No longer a monopoly on power generation, EVN now only holds 37% of power sources.

According to information from the Electricity Regulatory Authority (Ministry of Industry and Trade), in 2023, the whole country will have nearly 80,000 MW of power source for the entire system (according to installed capacity), ranking first in the ASEAN region.

In terms of ownership ratio, state-owned energy enterprises including Vietnam Electricity Group (EVN), Vietnam Oil and Gas Group (PVN) and Vietnam National Coal and Mineral Industries Group (TKV) currently only hold about 47% of installed capacity.

Hoa Binh Hydropower Electricity Price.jpg — In less than 20 years, the power source structure in Vietnam's power system has changed greatly.

Of which, EVN directly and indirectly holds 37% (10% directly and 27% indirectly through Power Generation Corporations); TKV holds 2%, mainly thermal power, PVN holds 8%, mainly gas-fired power and small hydropower.

The structure of power sources in Vietnam's power system has changed significantly, in which power sources invested and held by state-owned enterprises are gradually decreasing; private power sources are increasing significantly and are expected to account for nearly half of the entire system by 2030.

Thus, EVN no longer has a “monopoly” over all power sources and power production as before 2006. In fact, of the total power source capacity held, EVN currently only directly accounts for 10%. This number is mainly important multi-purpose hydropower plants such as Lai Chau, Son La, Hoa Binh, Tri An. The remaining 27% belongs to 3 power generation corporations (Genco 1, Genco 2 and Genco3) under EVN.

These companies are in the process of equitization, so EVN's holding ratio is also gradually decreasing as more economic sectors participate.

Regarding private power sources, before 2012, the private sector owned less than 10% of power sources. But now, this rate has increased rapidly, thanks to the explosion of renewable energy after the Government's incentive mechanism.

Currently, the power source structure is divided by source types in our country including: Hydropower, coal-fired thermal power, gas-fired thermal power, oil-fired thermal power, renewable energy, imported sources and other sources.

Of which, the two most important and basic sources of electricity are still thermal power and hydropower. By the end of 2022, coal-fired power capacity continues to account for the largest proportion, reaching 33% (25,820 MW). Hydropower accounts for 28% (22,349 MW). Renewable energy (excluding hydropower) accounts for 26% (20,670 MW). Gas-fired power accounts for 11% (8,977 MW), the rest are other sources.

Currently, the installed capacity of the third renewable energy source in the system is approximately 21,000 MW, but the mobilized electricity output only accounts for nearly 14% (first 9 months of 2023) of the total system output due to the specific factors of this power source.

The Ministry of Industry and Trade reports to the Prime Minister on shortening the electricity price adjustment cycle . According to the Ministry of Industry and Trade, shortening the retail electricity price adjustment cycle to 3 months/time aims to promptly allocate electricity production and business costs, avoiding excessive accumulation of costs, which could affect EVN's financial balance.

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