vietnam electricity industry report q3/2018€¦ · vietnam electricity industry report q3/2018....

VIETNAM ELECTRICITY INDUSTRY REPORT Q3/2018

Executive Summary 4

1. Business environment 7

1.1 Macroeconomic situation 7

1.2 Legal framework 11

1.3 Free Trade Agreements 20

2. Industry overview 23

2.1 Situation of global electricity industry 23

2.1.1 Demand and supply for electricity 24

2.1.2 Development trend of global electricity industry 33

2.1.3 Price movement 35

2.1.4Situation of electricity industry in some Southeast Asia

countries37

2.2 Situation of Vietnam electricity industry 42

2.2.1 History of Vietnam electricity industry 43

2.2.2 Value chain of the industry 47

Content

2.2.3 Input fuel 48

2.2.4 Electricity generation 56

2.2.5 Transmission and distribution 66

2.2.6 Electricity consumption 73

2.2.7 Electricity price 79

2.2.8 Structure of electricity industry 82

2.3 Issues in energy industries development 91

2.3.1 Existing 92

2.3.2 Challenges 93

2.3.3 Risks 96

2.3.4 The trend of foreign investment 97

2.4 Planning and forecasting 98

2.4.1 Planning 99

2.4.2 Forecasting 102

2

Content

3. Business analysis 104

3.1 Typical companies of electricity industry 105

3.2 Business performance indicators 116

3.3 Financial indicators 121

3.4 Payment indicators 126

4. Appendix 128

3

ERAV Electricity Regulatory Authority of Vietnam

EVFTA Vietnam-EU Free Trade Agreement

EVN Vietnam Electricity Corporation

FDI Foreign Direct Investment

FTA Free Trade Agreement

GSO General Statistics Office

MAIFI Momentary Average Interruption Frequency Index

MOIT Ministry of Industry and Trade

NLDC National Load Dispatch Center

PVN Vietnam Oil and Gas Group

SAIDI System Average Interruption Duration Index

SAIFI System Average Interruption Frequency Index

TPP Trans-Pacific Partnership Agreement

VCGM Vietnam Competitive Generation Market

Vinacomin Vietnam National Coal - Mineral Industries Group

VIRAC VIRAC Joint Stock Company

VWEM Vietnam Wholesale Electricity Market

WTO World Trade Organization

Abbreviations

4

Summary

World’s electricity volume was constantly

increasing over a period of time from 2009 to

2017 with compounded annual growth rate

at x.xx%

Currently, EVN still has a monopoly on the

segments of regulation, electricity

wholesaling, transmission and distribution or

retailing..

Three main resourses of generation electricity

are hydroelectricity, thermoelectricity by coal

and thermoelectricity by gas which account

for xx.xx% of total capacity of national

installed electricity system

5

Content is intentionally removed for demo purpose

Summary

6


Vietnam power demand increased rapidly

from 2001 to 2017 with average growth rate

about xx.xx%/year and is forecasted to still

increase in the next 15 years.

Electricity price is quite low compared to

other countries in the Asia-Pacific region.

Generation electricity is exclusive sector

which has other investors beside EVN because

of a specific huge capital requirement.

1. Business environment

1.1 Macroeconomic situation

1.2 Legal framework

1.3 Free Trade Agreements

Content

7

The Government's 2018 GDP growth target of

Consumer price index (CPI) in the 6 first years 2018 has a lot of

changes

8

GDP growth rate by quarter, 2015-quarter 2/2018

Sources: VIRAC, GSO

%

Monthly CPI fluctuations, 2015-6/2018

Sources: VIRAC, GSO




Many new projects in the field of electricity production and distribution are

licensed in 2018:

The stable exchange rate will help the electricity producers to be

more active in calculating input costs due to their dependence on

imported coal.

9

Sources: VIRAC, FIA

FDI attraction by industry, 2017

VND/USD exchange rates, 2013-6/2018

Sources: VIRAC, SBV




The electricity sector is estimated to have a relatively high and stable growth rate in industrial production.

The electricity industry plays an important role in supporting the

development of all sectors of the economy.

10

Sources: VIRAC collected

Contribution to electricity production and distribution in GDP,

2012 – 6M/2018e






1.2 Legal framework


Content

11


1.2 Legal framework

Source: VIRAC

12


Electricity Law 2004

Amended Electricity Law 2012:


1.2 Legal framework

13


Decree No. 137/2013 / ND-CP guided the Electricity Law and the amended Electricity Law.

