DA NHIM - HAM THUAN - DA MI HYDRO POWER JOINT STOCK COMPANY

DA NHIM – HAM THUAN – DA MI HYDRO POWER JOINT STOCK COMPANY (“EVNHPC DHD”) has long been one of Vietnam’s most crucial hydropower operators, supplying stable electricity across the Central Highlands and the South. Based in Bao Loc City of Lam Dong Province, the company oversees multiple hydropower plants that play a strategic role in national energy security. For more than two decades, EVNHPC DHD has maintained continuous operations and remains one of the most recognizable hydropower units within the EVN ecosystem.

EVNHPC DHD operates with a registered capital of over USD 173 million and an extensive technical infrastructure, supported by a 248-person workforce updated as of June 2025. Its business activities primarily revolve around electric power generation. However, its registration also covers a wide range of auxiliary activities, including water supply, electricity transmission, forestry-related services, transport, short-term accommodation, and various forms of aquaculture. These wide registrations reflect the operational realities of large hydropower reservoirs, surrounding communities, and ecosystem management.

Operational Structure and Leadership

The company is structured as a state-invested joint stock company, with POWER GENERATION CORPORATION 1 holding 99.93% of shares (updated to June 2025). This near-complete state ownership explains the company’s strategic importance and its alignment with national electricity planning.

Leadership is headed by Chairman Le V. Q., supported by General Director Dang V. C. and Deputy General Director Do M. L. Their roles involve overseeing multi-plant operations, reservoir management, and electricity supply to the national grid.

Business Performance: A Year of Adjustments

The latest financials show that 2023 was a challenging year for hydropower operators across Vietnam, mainly due to unfavorable water flow, climate factors, and lower output. EVNHPC DHD was no exception.

Key figures from FY2023 include:

• Total assets: USD 329.45 million (▼6.87%)

• Equity: USD 217.05 million (▼18.63%)

• Sales: USD 97.49 million (▼13.79%)

• Profit: USD 46.39 million (▼24.95%)

• Working capital: USD 30.77 million (▼55.54%)

These declines align with the cyclical nature of hydropower and reflect lower overall generation nationwide. Even so, the company remains financially stable, backed by strong state ownership and essential infrastructure.

Why This Company Matters

EVNHPC DHD stands out for three reasons:

1. Strategic Position in the National Grid

Its hydropower plants are crucial in balancing peak demand and stabilizing the Southern grid. The reservoirs help regulate water flow, prevent flooding, and support irrigation.

2. Strong State Backing

With nearly 100% ownership by POWER GENERATION CORPORATION 1, the company benefits from financial certainty, long-term planning, and integration within the EVN ecosystem.

3. Multi-Reservoir, Long-Life Assets

Hydropower infrastructure has long operational lifespans, creating predictable revenue cycles and limited competitive pressure.

Unique Insight for Investors & Analysts

Despite the visible declines in 2023, EVNHPC DHD’s performance should be understood in the context of Vietnam’s evolving energy landscape. The company operates in a segment that is becoming more valuable—not less—as Vietnam pushes for energy security and cleaner electricity sources. Hydropower remains the backbone of peak-load balancing, even as solar and wind capacities grow.

However, the company’s most significant long-term challenge lies in climate variability, which is increasingly affecting rainfall patterns and reservoir inflows. This factor will continue to influence revenue stability. Investors and creditors should pay close attention to water management data, EVN directives, and government energy strategies for 2025–2030.

Conclusion

DA NHIM – HAM THUAN – DA MI HYDRO POWER JOINT STOCK COMPANY is a mature, essential, and professionally managed hydropower operator. While 2023 financials show notable declines due to hydrological conditions, its long-term outlook remains supported by state ownership, critical infrastructure, and ongoing relevance in Vietnam’s energy mix.