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Agriseco Research expects PV Power’s business results to remain positive in the coming quarters and anticipates recording foreign exchange (FX) compensation related to Vung Ang 1. The outlook is supported by continued growth in Vietnam’s electricity demand as production expands, increasing the importance of large-scale power plants for supply reliability.
Among listed power generation companies, PV Power (POW) stands out for its diversified portfolio across gas-fired, coal-fired and hydro assets. The company currently manages and operates nine plants with total capacity of over 5,800 MW.
In its latest update, Agriseco highlighted positive signals in PV Power’s May 2026 results. Total electricity output reached 2,383 million kWh, up 37% year-on-year.
For Vung Ang 1, Agriseco said the market electricity price is higher than variable costs. For Nhon Trach 2, the plants are generating above contracted volumes during high-price hours. Agriseco noted that electricity output above contracted volumes can support both revenue and profitability.
Agriseco also pointed to stable operations at Nhon Trach 3&4, adding that LNG-related risks are controlled. The brokerage emphasized Nhon Trach 3&4 as a notable highlight, expected to contribute to PV Power’s growth from 2026.
Agriseco said that while World Bank forecasts LNG prices at around 16 USD/MMBtu this year—up 33% from 2025 due to global supply disruptions—the impact on Nhon Trach 3&4 is expected to be limited. The project includes a mechanism to pass gas costs into the electricity price.
In addition, Agriseco cited a long-term LNG supply contract with Shell for 2027–2031, covering 20.7 million MMBtu per year. The contract is expected to help ensure stable fuel supply and support continuous plant operation.
Another positive factor cited by Agriseco is that total project investment is expected to be about 700 billion VND less than planned, which could help reduce depreciation pressure.
Separately, the Ministry of Industry and Trade has proposed increasing the share of contracted output from 65% to 75%. If approved, Agriseco said this would improve cost recovery and help stabilize cash flow for Nhon Trach 3&4.
Agriseco described LNG gas-fired power as a long-term growth driver for PV Power. After Nhon Trach 3&4, with total capacity of 1,624 MW, enters commercial operation from 2026, the company is expected to continue developing additional LNG projects.
With these projects, PV Power’s total LNG project capacity exceeds 6,100 MW, close to its current capacity. Agriseco said the phased roll-out is expected to help PV Power sustain a growth cycle over the coming years and provide stable revenue to reinvest in new projects.
Analysts at Agriseco expect PV Power’s performance to remain positive in the coming quarters, although some plants are expected to undergo periodic maintenance later this year.
Two main factors are cited for the near-term outlook:
With a platform of nine plants and a pipeline of LNG projects under development or planned, Agriseco expects PV Power to enter a new growth cycle, with Nhon Trach 3&4 serving as the starting point for scaling capacity.
