VCP Mechanical & Electrical Joint Stock Company

What VCP Mechanical & Electrical Joint Stock Company does

VCP Mechanical & Electrical Joint Stock Company (Công ty CP Cơ điện VCP) is a Hanoi-based electromechanical services subsidiary within VCP Power & Construction Joint Stock Company (VCP Holdings), a publicly listed Vietnamese group (UPCOM ticker: VCP) founded in 2004. The group's core business is small-to-medium hydropower generation across six operating plants totaling 170MW of installed capacity, producing approximately 730 million kWh annually and generating 665 billion VND (~$26.5M USD) of electricity revenue. All output is sold under Power Purchase Agreements to Electricity of Vietnam (EVN), the mandatory single off-taker in the Vietnamese wholesale power market.

The group's broader activities include engineering, procurement, and construction (EPC) contracting for power and infrastructure projects, and the M&E Joint Stock Company specifically provides equipment maintenance, repair, and overhaul services for hydroelectric plants — both internally for VCP Holdings' own fleet and externally for third-party operators. The group also operates Ngôi Sao Xanh, a 6.1MW waste-to-energy plant, signaling diversification beyond conventional hydropower. Revenue mechanics rest on regulated PPA tariffs, EPC contract margins, and recurring maintenance service fees.

VCP Holdings controls nine subsidiaries organized around generation, construction, and electromechanical services, and is funding its next growth phase through an 850 billion VND (~US$34M) credit facility from Vietcombank. Active expansion projects include the Dak Lo 1-3 hydroelectric complex (34MW, groundbreaking March 2025) and Thac Ba (18MW). Governance is exercised through an Annual General Meeting (89.46% participation recorded at the May 2024 twentieth-anniversary session), and the entity remains publicly traded on UPCOM.

Name

VCP Mechanical & Electrical Joint Stock Company

Legal name

VCP POWER & CONSTRUCTION JOINT STOCK COMPANY

Website

https://vcpholdings.com.vn

Company type

Public

Founded year

2004

Operating status

Operating

Short description

VCP Mechanical & Electrical Joint Stock Company provides electromechanical maintenance, repair, and overhaul services for hydroelectric plants as a subsidiary of VCP Power & Construction Holdings, a Hanoi-listed Vietnamese hydropower and EPC group operating 170MW across six plants.

Ownership category

akta.pro rank

Product category

Power Plant Maintenance and Engineering Services

NAICS

Engineering Services (54133), Engineering Services (541330)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Structural & Mechanical BOP Construction (Racking/Trackers, Turbine Erection Support, Mounting Structures) (EUAMAFAC)

akta.pro secondary industries

Energy & Renewables Specialty Contracting (Solar PV, Storage, EV Charging) (IMAFALAJ), MEP (Mechanical, Electrical & Plumbing) Engineering Consulting (BPAHAIAE)

Keywords

• Hydropower maintenance services
• Equipment repair services
• Mechanical electrical engineering
• Power plant maintenance
• Hydroelectric plant services

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Revenue model

1. Hydropower Generation and Electricity Sales: VCP Holdings operates 6 hydropower plants with total capacity of 170MW generating approximately 730 million kWh annually. Annual electricity generation revenue reaches 665 billion VND. Power is sold to Vietnam Electricity Group (EVN) under long-term power purchase agreements.
2. EPC and Construction Services: General contracting services for construction of hydropower plants and energy projects, including civil works, mechanical/electrical installation, and project management services.
3. Equipment Maintenance and Repair Services: Provides comprehensive maintenance, repair, and technical services for hydropower plants including periodic maintenance, minor repairs, intermediate repairs, overhauls, and specialized repairs. Services include equipment calibration, inspection, and measurement.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

VCP Mechanical & Electrical Joint Stock Company provides engineering services for power plants, including maintenance, repair, installation, and training services. The company serves as the dedicated mechanical and electrical engineering arm within VCP Holdings, delivering technical services for hydroelectric facilities including periodic maintenance, minor and intermediate repairs, overhauls, specialized repairs, equipment calibration, inspection, and measurement.

Differentiator

Problem solved

Functional benefit

Products and services

• Equipment Repair and Maintenance Services for Hydropower Plants Comprehensive maintenance and repair services for hydropower plants including periodic maintenance, minor repairs, intermediate repairs, overhauls, specialized repairs, equipment calibration, inspection, and measurement. Designed for hydropower plant operators requiring qualified mechanical and electrical engineering support.
• Training Services for Power Plant Personnel Training and development programs for power plant employees, including specialized technical training, HR management courses, and first aid training. Provided to support workforce development in the hydropower sector.

Quantifiable outcome

• Annual electricity generation of 730 million kWh from 170MW installed capacity
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Eleven partnerships are on record, tiered strategic, core and minor.

