THAI BINH POWER COMPANY - BRANCH OF NORTHERN POWER CORPORATION

THAI BINH POWER COMPANY – BRANCH OF NORTHERN POWER CORPORATION (Vietnamese: CÔNG TY ĐIỆN LỰC THÁI BÌNH – CHI NHÁNH TỔNG CÔNG TY ĐIỆN LỰC MIỀN BẮC) is a state-owned entity directly managed under the umbrella of the Northern Power Corporation (EVNNPC), a key division of Vietnam Electricity (EVN). The company was officially registered on March 17, 1994, and has maintained continuous operations for over three decades. It is legally recognized as a branch and holds Business ID 0100100417-011, with its head office located at No. 288 Tran Hung Dao Street, De Tham Ward, Thai Binh City, Thai Binh Province.

The primary business activity of THAI BINH POWER COMPANY – BRANCH OF NORTHERN POWER CORPORATION is the transmission and distribution of electricity. As a regional utility provider, the company plays a critical role in delivering power supply to residential, commercial, and industrial customers across Thai Binh Province. Its operations are part of the broader national power infrastructure overseen by EVNNPC, which manages electricity distribution across northern Vietnam.

Financially, the company recorded a total asset base of approximately USD 120.17 million in 2023, reflecting a notable 21.13% increase compared to the previous year. This growth follows two consecutive years of moderate asset expansion and suggests ongoing investment in grid infrastructure and operational capacity. Sales revenue for 2023 reached USD 270.76 million, an increase of 16.96% year-on-year, continuing a steady upward trend in energy distribution volume and service reach. Net profit, after experiencing a substantial loss in 2022, returned to a positive level at USD 1.18 million in 2023—an encouraging recovery that reversed a 2022 downturn. Meanwhile, equity stood at USD 35.58 million, up by 2.94% from the previous year, although still below the level recorded in 2021.

One area of financial concern for THAI BINH POWER COMPANY – BRANCH OF NORTHERN POWER CORPORATION is its working capital position, which remains negative at approximately USD -14.58 million. While not unusual for state-affiliated utilities with large capital investment cycles and subsidized pricing structures, this indicator points to tight short-term liquidity and potential reliance on parent company support. The company’s overall net worth was reported at USD 35.41 million as of year-end 2023.

The legal representative listed for the branch is Mr. Le Ba Quyen, who is also recorded as the owner. Though no detailed shareholder breakdown is provided, the company's structure as a branch of a state-owned corporation implies full government ownership through EVNNPC.

In conclusion, THAI BINH POWER COMPANY – BRANCH OF NORTHERN POWER CORPORATION operates as a stable utility service provider under state supervision. Its financials reflect gradual growth in assets and revenues, a recovery in profitability, and structural support from its parent entity. However, operational margins remain thin, and its negative working capital position may require closer monitoring, especially in the context of increased infrastructure demands and fluctuating energy prices.