Dù nhu cầu điện tăng mạnh, kết quả kinh doanh quý III cho thấy lợi nhuận phân hóa rõ rệt giữa các doanh nghiệp điện. Theo EVN, sản lượng điện sản xuất và nhập khẩu trong 10 tháng đạt hơn 297 billion kWh, tăng gần 10%. PV Power (POW) có doanh thu thuần quý III gần VND 16.770 billion, gấp hơn hai lần cùng kỳ, và lợi nhuận sau thuế hơn VND 2.070 billion, tăng gần 119%, chủ yếu vì doanh thu tăng nhanh hơn giá vốn. Công ty CP Nhiệt điện Hải Phòng (HND) chuyển từ lỗ VND 15 billion cùng kỳ sang lãi khoảng VND 35 billion, dù thuế suất thuế thu nhập doanh nghiệp tăng từ 10% lên 20% gây áp lực lên lợi nhuận. Ngược lại, Tổng công ty Điện lực TKV (DTK) lỗ sau thuế hơn VND 162 billion vì giá vốn vượt doanh thu.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Nghịch lý doanh nghiệp điện: Doanh thu tăng vẫn thua lỗ
Keywords
Open a keyword to see other news on the same topic.
Related tickers and likely impact
NT2
▼ Likely negativeNhon Trach 2 Power
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Utilities |
| Industry | Electricity |
| Market cap | 6,333 bn VND |
| P/E | 4.3 |
| P/B | 1.23 |
| Close on 11/03/2026 | 21.80 |
| Change that session | -0.91% |
PPC
▼ Likely negativePha Lai Thermal Power
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Utilities |
| Industry | Electricity |
| Market cap | 2,796 bn VND |
| P/E | 9.6 |
| P/B | 0.63 |
| Close on 11/03/2026 | 8.72 |
| Change that session | 0.00% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Deputy Prime Minister: Considering electricity price cut from November 1
Deputy Prime Minister Nguyễn Văn Thắng asked for a review of cutting the special consumption tax on gasoline to 0% and reducing the average retail electricity price for five months, from November 1, 2026 to March 31, 2027. EVN was told to cut costs to the maximum extent to build a price-reduction plan and report to the Ministry of Industry and Trade, while the Ministry of Finance must review the gasoline tax plan and report before November 1. The average retail electricity price is currently over 2,204 VND/kWh excluding VAT, applied since May 10, 2025. EVN's 2025 total production and business cost was over 601,680 billion VND, or about 2,092 VND/kWh, roughly 5.3% below the current average retail price. EVN also said over 17,506 billion VND in costs had not been booked into production costs as of the end of 2025, mainly due to exchange rate differences.
- Five-tier electricity pricing: More than 29 million households could see lower power bills
The Ministry of Industry and Trade proposes applying the 5-tier electricity price schedule under Decision 14/2025 immediately, expected to reduce electricity bills for about 94% of users (more than 29 million households) and ease supply pressure during peak hours. Although the decision was issued more than a year ago, the 6-tier schedule still applies; the average retail price stays above 2,204 VND per kWh, so this is not an average price adjustment. Residential customers using 800 kWh or less per month are expected to pay less, while those using 800 kWh or more will pay more; social-policy households using no more than 50 kWh and poor households will receive support equivalent to 30 kWh per month. The peak and off-peak time frames apply only to production and business customers, while capacity gaps between noon and evening peaks could reach 5,000-6,000 MW.
- Director of the HCMC Institute of Economics, Natural Resources and Environment: Four major corporations have raised plans to invest in Vietnam, but pulled back when asked about power capacity
At a seminar co-organized by Tien Phong newspaper and the HCMC Department of Construction on October 16, TS. Phạm Viết Thuận said the city should treat infrastructure as an integrated system rather than focusing only on transport. He argued that 11 main and 13 secondary infrastructure categories, including power, water drainage, industrial zones and logistics, need to be synchronized for the city to develop its economy. To address flooding, he proposed surveying 159 flood-prone points and building ecological lakes at major spots. He also noted that four large corporations had considered investing in Vietnam but withdrew when asked about grid power capacity. Department director Trần Quang Lâm said capital mobilization and land policy need further study, while traffic congestion, flooding and pollution remain the city’s top priorities.
