QUANG NINH POWER COMPANY - BRANCH OF NORTHERN POWER CORPORATION

QUANG NINH POWER COMPANY – BRANCH OF NORTHERN POWER CORPORATION (CÔNG TY ĐIỆN LỰC QUẢNG NINH – CHI NHÁNH TỔNG CÔNG TY ĐIỆN LỰC MIỀN BẮC)

QUANG NINH POWER COMPANY – BRANCH OF NORTHERN POWER CORPORATION (short name: PCQN) plays a vital role in supplying electricity to Quang Ninh Province—one of Vietnam’s fastest-developing coastal economic regions. Operating since April 3, 1996, this branch of the Northern Power Corporation (EVNNPC) is registered under Business ID and Tax Code: 0100100417-005, with headquarters located on Nguyen Van Cu Street, Ha Long City.

As a branch-level legal entity, PCQN is not a standalone company, but functions as an operational unit within Vietnam’s state-linked electricity grid—primarily responsible for electricity transmission and distribution across urban, industrial, and rural zones of the province.

Financial Overview: Sales Growth and a Surprising Profit Surge

In 2023, PCQN reported USD 463.13 million in total revenue, marking a strong 11.53% increase over the previous year. This revenue expansion follows steady year-over-year growth since 2021 and reflects rising electricity demand in Quang Ninh’s industrial zones, especially as tourism, manufacturing, and real estate sectors have rebounded post-pandemic.

Most notably, the company’s net profit soared to USD 9.68 million, up from just USD 79,233 in 2022, representing an astonishing 121-fold increase. While previous years showed either modest or stagnant profit margins, this spike may reflect improvements in operational efficiency, tariff adjustments, or cost optimization.

However, not all metrics followed an upward trend. Total assets fell slightly to USD 131.33 million, and owner’s equity declined to USD 52.11 million, continuing a multi-year downward trajectory. The company also reported negative working capital of USD -17.71 million, indicating potential pressure in short-term liquidity or account receivables.

Governance and Ownership

The registered owner of the branch is Mr. Nguyen Thanh Tinh, a Vietnamese national. As a subordinate unit of EVNNPC, PCQN follows the governance structures of its parent, which is part of Vietnam Electricity Group (EVN)—the state’s national utility provider. Information about shareholders is not available, as branches like PCQN do not issue shares independently.

With a track record of over 28 years, PCQN has become a critical infrastructure provider for Quang Ninh, one of the gateway provinces for both industrial investment and energy demand.

Operational Focus and Regional Impact

The company’s singular business focus—electricity transmission and distribution—gives it a strategic and stable market. As energy demand continues to grow across Vietnam, particularly in high-growth areas like Quang Ninh Province, entities like PCQN will remain integral to national energy strategies.

That said, its recent asset and equity declines warrant attention, especially for those engaging in commercial contracts, procurement, or infrastructure co-development with the branch or EVNNPC as a whole.

Risk Assessment and Verification Services

For businesses and institutions interacting with QUANG NINH POWER COMPANY – BRANCH OF NORTHERN POWER CORPORATION, it's essential to look beyond the headline profit figures. The branch's negative working capital and declining asset base may signal liquidity stress, even in a highly regulated sector.

To ensure secure partnerships, firms are encouraged to use Vanguard Business Information (VBI)'s suite of services—including Risk Management Tools and Business Verification Services. These can uncover critical insights into credit risk, payment reliability, and financial solvency—especially useful when dealing with state-affiliated branches that may operate with distinct financial characteristics compared to private sector firms.

Conclusion

QUANG NINH POWER COMPANY – BRANCH OF NORTHERN POWER CORPORATION has shown strong revenue momentum and an extraordinary profit recovery in 2023. However, the underlying financial fundamentals—declining equity and negative working capital—highlight the importance of due diligence. As energy demand grows and infrastructure becomes more interconnected, real-time risk analysis remains essential for informed engagement with entities like PCQN.