSH's facilities for safety inspections and labor welfare activities.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Công ty CP Thủy điện Bắc Hà (Bac Ha Hydropower JSC): Smaller listed Vietnamese hydropower operator with the same EVN off-take structure and similar B2G operating profile as VSH. Useful smaller-cap comparison point.
• Công ty CP Thủy điện Sông Ba (Song Ba Hydropower JSC): A Vietnamese listed hydroelectric power operator selling to the national grid under EVN PPAs. Comparable in scale, business model (utility-scale run-of-river/reservoir hydro), and customer concentration on EVN.
• Công ty CP Thủy điện Hòa Bình (Hoa Binh Hydropower JSC): Vietnam's largest hydroelectric facility, listed on HOSE. Directly comparable business model — utility-scale hydropower with EVN off-take — though materially larger in installed capacity than VSH.
• Công ty CP Thủy điện A Vương (A Vuong Hydropower JSC): Listed Vietnamese hydropower operator with plants in the Central Highlands region, the same geography as VSH. Closely comparable in hydrological profile, customer base, and regulatory framework.
• Công ty CP Thủy điện Miền Trung (Central Hydropower JSC): Listed Vietnamese hydropower operator active in central Vietnam. Same EVN off-take model and exposed to similar regulatory and hydrological dynamics as VSH.

Broad incumbents

• Tổng Công ty Phát điện 3 (GENCO 3): The direct parent company of VSH and one of EVN's three power generation subsidiaries. Operates a much larger portfolio of hydro and thermal plants across Vietnam; VSH is consolidated under GENCO 3, making it the closest broad-incumbent comparison.
• Vietnam Electricity (EVN): State-owned national power utility and ultimate parent of VSH via GENCO 3. EVN operates generation, transmission, and distribution across Vietnam, providing the structural context (PPAs, dispatch, pricing) within which VSH operates.

Regional players

• Sarawak Energy Berhad: Malaysian state-owned vertically-integrated power utility with a large hydropower portfolio. Comparable state-owned utility-scale hydro business model in a neighboring Southeast Asian market; useful regional benchmark rather than direct competitor.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/vietnam-electricity

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

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 Vinh Son Song Hinh Hydropower