14


1.2 Legal framework



1.2 Legal framework

15


The application of advanced technologies, digitization-based technology and the linkage to create high-tech

agricultural models, and smart agriculture are few.


1.2 Legal framework

16


Decree No. 24/2017 guided average electricity price regulation.

.


1.2 Legal framework

17


On 30 November 2017, the Ministry of Industry and Commerce issued Decision No . 4495 / QD-BCT regulating the electricity price.


1.2 Legal framework

18


There are also some circulars about the electricity sector:



1.2 Legal framework


Content

19

20

Vietnam trade integration process from 1995 to present

Until the end of Q2/2018 , Vietnam has signed, implemented, and is negotiating a total of 17 FTAs. Accession to international trade agreements brings

opportunities and challenges for domestic firms.

1. Business Environment



One of Vietnam's biggest achievements in 2017 is the completion of negotiation of strategic agreements. These include AHKFTA, EVFTA, EFTA and CPTPP.

Positive signals from trade agreements

21

1. Business Environment



Content

2. Industry overview

2.1 Situation of global electricity industry

2.2 Situation of Vietnam electricity industry

2.3 Issues in energy industries development

2.4 Planning and forecasting

22


2.1 Situation of global electricity industry – 2.1.1 Demand and supply for electricity

TWh World electricity production volume , 2009-2017

Sources: VIRAC, Statsreview.bp.com

23

Structure of world electricity production, 2017e

Sources: VIRAC, REN21

Global electricity volume increases consistently over a period of time from 2009

to 2017 with compounded annual growth rate at x.xx%


24




Structure of electricity supply according to resourse, 2016 - 2017

Sources: VIRAC, Statsreview.bp.com

According to Exxon Mobil enterprise, electricity consumption demand is going to increase in 2014 because of population development and the result is an

increase in power and vehicles demand.

TWh

World's top largest electricity producing countries, 2016 - 2017

Source: VIRAC, Statsreview.bp.com

Contribution structure of world electricity production, 2017


25




China is the leading country in electricity production.

Source: VIRAC, IEA

26


Electricity production volume in some countries, 2006 - 2016

Unit: TWh



27

Global electricity consumption, 2008-2017




World's electricity consumption was constantly increasing in the period of 2008-2017e with a CAGR of x.xx%


Source: VIRAC, Enter Data

TWh

China and the United States continued to be the two largest electricity

consuming countries in the world in 2017

Top 10 most electricity consuming countries, 2017

28




Billion USDWorld electricity exports, 2010-2017e

Sources: VIRAC, Worldstopexports

Top largest electricity exporters, 2017

Sources: VIRAC, Worldstopexports

29




World electricity consumption prospects by region, 1980 – 2030f

Before 1990, the countries belong to Organization for Economic Co-operation and Development (OECD) and Europe were the two largest electricity

consumers in the world. However, after this period Asia rose to be the second-largest consumer of electricity in the world.

Sources: VIRAC, IEA


2.1 Situation of global electricity industry – 2.1.2 Development trend of global electricity industry

TWh

30


Cents/kWh

Sources: VIRAC,

IEA


2.1 Situation of global electricity industry – 2.1.3 Price movement

31

Electricity price of household, 2016


Cents/kWh

Sources: VIRAC, IEA

32

Average price of electricity in the world, 2011 – 2040f


2.1 Situation of global electricity industry – 2.1.3 Price movement


MtoeDemand for energy of some countries in Southeast Asia, 1990 – 2035f

Sources: VIRAC, IEA

Among ASEAN countries, Indonesia has the largest demand for energy

33


2.1 Situation of global electricity industry – 2.1.4 Situation of electricity industry in some Southeast Asia countries


Electricity generation in Southeast Asia by energy sources, 1990 - 2040f

Unit: TWh

Sources: VIRAC, IEA

34




Demand for primary energy in Southeast Asia, 1990 – 2040f

Unit: Mtoe

Sources: VIRAC, IEA

35




Proportion of electricity consumption in ASEAN by sectors

Sources: VIRAC, IEA

The prospect of electricity consumption in ASEAN countries in the period 2010 - 2015 has changed a lot. The most obvious trend is to reduce the

proportion of electricity consumption in the industrial and service sectors, and increase in the usage structure of the people.

