HAI PHONG THERMAL POWER JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN NHIỆT ĐIỆN HẢI PHÒNG): Publicly Traded Generator Balancing Revenue Gains with Profit Decline

USD 470 Million in Sales – 854 Employees – Listed as HND on UPCOM

HAI PHONG THERMAL POWER JOINT STOCK COMPANY, commonly abbreviated as HAI PHONG TP., JSC, is a significant contributor to Vietnam’s energy grid, with a focus on thermal electricity generation, transmission, and distribution. Registered under Business ID and Tax Code 0200493225, the company was founded in 2002 and is headquartered in Tam Hung Commune, Thuy Nguyen City, Hai Phong. After more than 22 years in operation, the company has cemented its place as a reliable, state-linked energy producer serving Northern Vietnam.

Listed on UPCOM under the stock symbol HND, HAI PHONG TP., JSC is majority-owned by Power Generation Joint Stock Corporation 2, with additional stakes held by Pha Lai Thermal Power JSC and VINACOMIN - Power Holding Corporation. The company operates under a joint stock company structure with a charter capital of USD 205.41 million, fully paid up as of December 2023.

Financial Review: Sales Up, Profit Down

In 2023, HAI PHONG TP., JSC recorded USD 470.1 million in revenue, marking an 8.86% increase over the previous year. Over the last two years, the company has grown its top-line revenue by more than 25%, a steady performance in the context of Vietnam’s energy demand growth. However, net profit dropped to USD 18.14 million, a 19.26% declinefrom 2022, signaling margin pressure or rising operational costs.

Total assets also declined for the second consecutive year, settling at USD 321.29 million, down 4.87% year-over-year. Meanwhile, owner’s equity decreased to USD 247 million, representing a 4.83% fall from the prior year. While the company’s working capital remains strong at USD 84.04 million, the downward trend in asset value and profit calls for close financial monitoring.

Leadership and Operations

The company is led by Chairman Ta Cong Hoan and General Director Nguyen Thuong Quang, with a team of 854 employees managing power production, maintenance, and distribution. It operates with comprehensive licensing in electric power generation, utility project construction, equipment repair, and materials wholesale.

Its facilities support not just energy distribution, but a broader ecosystem of industrial services, including machinery maintenance, technical testing, and even vocational education—enhancing local infrastructure and labor development in Hai Phong and surrounding areas.

Risks and Monitoring in a State-Linked Enterprise

Despite its public listing and institutional backing, HAI PHONG THERMAL POWER JOINT STOCK COMPANYfaces profitability headwinds that merit deeper analysis. The drop in both profit and equity, despite increasing revenue, may be tied to fuel input costs, capital depreciation, or transmission inefficiencies. These shifts are especially critical in the energy sector, where margins are sensitive and policy changes can quickly affect operating conditions.

For potential investors, supply contractors, or lenders, engaging with an enterprise of this scale requires access to accurate and current risk profiles. Tools from Vanguard Business Information (VBI) provide reliable Risk Management and Business Verification Services, enabling stakeholders to assess financial soundness, identify early warning signs, and verify operational integrity. These services are essential when working with energy companies, where infrastructure investment cycles and government oversight create unique risk dynamics.

Conclusion

HAI PHONG THERMAL POWER JOINT STOCK COMPANY stands as a pillar in Northern Vietnam’s energy network. Backed by major state-related shareholders and listed on UPCOM, it provides essential services to the national grid. However, its recent decline in profit and equity warrants continued attention from stakeholders. With the right strategic adjustments—and ongoing transparency ensured through platforms like VBI—the company can maintain its vital role while navigating financial headwinds.