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  2. •

    Utilities

  3. •

    Electric utilities
Vietnam Power Development JSC

Vietnam Power Development JSC

HHOSE:VPD
20,650.00
VND
+50.00
(+0.24%)
2.34TMarket Cap
Vietnam Power Development JSC
HOSE:VPD
(Ho Chi Minh Stock Exchange)

Recent

price

20,650.00

P/E

ratio

- -

div

yld

0.06%

ROIC.AI

2018
2019
2020
2021
2022
2023
2024
2025
TTM
VND
5,754.72
4,540.54
4,270.58
5,334.18
6,392.25
5,083.84
5,499.87
6,528.69
- -
Revenue per Share
1,635.18
908.12
754.57
1,539.42
2,664.6
1,787.22
1,991.08
2,461.6
- -
Basic EPS, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
Free Cash Flow per Basic Share
914.62
579.72
989.09
594.92
978.65
1,283.1
1,962.49
1,576.87
12.99
Dividend per Share
11,865.42
11,679.68
11,897.48
12,800.08
14,380.86
14,713.14
13,165.77
15,240.29
13,561.38
Book Value per Share
11,806.95
11,622.6
11,841.61
12,753.21
14,311.7
14,644.4
13,101.8
15,171.14
13,496.57
Tangible Book Value per Share
107
107
107
107
107
107
107
107
107
Basic Weighted Avg Shares
613,393
483,975
455,199
568,569
681,348
541,885
586,229
695,891
- -
Sales/Revenue/Turnover
47.6
40.55
38.34
45.55
53.47
44.71
45.54
47.2
- -
Operating Margin (%)
2,945
3,910
3,851
5,732
5,696
3,227
3,623
3,812
- -
Depreciation Expense
174,293
96,796
80,429
164,086
284,019
190,500
212,228
262,381
- -
Net Income, GAAP
12.14
13.41
14.23
14.67
13.96
13.42
20.16
20.44
- -
Effective Tax Rate (%)
28.41
20
17.67
28.86
41.68
35.15
36.2
37.7
- -
Profit Margin (%)
-361,778
-439,857
-71,108
-122,302
-23,105
83,556
8,140
346,026
235,631
Working Capital
671,858
474,492
664,648
378,648
159,760
78,760
20,000
- -
- -
LT Debt
1,264,730
1,244,933
1,268,148
1,364,356
1,532,851
1,568,268
1,403,334
1,624,457
1,445,503
Total Equity
- -
4.56
3.82
8.19
13.93
10.26
12.65
16.32
- -
Return on Invested Capital (%)
- -
7.53
7.15
10.95
16.69
11.58
13.66
16.98
- -
Return on Capital (%)
- -
7.71
6.4
12.47
19.61
12.29
14.28
17.33
- -
Return on Common Equity (%)

Capital Structure

VND

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
20,000
16,500
13,000
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
107
107
107
Market Capitalization
2,744,683
2,536,833
2,344,972

Working Capital

VND

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
501,640
505,086
595,810
Cash, Cash Equivalents & STI
280,621
352,109
461,107
Accounts Receivable, Net
199,569
128,988
113,970
Inventories
5,649
5,652
6,181
Total Current Liabilities
155,614
93,232
360,179
Payables & Accruals
- -
- -
- -
ST Debt
20,000
16,500
13,000
Deferred Revenue
- -
- -
- -

Growth Rates

VND

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
5.5%
15.76%
Free Cash Flow
- -
- -
- -
Net Income, GAAP
- -
35.84%
23.63%
Sales/Revenue/Turnover
- -
10.23%
18.71%
Total Cash Common Dividend
- -
17.81%
-19.65%

Quarterly Revenue

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
88,160
106,859
244,001
147,209
586,229
2025
84,721
173,191
- -
188,177
695,891
2026
107,325
139,758
- -
- -
- -

Quarterly Earnings Per Share

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
131.58
214
1,161
484
1,991.08
2025
100.12
652
- -
493
2,461.6
2026
287.06
477
- -
- -
- -

Quarterly Dividends Per Share

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
6.49
973.37
488.92
492.83
1,962.49
2025
1,368.65
199.95
- -
4.44
1,576.87
2026
3.04
5.51
- -
- -
- -
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Business
Vietnam Power Development Joint Stock Company is an independent power producer and renewable energy utility company based in Hanoi, Vietnam. Founded in 2002, the company specializes in the development, investment, construction, operation, and management of hydroelectric power generation facilities across Vietnam. Vietnam Power Development JSC generates and supplies wholesale electricity primarily to state-owned utility Vietnam Electricity (EVN) under long-term power purchase agreements and competitive wholesale electricity market frameworks. The company provides a comprehensive portfolio of energy generation and power infrastructure services, including clean electricity generation from run-of-river and reservoir-based hydropower assets, notably the 100-megawatt Khe Bo Hydropower Plant in Nghe An Province, the 33-megawatt Bac Binh Hydropower Plant in Binh Thuan Province, and the 3.2-megawatt Nam Ma Hydropower Plant in Ha Giang Province; commercial and technical operation, monitoring, and facility management for hydroelectric generation assets; engineering, technical consulting, project management, and construction supervision for renewable energy infrastructure; repair, maintenance, overhaul, and testing of hydro turbines, generators, step-up transformers, and auxiliary electrical substation systems; and grid connection and high-voltage transmission integration services. The company concentrates its operational footprint across northern, north-central, and south-central Vietnam. In recent developments, Vietnam Power Development JSC has undergone significant shareholder restructuring, highlighted by major strategic equity investments from leading Vietnamese energy and infrastructure conglomerate Refrigeration Electrical Engineering Corporation (REE Corporation) alongside existing state utility affiliate Power Generation Joint Stock Corporation 1 (EVNGENCO 1). Additionally, the company has executed technical modernization and hydrological management upgrades across its primary generating assets, deploying automated turbine control systems and enhanced reservoir forecasting technologies to optimize power dispatch, boost plant availability, and maximize revenue within the Vietnam Wholesale Electricity Market.