Vietnam Electricity Construction

What Vietnam Electricity Construction does

Vietnam Electricity Construction Joint Stock Corporation (VNECO, HOSE: VNE) is a Da Nang-headquartered general contractor that delivers turnkey EPC (Engineering, Procurement, Construction) services for renewable energy infrastructure across Vietnam. The company's three core product lines cover utility-scale and rooftop solar, hydropower plants of all scales, and onshore and offshore wind projects, each delivered under a survey-design-construct-maintain model.

VNECO serves four customer segments: utility-scale energy producers requiring new renewable generation capacity, commercial and industrial buyers installing rooftop or ground-mounted solar, infrastructure developers building wind and hydropower assets, and a smaller residential segment for home solar. Pricing is project-based and quote-driven, with multi-year contract cadences typical of large infrastructure EPC. The company operates a sales-led enterprise field-sales motion targeting government entities, utilities, and commercial clients, with no intermediary channel partners and a domestic-only geographic footprint.

The revenue model is one-time project-based EPC contracting supplemented by lifetime maintenance services. Financially, VNECO has experienced a steep multi-year revenue decline from approximately 90 trillion VND in 2022 to roughly 19.6 trillion VND in 2025, with net losses in 2023 and 2024 followed by a return to modest profitability in 2025. The company is undergoing a 2026 Board-led restructuring of investments at its subsidiaries and associates and has experienced delayed disclosure of its 2025 audited financials, signaling ongoing operational and financial stress.

Name

Vietnam Electricity Construction

Legal name

Tổng Công ty CP Xây Dựng Điện Việt Nam

Website

https://vneco.com.vn

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Vietnam Electricity Construction (VNECO) is a Da Nang-headquartered, HOSE-listed EPC general contractor delivering turnkey solar, wind, and hydropower projects for utilities, government, and commercial clients across Vietnam.

Ownership category

akta.pro rank

Product category

Renewable Energy EPC Services

NAICS

Heavy and Civil Engineering Construction (237), Other Heavy and Civil Engineering Construction (23799), Power and Communication Line and Related Structures Construction (237130)

SIC

Heavy Construction Other Than Bldg Const - Contractors (1600), Water, Sewer, Pipeline, Comm & Power Line Construction (1623), Services-Engineering Services (8711)

akta.pro primary industry

Construction Management & General Contracting (EPCM, Scheduling, QA/QC, HSE) (EUAMAFAJ)

akta.pro secondary industries

Wind Power Plant EPC (Onshore/Offshore) (EUAEAAAF), Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG)

Keywords

• Renewable energy construction
• EPC services
• Solar power projects
• Wind energy solutions
• Hydropower infrastructure

Headquarters

HQ city

Da Nang

HQ country

Vietnam

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. EPC Project Revenue: One-time project-based revenue from Engineering, Procurement, and Construction of renewable energy facilities including solar, wind, and hydropower plants

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels2 records

Core offering

Vietnam Electricity Construction (VNECO) is a general contractor providing turnkey Engineering, Procurement, and Construction (EPC) services for renewable energy infrastructure in Vietnam. The company delivers survey, design, construction, commissioning, and lifetime maintenance for solar, wind, and hydropower projects, targeting utility-scale, commercial, industrial, and government clients across the country.

Product overview

Vietnam Electricity Construction (VNECO) is a general corporation specializing in renewable energy infrastructure development. The company operates a platform of three core EPC (Engineering, Procurement, Construction) product lines: Solar Panels, Hydropower Plants, and Wind Turbines. These offerings are complemented by case study projects demonstrating expertise in supply chain management, sustainability initiatives, and innovation challenges. VNECO provides comprehensive turnkey services from survey and design through construction and maintenance, targeting both utility-scale projects and commercial/industrial applications in Vietnam's energy sector.

Differentiator

Problem solved

Functional benefit

Products and services

• Solar Energy EPC Services (Điện năng lượng mặt trời) Turnkey Engineering, Procurement, and Construction services for large-scale solar power projects and rooftop solar systems for businesses in Vietnam, covering survey, design, and full construction execution for renewable energy transition.
• Hydropower Plant EPC Services (Thủy điện)
• Wind Energy EPC Services (Điện gió)
• General Contractor EPC Services

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Scale indicators2 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• ACWA Power: Saudi-based developer, investor, and operator of renewable and conventional power projects across emerging markets including Southeast Asia. Comparable as a full-lifecycle renewable energy contractor/developer in VNECO's geographies.
• PowerChina: Chinese state-owned EPC conglomerate with extensive renewable energy (solar, wind, hydro) construction capabilities globally. Comparable end-to-end EPC delivery model and similar multi-technology renewable portfolio to VNECO.
• China Energy Engineering Corporation: Major Chinese EPC group executing power generation projects including utility-scale solar, wind, and hydropower. Directly comparable in full-scope EPC service delivery and target customer base (utilities, developers, governments).
• Adani Green Energy: India-listed renewable IPP/EPC spanning utility-scale solar, wind, and hybrid projects. Similar business model of building renewable capacity for utilities and C&I customers in an emerging Asian market.

Broad incumbents

• NTPC Limited: India's largest power generation utility with rapidly growing renewable EPC portfolio (solar, wind, hydro). Comparable in EPC capability and utility-customer base, though at significantly larger scale and broader country footprint.
• Iberdrola: Global renewable energy developer/operator with multi-technology portfolio (solar, wind, hydro). Comparable renewable EPC and project-development capability though operating primarily in Western markets at much larger scale.
• Enel Green Power: Global renewable developer within the Enel group with utility-scale solar, wind, and hydropower project execution capability across multiple geographies. Similar end-to-end EPC and lifecycle service offering to VNECO.

Regional players

• B.Grimm Power: Thai power developer with significant operations in Vietnam across gas, solar, and wind. Comparable as a regional renewable IPP/EPC active in VNECO's home market.
• Sembcorp Industries: Singapore-based energy and urban solutions group with renewable energy operations in Vietnam (including solar IPPs). Comparable regional Southeast Asia renewable focus but with broader (multi-country, multi-sector) portfolio.

Emerging players

• Sungrow Power Supply: Leading global solar inverter and renewable energy solution provider with growing EPC/integration offerings in Asia-Pacific. Comparable in inverter integration and renewable project execution services targeting VNECO's segments.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Vietnam Electricity Construction