36

Electricity consumption in ASEAN by sectors, 2010 – 2035f




Content






37

Overview of Vietnam Electricity Industry


2.2 Situation of Vietnam electricity industry - 2.2.1 History of Vietnam electricity industry

38


39




40




41




Electricity is a special commodity,

Electricity industry of Vietnam also has a similar value chain with other countries in the world

Production


2.2 Situation of Vietnam electricity industry - 2.2.2 Value chain of the industry

42


43

• Vietnam has many primary sources of energy domestically such as crude

oil, coal, natural gas and hydroelectricity,

•

The shift to fossil fuels has been and continues to be an

important cause for increasing greenhouse gas emissions.

Sources: VIRAC, EVN, MOIT

Situation of primary energy supply, 2010 - 2015 KTOE*


KTOEDomestic energy exploitation from 2009 to 2015


2.2 Situation of Vietnam electricity industry - 2.2.3 Input material


Sources: VIRAC, Decision No. 403/QĐ-TTg Sources: VIRAC, Decision No. 403/QĐ-TTg

Market segment of coal consumption, 2016f

Coal reserves are mainly concentrated in coal basin of the Red River Delta and the coal used in electricity production accounts for xx.x% of the coal

consumption market.Coal reserves by region, 2016f

Increase in coal price for power generation, 2010 – 2017

Sources: VIRAC, KTV

44


2.2 Situation of Vietnam electricity industry - 2.2.3 Input material - Coal


From being a coal exporter many years ago, in 2014 Vietnam has to import

to serve domestic production needs. Million tons

45

Forecast for supply and demand coal, 2015 - 2030

Sources: VIRAC, KTV


2.2 Situation of Vietnam electricity industry - 2.2.3 Input material - Coal


Sources: VIRAC, TKV

Most of the gas in Vietnam is used to produce electricity.

Rate of selling price of gas for electricity sector by market price, 2014 - 2015

Sources: VIRAC, Documentary No, 2175/VPCP-KTTH

46

Market segment of natural gas consumption


2.2 Situation of Vietnam electricity industry - 2.2.3 Input material - Gas


Sources: VIRAC, PVN

Due to climate change, the 2016 dry season has only 38/81 reservoirs capable of regulating water for electricity generation, challenging the supply of

electricity.Hydroelectricity potential in Vietnam

• By 2016, the national electricity system has 85 hydro

power plants in operation

47


2.2 Situation of Vietnam electricity industry - 2.2.3 Input material – Hydroelectricity


Data on solar radiation in Vietnam

Sources: VIRAC, EVN

Sources: VIRAC, Decision No. 2068/QĐ-TTg

Schedule for solar energy development in Vietnam to 2030 with a

vision to 2050

48

Vietnam is one of the countries with the most sunshine in the map of the

world's solar radiation.

Despite the great potential, the exploitation of solar energy in Vietnam is still

limited.


2.2 Situation of Vietnam electricity industry - 2.2.3 Input material – Photovoltaic


Potential and characteristics of wind electricity in 3 regions and by

wind speed

Sources: VIRAC, EVN

49

Sources: VIRAC, MOIT

Wind electricity potential in the provinces of Planning for development of

wind electricity, 2020

By the end of 2017, about xx wind electricity projects have been

registered in the whole territory of Vietnam, mainly in the Central

and southern provinces


2.2 Situation of Vietnam electricity industry - 2.2.3 Input material – Wind electricity



50

The characteristics of geothermal resources in Vietnam are distributed

scatteredly, so it is difficult to build large-scale plants.

Geothermal potential of the regions


Theoretical potential and technical potential of the tidal electric power


2.2 Situation of Vietnam electricity industry - 2.2.3 Input material – Geothermal and tidal


Sources: VIRAC, EVN, GSO, MOIT

Total supply of electricity, 2010 – 6M/2018e

Million kWh

Sources: VIRAC, IEA

Million kWh

Structure of electricity, 2017

51

Compounded annual growth rate (2010-2017e) reach xx.x%


2.2 Situation of Vietnam electricity industry - 2.2.4 Electricity generation


Proportion of electricity generation by supplier, 2016

Sources: VIRAC, EVN

Electricity generation is the only segment with the participation of units

outside EVN due to the specific requirements of capital investment.

