AsemconnectVietnam - Over the first five months of 2026, the revenue stream of Vietnam Oil and Gas Power Corporation - JSC (PV Power - stock code POW: HOSE) recorded impressive growth, reaching over VND23,000 billion.

Thanks to significantly improved gross profit margins, this gas-fired power plant business achieved after-tax profits exceeding VND1,600 billion, closely adhering to its first-half 2026 target, marking a period of strong business breakthroughs compared to the same period last year.
Besides the resilience of existing power plants such as Nhon Trach 1, Nhon Trach 2, and Vung Ang coal-fired power plants, the biggest highlight during this period was the presence of the two "newcomers," Nhon Trach 3 & 4.
The timely participation of this new complex contributed nearly 2,000 million kWh, accounting for 18% of the Corporation's total commercial electricity output in the first five months of the year. The Corporation expects the operating pace to continue throughout June as the economy's load demand increases, helping the plants consistently meet and exceed assigned contract outputs, pricing at favorable market electricity rates.
Previously, according to the Q1/2026 financial report, POW's assets as of March 31, 2026, expanded to over VND95,700 billion, notably with abundant cash and short-term deposits. However, to sustain its growing operations, the Corporation also recorded an increase in both inventory and short-term receivables.
Simultaneously, its end-of-period debt obligations were also increased to over VND33,000 billion to finance long-term projects. In return, equity capital was firmly consolidated to VND41,295 billion, largely thanks to retained earnings and the company's proactive capital increase.
At the successful Annual General Meeting of Shareholders in May 2026, the allocation of this capital was discussed.
Instead of short-term profit distribution plans, the management and shareholders have unanimously agreed to look towards the longer-term future by deciding to retain accumulated resources and not distribute cash dividends for 2026.
From an analyst's perspective, this is a necessary choice for a new development cycle, given that the energy sector is facing a major turning point and PV Power needs to prepare the most solid matching capital for large-scale gas-fired power projects such as LNG Quynh Lap and LNG Vung Ang 3.
The cash flow obtained from the first quarter has therefore been chosen as a reserve fund, helping the company to be more proactive in long-term investment challenges without being overly dependent on commercial borrowing.
Reportedly, in the second quarter of 2026, the company's leadership stated they would coordinate with PV Gas to develop a plan to ensure gas supply for the Ca Mau region after 2027.
Simultaneously, they will negotiate reasonable quality control (QC) for power plants, especially at the Ca Mau 1&2 power plant. Alongside this, they will arrange additional gas supply for the Southwest region and LNG for power plants in the Southeast region.
The company will also continue to research expanding its investment portfolio into areas such as LNG power generation, renewable energy, hydropower, energy storage, and energy infrastructure; proactively seeking opportunities for investment cooperation or M&A for potential projects domestically and internationally, in line with the energy transition trend.
In addition, the company has also developed a detailed plan for the maintenance and repair of power plants in 2026.
N.Nga
Source: VITIC/Dau tu Chung khoan