- From 1 November, all motorcycle and car users in Vietnam receive good news; compared with Laos, Cambodia and Thailand, there is a major surprise
Deputy Prime Minister Nguyen Van Thang signed Resolution No. 45/2026/NQ-CP, setting the special consumption tax on all gasoline types at 0% from 1 November 2026 to 31 March 2027. Under the Special Consumption Tax Law effective 1 July, rates were 10% for regular gasoline, 8% for E5 and 7% for E10. The same day, the Ministry of Industry and Trade set maximum prices of 24,223 VND/liter for E5 RON 92 (down 1,804 VND/liter) and 24,159 VND/liter for E10 RON 95 (down 1,575 VND/liter). The article notes that Vietnam's gasoline prices remain lower than those in Thailand (32,550 VND/liter), Cambodia (32,010 VND/liter), Laos (48,276 VND/liter) and China (36,125 VND/liter). The government also aims to keep inflation at 4.5%, and EVN has been directed to cut retail electricity prices by 2% until the end of March 2027.
- Why Are Electricity Prices and Gasoline Taxes Falling Together?
From November 1, the average retail electricity price falls 2% to VND 2,159.9 per kWh excluding VAT, while the special consumption tax on gasoline is cut to 0% from 10% for mineral gasoline; both measures apply until March 31, 2027. The moves aim to lower production and living costs and create room to contain inflation at year-end, as the nine-month average CPI rose 4.52% against a full-year target of about 4.5%. The government attributes the CPI increase mainly to higher oil prices from the Middle East conflict, with global oil above USD 110 a barrel in the third quarter. Nguyễn Tiến Thỏa, chairman of Hội Thẩm định Việt Nam, estimates the electricity cut could lower CPI by over 0.066 percentage points, though individual household bills depend on tariff tiers and consumption. E10 RON 95-III gasoline fell nearly VND 1,600 to VND 24,150 per litre but remains about 22% above the end of February.
- Electricity price cut and fuel tax reduction help curb inflation pressure at year-end
From November 1, 2026, the average retail electricity price drops 2% and the special consumption tax on petroleum is cut to 0%, which could lower fuel prices by about 1,500–1,700 VND per liter. Nguyen Tien Thoa, chairman of the Vietnam Valuation Association, says both measures will ease costs for businesses, with steel production costs down about 0.12%, cement about 0.3%, and textiles about 0.2%, while helping lower CPI and household spending. CPI in the first nine months of 2026 reached 4.52%, slightly above target, and year-end demand, credit growth, energy prices and the USD exchange rate remain inflation risks. He says keeping CPI within 4.5–5% would be a successful outcome. Ngo Tri Long of the Vietnam Financial Consulting Association agrees, saying the cuts help consumers and businesses and support both growth and inflation control.
Related markets
Latest news
- SpaceX Could Match Google’s 27-Year Data Center Buildout In 18 Months, Outpace Even Chinese Rivals: SemiAnalysis
SemiAnalysis says SpaceX (SPCX) could build data center capacity matching Google's nearly three-decade buildout in just 18 months, reaching 13 GW by 2027 after raising its target from 10 GW. The firm has identified more than 9 GW of sites, including 3.6 GW under construction, and says SpaceX's build times of about five months at MiniHard and a targeted four months at Gun Range are far faster than the typical 8–12 months. However, it flags a possible power shortfall above 300 MW at Colossus 2, as tracked generation capacity of more than 8 GW falls short of over 9 GW of planned data center capacity. SpaceX's AI business includes Anthropic's May agreement to use all of Colossus 1's capacity and Google's access to about 110,000 GPUs, with a combined annual contract value of $26 billion. SPCX rose nearly 4% to $141.31 on Tuesday, its second straight gain, though it is down 12% year to date.