52




Sources: VIRAC, EVN

53




Power projects operation in 2018

Renewable energy has not been widely used for electric development,

54

Structure of electricity production by source of materials, 2012 – 3M/2018


The main sources of electricity are Hydroelectricity, Coal Thermoelectricity

and Gas Thermoelectricity, accounting for xx.x% of total electricity

generation capacity in the 3M/2018




Most of the machinery and equipment of Vietnam 's hydropower plants are imported from overseas.

Characteristics of power plants by source of fuel

55



2.2 Situation of Vietnam electricity industry - 2.2.4 Electricity generation – Characteristics of electricity generation sources

Compare the advantages and disadvantages of hydroelectricity and thermal electricity

56




Electricity generating technology from coal (Thermal power)

57




Wind power

Nuclear power

Electricity produced from renewable energy

58




Distribution of main power plants

59


At present, the installation location of power plants is heavily

dependent on the distribution of natural resources, so there is a clear

distinction between regions.



Billion kWh

Source: VIRAC, EVN

Billion

kWh

Cent/kWh

Vietnam imports electricity mainly from China and Laos

60

Import of electricity, 2010 – 2018f

Import of electricity from China, 2010 - 2017e




Current situation of selling electricity to Laos:

Situation of electricity import from Laos:

61




Sources: VIRAC, EVN

Length of transmission grid and total capacity of distribution, 2011 - 2017

62


2.2 Situation of Vietnam electricity industry - 2.2.5 Transmission and distribution – Electrical grid for transmission and distribution


Sources: VIRAC, EVN

Rate of power losses of some countries, 2011-2014

Sources: VIRAC, Worldbank

Million kWh

63

The power loss in the power transmission grid in Vietnam is still high

compared to many countries in the world.

Power loss, 2010 – 6M/2018e


2.2 Situation of Vietnam electricity industry - 2.2.5 Transmission and distribution – Power loss


• Power losses on the transmission grid is influenced by

• Power losses on distribution grid tend to decrease over the years and

reach at x.xx% in 2017.Sources: VIRAC, EVN

Results of reduction of power losses in 2016 - Plan for 2018Unit: %

Sources: VIRAC, EVN

64

Rate of power losses in the supply chain, 2010 - 2017


2.2 Situation of Vietnam electricity industry - 2.2.5 Transmission and distribution – Power loss



65

MW

Maximum load and electricity system availability *, 7/2015 – 5/2018

• Although the installed capacity is always above the annual peak load, the system is always under very high supply pressures, especially during the dry

season. Alternative electricity outage happens in many places.


2.2 Situation of Vietnam electricity industry - 2.2.5 Transmission and distribution – Peak load


Source: VIRAC, NLDC

MW

66

Peak load by time between two main seasons, 2017




Advantages and disadvantages of capacitor types

67




Source: VIRAC, EVN, MOIT

Commercial electricity, 2012 – 6M/2018e

Million kWh

Commercial electricity according to the distribution companies (Million kWh), 2016 – 2018

Source: VIRAC, EVN

68



2.2 Situation of Vietnam electricity industry - 2.2.6 Electricity consumption

Vietnam is one of the most inefficiently electricity using countries in the world.

Electricity intensity by region in the world (kwh / USD)



69


Source: VIRAC

Source: VIRAC, MOIT

Source: VIRAC

70

Commercial electricity, 2012-6M/2018e

Electricity consumption per capita of Vietnam, 2000-2017e




Source: VIRAC, GSO, EVN

71

Elastic electricity factor/GDP, 2010 – 6M/2018


Electrical efficiency in Vietnam from the perspective of coefficient of

electricity elasticity/GDP.



Source: VIRAC, NLDCElectricity supply reliability criteria, 2017-2018

Source: VIRAC, EVN

72

Electricity outage, 2012 – 6M/2018Electricity outage




Vietnam’s getting electricity indicator, 2013 - 2017

Source: VIRAC, World Bank, EVN

73




Source: VIRAC, Decision No 5106/QĐ-BCT

Avoided cost tariff applied to small and medium-sized hydroelectric plants in 2018

Source: VIRAC, EVN, MOIT

VND/kWh

Electricity generating price


2.2 Situation of Vietnam electricity industry - 2.2.7 Electricity price

74

Average electricity purchase price of EVN, 1/2015 – 5/2018



Average electricity wholesale price of EVN for other electricity corporations in 2018Wholesale price of electricity

Retail price of electricity

75





76




Electricity price in 6 degree

77

Electricity price in Vietnam is quite low compared to other countries in

the Asia-Pacific region.

