Electricity of Vietnam rounds off restructuring plan

22:18 03/03/2017

The Electricity of Vietnam Group (EVN) has fulfilled all key objectives of its shake-up master plan for 2012-2015 approved by the Prime Minister on November 23, 2012.

In the four-year period, the group completed a decree on regulations on financial management mechanism and carried out the restructuring as well as production and business plans in five Electric Corporations and Power Transmission Corporations.

Throughout the restructuring process, EVN’s three power generation corporations have been operating smoothly.

Amid gloomy stock market, the group was still active in developing its divestment plan, organised public auctions as well as sought partners to transfer their capital in enterprises that needed to be divested. It completed divestment in six out of seven non-core enterprises.

Thanks to its rational organisation, EVN’s total member companies reduced to 38 from 88 units.

Throughout four years, the group played a vital role in stabilising the country’s macro-economy, providing public services and consolidating security and defence. 

It also took the lead in an investment programme to light up rural areas and island districts, making contributions to eliminating poverty and giving a push to the building of new style rural areas. By the end of 2015, 98.88% of rural population had access to electricity.

To date, the group has taken responsibility for power production and import as well as management of transmission operation.

According to EVN Chairman Duong Quang Thanh, the group has ensured sufficient power for socio-economic development and gained robust business results.

He said that the group will make a beeline for accomplishing main tasks for the 2016-2020 restructuring plan, which include the equitisation of power generation corporations and retail enterprises. In addition, it will improve competitive capacity to meet demands of socio-economic development.