• ANDRITZ Vietnam Company LimitedstrategicTechnology or IntegrationInternational technology company specializing in hydropower equipment and solutions. VCP Holdings cooperates with ANDRITZ to apply new technology in power plant operations.
• ABB GroupstrategicTechnology or IntegrationGlobal technology company providing automation and electrical systems for hydropower plants.
• Vietnam Electricity Group (EVN)coreTechnology or IntegrationNational electricity utility and primary customer purchasing all electricity generated from VCP hydropower plants under regulated tariff framework.
• Vinaconex (Tổng công ty Cổ phần Xuất nhập khẩu và Xây dựng Việt Nam)strategicStrategic or Co-development PartnerLeading Vietnamese construction corporation. VCP Holdings was originally established as a subsidiary of Vinaconex to develop Cua Dat hydropower plant.
• Song Da Corporation (Tổng công ty Sông Đà)strategicStrategic or Co-development PartnerState-owned construction corporation specializing in hydropower projects. Strategic partner for construction and project development.
• Agrimeco (Tổng công ty Cơ điện Xây dựng)minorChannel Partner/ Reseller/ DistributorConstruction mechanical and electrical contractor engaged as subcontractor for VCP projects, specializing in steel structure installation for turbine houses.
• VingroupminorStrategic or Co-development PartnerMajor Vietnamese conglomerate with diversified business interests. Partnership in energy sector developments.
• Electricity Construction Consulting JSC 1 (Công ty Cổ phần Tư vấn xây dựng Điện 1)strategicImplementation/ SI/ Consulting PartnerEngineering consulting firm specializing in electrical power construction projects.
• Irrigation Corporation 4 (Tổng công ty Thủy Lợi 4)minorStrategic or Co-development PartnerState-owned corporation managing irrigation infrastructure with potential synergies in hydropower development.
• Vietnam Oil and Gas Group (Petrovietnam)minorStrategic or Co-development PartnerState-owned oil and gas corporation exploring energy sector diversification opportunities.
• CBRE GroupminorImplementation/ SI/ Consulting PartnerInternational real estate and facilities management services provider.

Scale indicators7 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Song Ba JSC: Vietnamese small-cap hydropower and renewable developer listed on UPCoM (ticker SBA), operating small-to-medium hydro plants with EVN offtake. Comparable in scale profile to VCP's smaller plants and serves as a useful reference for valuation multiples on Vietnamese mini-hydro assets.
• PV Power (Petrovietnam Power Corporation): Vietnamese state-linked independent power producer listed on HSX (ticker POW), operating a multi-fuel generation fleet (gas, coal, hydro, renewables) and selling primarily to EVN. Directly comparable as a Vietnamese IPP with regulatory offtake arrangements, project finance relationships with Vietnamese banks, and a portfolio of operating power assets.
• Dong Hai Group JSC: Vietnamese holding company with hydropower, renewable energy, and industrial park investments, traded on UPCOM. Comparable as a diversified Vietnamese operator-developer investing in hydro and adjacent renewable assets with EVN-aligned offtake.
• Vinh Son - Song Hinh Hydropower JSC: Vietnamese hydropower pure-play listed on UPCoM (ticker VSH), owner-operator of cascade hydropower plants selling to EVN. Closest direct comparable in terms of generation technology, customer base (EVN), regulatory exposure, and small-cap Vietnamese listing structure.
• Thac Mo Hydropower JSC: Vietnamese single-asset hydropower operator listed on UPCoM (ticker TMP), operating the Thac Mo hydropower plant with EVN offtake. Directly comparable for plant-level economics, EVN PPA structure, and Vietnamese small-cap hydropower valuation dynamics.

Broad incumbents

• Banpu Power Public Company: Thai-listed IPP (SET: BPP) and subsidiary of Banpu Group, operating combined-cycle and renewable (including hydro) plants across Thailand, Laos, and Vietnam. Comparable as a listed Southeast Asian power producer with multi-technology portfolio and regional development pipeline.
• EVN Power Generation Corporation (EVNGENCO): State-controlled generation arm of Electricity of Vietnam (EVN) and EVNGENCO subsidiaries (Genco 1/2/3). While not a single listed peer, EVNGENCO is the dominant hydropower fleet operator in Vietnam and counterpart to VCP on offtake and dispatch, making it the structural benchmark for Vietnamese hydropower economics.
• Song Da Corporation: Vietnamese state-owned construction and hydropower conglomerate, listed partner of VCP. Overlaps with VCP on hydropower EPC and project development, but operates at a much larger scale across infrastructure including hydro, irrigation, and civil works.

Regional players

• CK Power Public Company: Thai-listed power producer (SET: CKP) operating hydro and gas plants in Laos and Thailand with long-term PPAs to EGAT/EDC. Comparable as a publicly listed Southeast Asian small-to-mid IPP with hydro exposure, single offtaker structure, and project finance-driven growth profile.

Emerging players

• Northstar Vietnam (formerly known as Diamond Sky / Binca Vietnam): Smaller Vietnamese renewable developer that has built and operated small hydropower plants in Vietnam's central highlands region. Comparable as a Vietnamese private hydro developer relying on EVN offtake and domestic bank financing, offering a private-market comparable for valuation benchmarking.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/vcpholdings

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries9 records

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 VCP Mechanical & Electrical Joint Stock Company