Price of input material, 1/2014 – 4/2018



Average electricity price, 7/2007 – 6/2018

VND/ kWh




78

1. Price frame for coal thermoelectricity factories

2. Price frame for hydroelectricity factories




Structure of electricity industryComparison of electricity industry structure

before and after 2008

79


2.2 Situation of Vietnam electricity industry - 2.2.8 Structure of electricity industry


Developing a competitive electricity market in Vietnam is essential

80




Vietnam Competitive Generation Market (VCGM)

81




Progress of marketization of electricity industry

Progress of marketization of electricity industry

82




Vietnam Competitive Generation Market in Vietnam

Sources: VIRAC, EVN

83

Market structure

MW

VGCM situation, 2012 - 2017




Operating map of VCGMGeneral operating principles

Existing problems

84




To operate the competitive electricity generation market

85




Based on the production, the electricity supply situation of the whole system in October and the demand for electricity in November, December/2017,

the Ministry of Industry and Trade has decided to operate again in the competitive electricity generation market from November/1st/2017 after one

month of halt to prioritize the mobilization of gas power. Some of the reasons for the resumption of the competitive electricity generation market in

November:

86




• Vietnam Wholesale Electricity Market (VWEM)

Operational mechanism of the competitive wholesale electricity market in 2018 includes:

The Pilot Experiment in 2018 is divided into three phases:

87




Content






88

Existing problems affecting the development of Vietnam's energy industry


2.3 Issues in energy industries development – 2.3.1 Existing

89


Sources: VIRAC, ERAV

90

Structure of electricity production by primary energy source


2.3 Issues in energy industries development – 2.3.2 Challenges


Vietnam currently ranks 20th in the world among the countries with the

most coal thermal power plants in the world.

The development of coal electricity in Vietnam is against the world

trend.

Sources: VIRAC, GreenID

91

Average per capita consumption of coal and CO₂




Huge investment capital.

Sources: VIRAC, GDVC

92

Levelized Cost of Electricity of techs per 1kWh, 2017-2025

Million USD/MW




Source: VIRAC

Energy using efficiency and awareness are low.

Sources: VIRAC, GDVC

93

Import of electrical wires and cables, 2011 - 2017e




Weather risks

Risk of input costs of thermal power

Risks of interest rates

Risks of exchange rates

Risk of mechanisms

94


2.3 Issues in energy industries development – 2.3.3 Risks


The electricity market in Vietnam is gradually developing in three levels (competitive electricity generation, competitive electricity wholesale and

competitive electricity retailing), which will attract foreign investors thanks to the increase of the competitiveness and transparency, gradually reducing

the monopoly of EVN in the electricity market.

95


2.3 Issues in energy industries development – 2.3.4 The trend of foreign investment


Content






96


2.4 Planning and forecasting -2.4.1 Planning

97


Decision No. 428 / QD-Nog approving the adjustment of zoning for national electricity development in 2011-2020, with a vision to 2030

1. National electric power development planning:

98


2. Electricity grid development planning:

Volume of transmission grids shall be elaborated in stages, as follows:

3. Solutions to industry zoning



Solution to electricity price

99




Billion kWh

Sources: VIRAC, EVN

100

Demand – supply of electricity, 2010 – 2030f


2.4 Planning and forecasting -2.4.2 Forecasting


GW


101

Growth of renewable electricity capacity, 2016 - 2030f


2.4 Planning and forecasting -2.4.2 Forecasting


3. Business analysis

3.1 Typical companies of electricity industry

3.2 Business performance indicators

3.3 Financial indicators

3.4 Payment indicators

Content

102

Source: VIRAC

3. Enterprise analysis


Electricity distribution and retail companies.

103


Enterprises in electricity industry are divided into three groups:

Source: VIRAC

Electricity regulation and transmission companies.

