VINH SON - SONG HINH HYDROPOWER JOINT STOCK COMPANY

VINH SON – SONG HINH HYDROPOWER JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN THỦY ĐIỆN VĨNH SƠN – SÔNG HINH) is one of Vietnam’s leading enterprises in hydroelectric power generation, with over twenty years of stable operation in the country’s energy industry. Officially registered on May 4, 2005, under Business ID 4100562786, the company’s head office is at No. 21, Nguyen Hue Street, Hai Cang Ward, Quy Nhon City, Binh Dinh Province.

Powering Vietnam’s Renewable Future

As a publicly listed joint stock company on the Ho Chi Minh Stock Exchange (HOSE) under the VSH ticker, Vinh Son – Song Hinh Hydropower (VSH) is a key component of Vietnam’s renewable energy infrastructure. Its primary operations include electric power generation and trading, complemented by engineering consultancy, technical testing, and equipment distribution. The company manages multiple hydropower plants, contributing significantly to the national power grid and regional energy security.

Leadership and Ownership

The company is chaired by Mr. Vo T. T., with Mr. Nguyen V. T. serving as General Director and Mr. Duong T. T. serving as Deputy General Director. Together, this management team leads over 200 employees and oversees complex hydropower operations that require technical expertise and financial prudence.

VSH’s ownership structure reflects a mix of strategic domestic and international investors. REE Energy Company Limited holds a controlling stake of 52.58%, followed by Power Generation Joint Stock Corporation 3 (EVNGENCO 3) with 30.55%, and international shareholders such as Samarang UCITS – Samarang Asian Prosperity (9.81%) and Deutsche Bank AG (5.87%). This diverse investor base provides VSH with strong capital backing and international governance standards.

Financial Overview and Performance

As of fiscal year 2023, total assets reached USD 392.07 million, while equity stood at USD 189.17 million, representing a slight contraction after consecutive years of growth. Revenue amounted to USD 105.67 million, and net profit stood at USD 40.81 million, reflecting a 21.4% year-on-year decline. Despite this, profitability remains robust, supported by consistent energy production and efficient cost control. Working capital remained positive at USD 10.97 million, signaling solid liquidity and operational stability.

While both sales and profit declined compared to 2022, mainly due to weather fluctuations affecting hydroelectric output, the company continues to demonstrate strong financial fundamentals, with a healthy equity base and conservative debt management.

Strategic Outlook

Vinh Son – Song Hinh Hydropower JSC continues to play an essential role in Vietnam’s green energy transition. The company can sustain long-term growth with its established infrastructure, strong financial position, and strategic partnerships with domestic and international investors. Its ongoing focus on operational efficiency, environmental sustainability, and capacity optimization reinforces its reputation as a reliable and responsible energy producer.

VSH’s resilience and stability make it a key partner for investors and stakeholders seeking exposure to Vietnam’s renewable energy sector, which is expected to expand significantly in the coming decade under the country’s clean energy roadmap.