State Giant Partners with Vingroup to Surprise Electric Car Charging Stations, Reports Q1 Profit at 78% of Annual Plan

PV Power (POW) announced that its electricity production in Q1 2025 reached nearly 4.3 billion kWh, a 20% increase year-on-year, achieving 23% of the annual plan. Revenue rose to 8.104 trillion VND, a 26% increase, and pre-tax profit exceeded 385 billion VND, up 38%. The Vung Ang 1 plant contributed the largest revenue at 3.144 trillion VND. POW also faces challenges in asset divestment and is developing appropriate plans. The construction of Nhon Trach 3 and 4 is 97% complete, with sufficient funding secured. In Q2 2025, POW aims for a production of over 4.84 billion kWh and revenue of 9.337 trillion VND. Recently, POW inaugurated its first electric car charging station in Hanoi as part of its clean energy strategy and signed a partnership with Vingroup to establish 1,000 charging stations by 2035.