- 1Finity, a Fujitsu Company, Announces Availability of Full-Stack Enterprise AI-Native vRAN Solution
1Finity, a Fujitsu company, announced availability of a full-stack AI-Native vRAN solution that helps mobile network operators earn revenue from AI services and deliver private wireless networks to enterprises. The stack combines 1Finity's open vRAN software and O-RAN compliant radio units, AI servers from QCT and Supermicro running NVIDIA AI Aerial, Aible's no-code platform for building and operating AI agents, and Armada's Bridge for multi-tenant orchestration, security and billing. At its core is shared NVIDIA GPU infrastructure supporting both AI and RAN workloads, which the companies say improves resource utilization, lowers costs and speeds time to market compared with separate compute environments.
- Russia Warns of a “Bad Winter” and a Painful Paradox in Europe
Gazprom CEO Aleksey Miller warned that European gas prices could double and exceed $2,500 per 1,000 cubic meters, citing record-low storage levels. European underground gas storage is only about 74% full, the lowest since 2009 and well below the five-year seasonal average of 86%, while Germany stands at about 61.6%. Equinor CEO Anders Opedal also acknowledged storage is at its lowest seasonal level since 2011, and wholesale gas prices hit a near four-year high above 108 USD/MWh in late October. Household gas prices in Germany rose 55% this year, and some fertilizer, chemical and steel producers have cut output, while energy majors such as Shell posted profits of $12.1 billion from July to September 2026. Brussels is pressing ahead with bans on Russian gas, with long-term LNG contracts prohibited from January 2027 and pipeline contracts expected to end in late 2027.
- How much does Doji 9999 gold cost per tael today, November 4, 2026?
As of 7 a.m. on November 4, 2026, Doji listed SJC gold bars at 13.76 to 14.06 million VND per tael (buy-sell), down 60,000 VND per tael on both sides from the previous morning. Doji's Hưng Thịnh Vượng 9999 round gold rings traded at 13.55 to 13.95 million VND per tael (buy-sell). The article notes that the prices are for reference only and may change during the day.
- THE KOREA INDUSTRY DAILY: ROBOTWORLD 2026 to Spotlight Physical AI and AI-Driven Manufacturing With 402 Exhibitors From 17 Countries
ROBOTWORLD 2026 runs November 4 to 7 at KINTEX in Goyang, South Korea, with 402 companies from 17 countries across 1,198 booths, focusing on Physical AI and AI-driven manufacturing. The accompanying conference features 36 sessions on November 4 and 5 covering manufacturing, humanoid robots and mobility. According to the International Federation of Robotics, global industrial robot installations hit a record 603,307 units in 2025, up 11%, with Asia accounting for 76% (457,315 units). Korean firms Rainbow Robotics, Neuromeka and Samhyun will show humanoid robots, control technology and an autonomous transport robot with payloads of up to 3 metric tons. Business programs include export matchmaking on November 4 to 6, a market-entry seminar on November 5 and Global Scale-up Day on November 6 for SMEs and startups.
- Should You Buy Alphabet Stock After Anthropic Raised Its Google Commitment to $121 Billion?
Anthropic updated its IPO filing on Nov. 2, adding third-quarter results. As of Sept. 30, it held $95.6 billion in cash and equivalents and $36.3 billion in short-term investments, while its purchase commitments and leases totaled about $895.4 billion, mostly for compute and infrastructure. It committed to spend at least $121.3 billion with Google from April 2026 through July 2033 regardless of usage, up from about $114.5 billion in the previous filing, which equals around 22% of Google Cloud's backlog. Anthropic has $69.8 billion of commitments due in the next 12 months, which its cash and investments cover almost twice, while its third-quarter revenue reached about $17.0 billion against an operating loss of $567 million. The author sees the next few years of the Google commitment as solid revenue, treats later years as a bet on Anthropic's growth, and thinks Alphabet stock is still worth a look at its current price.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.