What Pha Lai Thermal Power does

Pha Lai Thermal Power Joint Stock Company (PPC; HOSE: PPC) is a Vietnamese coal-fired power generation utility founded in 1985 and headquartered at Km 28 National Highway 18, Chi Linh Ward, Hai Phong City. The company operates two coal-fired thermal power production lines equipped with boilers, steam turbines, generators, and auxiliary systems, and is currently pursuing a major environmental upgrade of Line 2's flue gas treatment system to align with Vietnam's green-economy transition directives.

PPC is a subsidiary of state-owned EVNGENCO2 (Power Generation Corporation 2), itself under Vietnam Electricity (EVN), and operates as a regulated B2G utility. It generates and sells 100% of its electricity output to the EVN-operated national power grid under government-regulated power purchase agreements, with no retail or third-party offtake. Revenue is usage-based, derived from dispatched generation volumes at regulated tariffs; the company does not set its own pricing. Operations are supported by a workforce of approximately 691 employees (with 801 personnel across operations and the recently established Service Repair Center), and the company is also exploring investment in a 1,200 MW flexible power plant to expand capacity.

The company has been pursuing a digital transformation program that includes digitization of 35,800 equipment items onto a PMIS platform, AI pilots for predictive maintenance and anomaly detection on generators, computer-vision safety surveillance, smart metering, and online coal quality monitoring. A dedicated Service Repair Center was established in January 2026 to separate maintenance from operations. PPC is publicly listed with diversified ownership: the Vietnamese state through EVNGENCO2 retains a controlling position, R.E.E Energy holds approximately 24.14% as a strategic minority shareholder, and Samarang UCITS and public shareholders hold the remainder.

Name

Pha Lai Thermal Power

Legal name

Công ty Cổ phần Nhiệt điện Phả Lại

Website

https://ppc.evn.vn

Company type

Public

Founded year

1985

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Pha Lai Thermal Power is a Vietnamese state-owned coal-fired power generator operating two production lines that sells 100% of its electricity output to the EVN national grid under regulated power purchase agreements.

Ownership category

akta.pro rank

Product category

Thermal Power Generation

NAICS

Fossil Fuel Electric Power Generation (221112), Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric Services (4911)

akta.pro primary industry

Thermal Power Plant EPC (Gas/Coal/Oil) (EUAEAAAA)

akta.pro secondary industry

Utility-Scale Generator PPAs (Project Offtake) (EUAGADAB)

Keywords

• Thermal power generation
• Coal-fired electricity
• Power plant operations
• Flue gas treatment
• National grid supply

Headquarters

HQ city

Hai Duong

HQ country

Vietnam

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Electricity Generation and Sale: PPC generates electricity through coal-fired thermal power units and sells the output to the national electricity grid (Vietnam Electricity - EVN) under regulated power purchase agreements. Revenue is derived from the sale of electrical energy based on dispatched generation volumes and regulated tariff mechanisms. The company is also exploring investment in a 1,200 MW flexible power plant project.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Pha Lai Thermal Power JSC (PPC) generates electricity through two coal-fired thermal power production lines (Dây chuyền 1 and Dây chuyền 2) located in Chí Linh Ward, Hai Phong City, Vietnam. All generated output is sold in bulk to Vietnam Electricity (EVN) for dispatch into the national power grid under regulated power purchase agreements. The company is also upgrading the flue gas treatment system on Line 2 for environmental compliance and studying the addition of a 1,200 MW flexible power plant.

Product overview

Công ty Cổ phần Nhiệt điện Phả Lại (Pha Lai Thermal Power Joint Stock Company) operates two coal-fired thermal power generation lines producing electricity for Vietnam's national grid. The company is implementing a major environmental upgrade project for the Production Line 2 exhaust gas treatment system. In 2026, the company established a dedicated Repair Services Center to separate maintenance operations from operational management functions.

Differentiator

Problem solved

Functional benefit

Products and services

• Electricity Generation — Production Line 1 (Dây chuyền 1) Coal-fired thermal power generation unit producing electricity for Vietnam's national grid, comprising boiler, turbine, generator, and auxiliary systems. Sells electricity in bulk to Vietnam Electricity (EVN) for dispatch through the National Power Grid.
• Electricity Generation — Production Line 2 (Dây chuyền 2) Second coal-fired thermal power generation unit producing electricity for the national grid, with an ongoing exhaust-gas/flue-gas treatment system upgrade to meet higher environmental compliance standards. Sells electricity in bulk to EVN under regulated power purchase agreements.
• Repair and Maintenance Services (Trung tâm dịch vụ sửa chữa) Specialized repair and maintenance services center established in January 2026, providing internal/operational maintenance services for PPC's thermal power generation assets, separated from operational management functions.

