Research Insights

Utilities - Electricity: Vietnam’s Power Sector at a Turning Point

Vietnam’s power sector looks to be at a turning point, with the government’s ‘Resolution 70’ prioritizing energy security and private participation. Revisions re. decrees and new tariff structures aim to ease bottlenecks, improve project bankability, and align with PDP8. Implementation delays persist across energy generation & transmission projects, but reforms are underway to unlock capital and attract private players. Our covered names are well placed to benefit here, helped by stronger EPC execution (PC1), higher Qc alloc’s (POW / PGV), and on-track renewable expansions (GEG / REE). Our top pick remains PC1 (Add) on its EPC leadership, grid exposure, and medium-term growth pipeline; GEG and POW are also preferred at current levels.