Electricity generating enterprises

Source: VIRAC

* By the end of August 2017 EVNNPC has not yet published its financial statements

104





3.1 Typical companies of electricity industry– 3.1.1. Electricity distribution and retail companies.

Southern Power Corporation - EVNNPC

105




Northern Power Corporation - EVNNPC

106




HCM city Power Corporation - EVNHCMC

107




Hanoi city Power Corporation - HNPC

108




Central VN Power Corporation - EVNCPC

109



3.1 Typical companies of electricity industry– 3.1.2. Electricity regulation and transmission companies.

Electricity regulation and transmission corporations:

110



3.1 Typical companies of electricity industry– 3.1.3. Electricity generating enterprises.

Power Generation Corporation 3 – EVNGENCO3

111




112



Hai Phong Thermal Power Joint Stock Company



113


Quang Ninh Thermal Power Joint Stock Company



114




Pha Lai Thermal Power Joint Stock Company

115







Content

116

Source: VIRAC

Billion VND



Net revenue, 2016-2017

117


Net revenue of electricity distribution and retail businesses is much higher than that of electricity generation enterprises.

Source: VIRAC

Billion VND



118

Profit indicator, 2016-2017


While the net revenue of the 5 electricity distribution and retail businesses is much higher than that of some companies in the electricity generation

business group, the gross profit is not clear.