Quantifiable outcome

• 691 employees ensuring continuous operations across two production lines
• +3 more outcomes

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

AI capability6 records

Feature7 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• EVNGENCO2 (Tổng Công ty Phát điện 2)coreOthers · 23 June 2026EVNGENCO2 (Power Generation Corporation 2) is the parent state-owned enterprise holding majority ownership in PPC. On June 23, 2026, EVNGENCO2 signed a capital representation authorization contract at PPC, formalizing its governance role. EVNGENCO2 leadership regularly visits PPC for operational guidance and support, particularly during dry season production peaks.
• Tổng Công ty Xây dựng Số 1 – CTCP (Construction Corporation No. 1)minorStrategic or Co-development Partner · 16 June 2026On June 16, 2026, PPC signed a memorandum of cooperation with Tổng Công ty Xây dựng Số 1 – CTCP (Construction Corporation No. 1 JSC) at PPC's headquarters, under the witness of EVNGENCO2 leadership. The parties designated implementing units to carry out cooperation activities.
• Viện Năng Lượng (Energy Institute)coreTechnology or Integration · 27 February 2026The Energy Institute (Viện Năng Lượng) is serving as the FS (feasibility study) consultant for the Line 2 flue gas treatment upgrade project. The institute presented the draft FS at the technical workshop held on February 27, 2026.
• Công ty Cổ phần Tư vấn Xây dựng Điện 4 (Power Construction Consulting Company 4)coreTechnology or Integration · 27 February 2026Power Construction Consulting Company 4 (Công ty Cổ phần Tư vấn Xây dựng điện 4) served as the FS review and validation consultant for the Line 2 flue gas treatment upgrade project, presenting review opinions at the February 27, 2026 technical workshop.
• Vietnam Electricity (EVN) / Tập đoàn Điện lực Việt NamcoreOthers · 13 February 2026EVN (Tập đoàn Điện lực Việt Nam) conducted an inspection and working session with PPC on February 13, 2026, regarding environmental protection compliance and the Line 2 flue gas treatment upgrade project, as part of EVN Directive 8036/CT-EVN dated December 26, 2025.
• Bệnh viện Đa khoa Hải Dương (Hai Duong General Hospital)minorStrategic or Co-development Partner · 13 December 2025Hai Duong General Hospital collaborated with PPC for the 'Tuần lễ hồng EVN' blood donation drive on December 13, 2025, providing medical staff and blood collection services. The hospital's Blood Transfusion Department oversaw the safe blood collection process.
• Ngân hàng TMCP Ngoại thương Việt Nam - Chi nhánh Chí Linh & Chi nhánh Đông Độ (Vietcombank)minorStrategic or Co-development PartnerPPC organized a Pickleball sports exchange event on September 25, 2025, with Vietcombank branches in Chi Linh and Dong Do, as part of the company's cultural and community engagement activities.

Scale indicators7 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Vũng Áng 1 Power JSC: Coal-fired thermal plant operator in Hà Tĩnh linked to EVNGENCO2/Fortis-adjacent ownership. Compares directly on technology, MW scale, regulated off-take structure, and environmental compliance requirements.
• EVNGENCO3 (Tổng Công ty Phát điện 3): Third EVN generation corporation with thermal (including coal) and hydropower plants in southern Vietnam. Closely comparable to PPC in business model, off-take structure (regulated PPA with EVN), and digital transformation mandate from parent EVN.
• Nghi Sơn Thermal Power JSC: Operator of one of Vietnam's largest coal-fired thermal complexes (under EVNGENCO2/3 ownership). Closely comparable asset profile (large coal units, regulated off-take) and shared EVN governance.
• Duyên Hải Power JSC: Coal-fired thermal operator in Trà Vinh tied to EVNGENCO1. Comparable as another EVN-affiliated, regulated-PPA thermal generator of similar vintage and capacity class to PPC.
• Vinh Tân Power JSC: Vietnamese coal-fired thermal operator owned alongside EVNGENCO2 stakeholders in Bình Thuận province. Same technology stack (sub-bituminous coal, steam turbines) and similar PPA/governance model as PPC.
• EVNGENCO1 (Tổng Công ty Phát điện 1): First sister-generation corporation under EVN, operating multiple thermal and hydropower plants in Vietnam. It is the most direct peer to PPC: state-owned, sells wholesale electricity to EVN under regulated PPAs, and shares the same corporate governance and reporting regime.
• Vinacomin Power (Điện lực – Tập đoàn Công nghiệp Than – Khoáng sản Việt Nam): Power generation arm of Vietnam's state coal mining group (Vinacomin), running captive and merchant coal-fired plants. Highly comparable to PPC as a Vietnam-based, coal-fired, state-adjacent thermal generator selling into the national grid.

Emerging players

• PT Adaro Energy Indonesia: Indonesian integrated coal-mining and power-generation company. Comparable to PPC in coal-fired thermal technology, vertical integration with fuel supply, and exposure to Southeast Asian thermal-power economics.

Broad incumbents

• PT PLN (Persero) – Indonesia state power utility: Indonesian state electricity utility that owns and operates a large fleet of coal-fired generation under regulated tariffs analogous to EVN's structure with PPC. Comparable as a regional, state-controlled, thermal-heavy generator.
• R.E.E Corporation (Công ty CP Cơ Điện Lạnh): Major 24.14% shareholder of PPC and operator/investor across Vietnam power (thermal, hydro, renewables, M&E). Broad incumbent peer because REE both co-owns PPC and runs its own regulated/merchant power assets across the country.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 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 Pha Lai Thermal Power