VINACOMIN - POWER HOLDING CORPORATION (TỔNG CÔNG TY ĐIỆN LỰC TKV - CTCP) is one of Vietnam’s most prominent power-generating enterprises, operating under a joint stock structure with majority state ownership. Registered under Business ID and Tax Code 0104297034, the corporation has been in operation since December 7, 2009, and is headquartered in Hanoi at No. 78, 2nd Floor, Sannam Building, Duy Tan Street, Cau Giay District.

Functioning as a core entity in Vietnam’s energy landscape, VINACOMIN - POWER HOLDING CORPORATION is backed by the Vietnam National Coal and Mineral Industries Holding Corporation Limited (TKV), which owns a commanding 99.27% of its shares. The company is publicly traded on the Hanoi Stock Exchange (HNX) under the ticker DTK, reflecting its transparency and status within Vietnam’s capital markets.

Financial Performance: Stable in Assets, Pressured on Profits

By the end of 2023, VINACOMIN - POWER HOLDING CORPORATION reported total assets of USD 677.79 million, showing a slight decline of 1.04% compared to the previous year. Its owner’s equity rose modestly by 1.47% to USD 334.89 million, reflecting retained earnings and a stable capital structure. Revenue rebounded strongly, reaching USD 486.01 million, an increase of 10.82% from 2022.

However, profitability remains a concern. The company’s net profit fell to USD 22.19 million, down 21.81% from the prior year. This decline is part of a multi-year trend, as profits fell by nearly 40% between 2021 and 2023. With negative working capital of USD -36.37 million, there are signals that liquidity may be tightening, possibly due to shifts in input costs, maintenance burdens, or energy pricing policies.

Leadership and Operational Footprint

The corporation is led by Mr. Ngo The Phiet, who serves as Chairman, with Mr. Ngo Tri Thinh as General Director and Mr. Doan Xuan Hieu as Deputy General Director. The organization employs over 1,900 staff members across its headquarters and regional branches in Lang Son, Bac Giang, and Quang Ninh—strategic locations for coal, mineral, and power supply lines.

Beyond electricity generation, VINACOMIN - POWER HOLDING CORPORATION is licensed for a diverse array of activities including stone quarrying, cement and refractory material production, electric machinery manufacturing, engineering services, and both freight and passenger transport. This broad registration scope supports both vertical integration and regional infrastructure development.

Risk Awareness in the Energy Sector

For investors, creditors, and supply chain partners evaluating energy infrastructure players in Vietnam, it is essential to go beyond surface-level financials. The decline in profit and working capital at VINACOMIN - POWER HOLDING CORPORATION highlights the need for careful financial risk assessment, particularly in sectors vulnerable to global energy volatility and regulatory changes.

To support these decisions, Vanguard Business Information (VBI) provides specialized financial risk management services, including private company data analysis, credit risk assessments, and early-warning indicators for large corporations such as VINACOMIN. Leveraging VBI’s intelligence helps partners evaluate solvency, liquidity, and long-term viability in an increasingly complex business environment.

Conclusion

VINACOMIN - POWER HOLDING CORPORATION remains a pillar of Vietnam’s power sector, supported by strong assets and deep state backing. However, profit decline and liquidity tightening are signals that must not be ignored. As Vietnam’s energy market transitions, the company’s ability to adapt and maintain fiscal discipline will be critical to its continued leadership and investor confidence. Stakeholders are advised to monitor its financial health closely and engage with trusted data sources such as VBI for full-spectrum business intelligence.