Source: VIRAC



119

Self-financing rate, 2016 - 2017


Source: VIRAC



120

Financial cost, 2016 - 2017







Content

121

Billion VND



Total asset, 2016-2017

Source: VIRAC

122


Sources: VIRAC

Days

Average days of receivables, 2017

123




Source: VIRAC



Profit indicators, 2017

124


Source: VIRAC



Days

125

Days in inventory, 2017







Content

126



Source: VIRAC

127

Solvency, 2016-2017


Content

4. Appendix

4.1 Financial statements

4.2 Total capacity of national installed electricity system in 2016

128

4. Appendix


Southern Power Corporation - EVNSPC

129

THE CONTENT IS INTENTIONALLY REMOVED FOR DEMO

PURPOS

BALANCE SHEET

Unit: VND 2016 2017

A. CURRENT ASSETS

I. Cash and cash equivalents

II. Short term investments

III. Short term receivables

1. Accounts receivable of customers

IV. Inventories

B. NON CURRENT ASSETS

TTOTAL ASSET

A. LLIABILITIES

I. Short term liabilities

1. Borrowings and Short term liabilities

2. Tax and accounts payable to the State

II. Long term liabilities

1. Borrowings and long term liabilities

B. OWNER’S EQUITY

TOTAL EQUITY

STATEMENTS OF BUSINESS RESULTS

Unit: VND 2016 2017

Net revenue

Cost of goods sold

Gross profit

Revenue from financial activities

Financial costs

Interest expenses

Cost of sales

Enterprise cost management

Revenue from business activities

Profit before tax

Current income tax

Deferred income tax

Profit after tax

STATEMENTS OF CASH FLOWS

Unit: VND 2016 2017

I. Cash flows from operation

(Profit)/Loss from investment activities

Interest expenses

Net cash flows from operation

II. Cash flows from investment

Cash spent for lending, purchasing debt instruments of other

units

L Net Cash flows from investment

III. Cash flows from finance

Net cash flows from finance

Impact of exchange rate changes in foreign currency

Cash and cash equivalents at the end of the year

4. Appendix


Northern Power Corporation - EVNNPC

130


PURPOS

BALANCE SHEET

Unit: VND 2016 2017

A. CURRENT ASSETS





IV. Inventories


TTOTAL ASSET

A. LLIABILITIES






B. OWNER’S EQUITY

TOTAL EQUITY


Unit: VND 2016 2017

Net revenue

Cost of goods sold

Gross profit


Financial costs

Interest expenses

Cost of sales



Profit before tax

Current income tax

Deferred income tax

Profit after tax


Unit: VND 2016 2017



Interest expenses




units






4. Appendix


HCM Power Corporation - EVNHCMC

131


PURPOS

BALANCE SHEET

Unit: VND 2016 2017

A. CURRENT ASSETS





IV. Inventories


TTOTAL ASSET

A. LLIABILITIES






B. OWNER’S EQUITY

TOTAL EQUITY


Unit: VND 2016 2017

Net revenue

Cost of goods sold

Gross profit


Financial costs

Interest expenses

Cost of sales



Profit before tax

Current income tax

Deferred income tax

Profit after tax


Unit: VND 2016 2017



Interest expenses




units






4. Appendix


Hanoi Power Corporation - EVNHPC

132


PURPOS

BALANCE SHEET

Unit: VND 2016 2017

A. CURRENT ASSETS





IV. Inventories


TTOTAL ASSET

A. LLIABILITIES






B. OWNER’S EQUITY

TOTAL EQUITY


Unit: VND 2016 2017

Net revenue

Cost of goods sold

Gross profit


Financial costs

Interest expenses

Cost of sales



Profit before tax

Current income tax

Deferred income tax

Profit after tax


Unit: VND 2016 2017



Interest expenses




units






4. Appendix


Central Power Corporation - EVNCPC

133


PURPOS

BALANCE SHEET

Unit: VND 2016 2017

A. CURRENT ASSETS





IV. Inventories


TTOTAL ASSET

A. LLIABILITIES






B. OWNER’S EQUITY

TOTAL EQUITY


Unit: VND 2016 2017

Net revenue

Cost of goods sold

Gross profit


Financial costs

Interest expenses

Cost of sales



Profit before tax

Current income tax

Deferred income tax

Profit after tax


Unit: VND 2016 2017



Interest expenses




units






4. Appendix



134


PURPOS

BALANCE SHEET

Unit: VND 2016 2017

A. CURRENT ASSETS





IV. Inventories


TTOTAL ASSET

A. LLIABILITIES






B. OWNER’S EQUITY

TOTAL EQUITY


Unit: VND 2016 2017

Net revenue

Cost of goods sold

Gross profit


Financial costs

Interest expenses

Cost of sales



Profit before tax

Current income tax

Deferred income tax

Profit after tax


Unit: VND 2016 2017



Interest expenses




units






4. Appendix



135


PURPOS

BALANCE SHEET

Unit: VND 2016 2017

A. CURRENT ASSETS





IV. Inventories


TTOTAL ASSET

A. LLIABILITIES






B. OWNER’S EQUITY

TOTAL EQUITY


Unit: VND 2016 2017

Net revenue

Cost of goods sold

Gross profit


Financial costs

Interest expenses

Cost of sales



Profit before tax

Current income tax

Deferred income tax

Profit after tax


Unit: VND 2016 2017



Interest expenses




units






4. Appendix


Hai Phong Thermal Power Joint Stock Company

136


PURPOS

BALANCE SHEET

Unit: VND 2016 2017

A. CURRENT ASSETS





IV. Inventories


TTOTAL ASSET

A. LLIABILITIES






B. OWNER’S EQUITY

TOTAL EQUITY


Unit: VND 2016 2017

Net revenue

Cost of goods sold

Gross profit


Financial costs

Interest expenses

Cost of sales



Profit before tax

Current income tax

Deferred income tax

Profit after tax


Unit: VND 2016 2017



Interest expenses




units






4. Appendix


Quang Ninh Thermal Power Joint Stock Company

137


PURPOS

BALANCE SHEET

Unit: VND 2016 2017

A. CURRENT ASSETS





IV. Inventories


TTOTAL ASSET

A. LLIABILITIES






B. OWNER’S EQUITY

TOTAL EQUITY


Unit: VND 2016 2017

Net revenue

Cost of goods sold

Gross profit


Financial costs

Interest expenses

Cost of sales



Profit before tax

Current income tax

Deferred income tax

Profit after tax


Unit: VND 2016 2017



Interest expenses




units






4. Appendix


Pha Lai Thermal Power Joint Stock Company

138


PURPOS

BALANCE SHEET

Unit: VND 2016 2017

A. CURRENT ASSETS





IV. Inventories


TTOTAL ASSET

A. LLIABILITIES






B. OWNER’S EQUITY

TOTAL EQUITY


Unit: VND 2016 2017

Net revenue

Cost of goods sold

Gross profit


Financial costs

Interest expenses

Cost of sales



Profit before tax

Current income tax

Deferred income tax

Profit after tax


Unit: VND 2016 2017



Interest expenses




units






REPORT DISCLAIMER

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be reliable and made to ensure the accuracy of the contents of the pages of the report at the time of preparation. Such information has not been independently

verified and VIRAC makes no representation or warranty, whether express or implied, of any kind with respect to the document and its contents, information and

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