On June 13, 2024, in Ho Chi Minh City, Power Generation Corporation 3 (EVNGenco3), listed under the stock code PGV, successfully held its 2024 Annual General Meeting of Shareholders.

The meeting was attended by Mr. Dinh The Phuc, Member of the Board of Directors of Vietnam Electricity (EVN); Mr. Cao Dat Khoa, Director of EVN’s Capital Investment Management Board; and representatives from various EVN departments.

From EVNGENCO3, notable attendees included Mr. Dinh Quoc Lam, Chairman of the Board of Directors; Mr. Le Van Danh, Member of the Board of Directors and General Director; alongside members of the Board of Directors, Board of Supervisors, Deputy General Directors, departmental leaders, and representatives from member units. Shareholders and authorized representatives participated, representing a total of 1,116,057,622 voting shares, accounting for 99.34% of the total shares. 

Overview of the 2024 General Meeting of PGV Shareholders 

The PGV General Meeting of Shareholders reviewed reports on the Corporation’s 2023 performance in production, business operations, construction investment, and finance, along with the strategic plan for 2024. The agenda also included the financial statements for the year ending December 31, 2023, the 2023 profit distribution plan, remuneration and salaries of the Board of Directors and the Board of Supervisors, updates on the Corporation’s business activities, and performance evaluations of the Board of Directors and the Board of Supervisors. 

Mr. Dinh Quoc Lam, Chairman of the Board of Directors, and Mr. Le Van Danh, Member of the Board of Directors and General Director of EVNGENCO3 chair the meeting 

In 2023, EVNGENCO3 faced significant challenges due to volatile and unpredictable factors that greatly impacted power system operations and electricity production. In response to these challenges, the Corporation received timely guidance, support, and direction from Vietnam Electricity (EVN) and relevant governmental agencies, departments, and local authorities. Through the dedication and adaptability of its employees, EVNGENCO3 successfully maintained stable power generation and operations while ensuring environmental safety. The parent company generated over 26 billion kWh of electricity, achieving 90.54% of the target set by the General Meeting of Shareholders and 100.5% of the target assigned by EVN. Total revenue reached 44,982 billion VND, fulfilling 92.83% of the plan, with cash dividends distributed at a rate of 9.26%. 

Mr. Le Van Danh – Member of BOD, General Director of EVNGENCO3 addresses the meeting 

EVNGENCO3 has effectively leveraged its resources to enhance repair and maintenance capabilities, completing eight major repair projects and delivering maintenance services to 20 power plants within and beyond EVN’s network. In 2023, the Corporation signed a long-term contract to provide maintenance, repair, and operational services for the Hiep Phuoc LNG Power Plant Phase 1 with the capacity of 1200MW and assumed responsibility for the operation, repair, and maintenance management of Phu My 3 Power Plant under a service agreement with EVN. 

When it comes to construction investment, VNGENCO3 continues to target green and clean energy, seek international partnerships to enhance liquefied natural gas (LNG) utilization for gas turbine power plants, pursue agreements for offshore wind power development, and conduct research on fuel conversion, lifespan extension, and environmental sustainability solutions for power plants. 

Additionally, EVNGENCO3 and its member units remain committed to social responsibility by implementing various community welfare initiatives, such as providing scholarships and long-term support for 47 orphaned and disadvantaged students affected by COVID-19 in Ho Chi Minh City, allocating funds to construct and renovate classrooms for seven schools, financing the building and handover of 15 compassion houses, installing solar-powered lighting systems, and developing roads in rural areas where the Corporation units operate. In 2023, the total amount spent on social security programs was VND 12 billion to social security programs.  

For 2024, EVNGENCO3 aims to generate 25.349 billion kWh of electricity as the parent company, exceeding the initial target set by the Ministry of Industry and Trade by approximately 3 billion kWh, with an expected revenue of VND 40,384 billion. 

As of May 31, 2024, the parent company had produced 10.748 billion kWh, achieving 98.84% of the five-month target and 42.4% of the annual plan. Amid prolonged extreme heat caused by the El Nino phenomenon, electricity demand surged while water levels in hydroelectric reservoirs nationwide declined. In response, EVNGENCO3 mobilized maximum resources, promptly implementing coordinated measures to secure coal, gas, and oil supplies for uninterrupted production. The Buon Kuop Hydropower Plants were efficiently mobilized in line with hydrological conditions, ensuring water supply for downstream areas while reserving sufficient water for peak dry-season electricity demand in 2024. 

The General Meeting of Shareholders provided a platform for shareholders and EVNGENCO3 leadership to engage in discussions and clarify key issues, including fuel sourcing strategies, measures to enhance production and business efficiency, investment in new power projects, and corporate restructuring plans. Addressing shareholder inquiries, the Board of Directors reaffirmed its commitment to achieving business and operational targets, upholding corporate governance, maintaining stable dividends, effectively performing the 2024 theme, "Solidarity, creativity, and emulation to excellently fulfill tasks and celebrate the 70th anniversary of Vietnam Electricity Industry’s Traditional Day”, and fulfilling its strategic goals to contribute to the sustainable growth of Vietnam’s electricity sector. 

Mr. Dinh The Phuc – Member of EVN’s BOD addresses the Meeting 

Speaking at the meeting, Mr. Dinh The Phuc, Member of the Board of Directors of EVN, highly commended EVNGENCO3 for its outstanding achievements in 2023, particularly the Corporation’s resilience in overcoming challenges and its strong collaboration with EVN to ensure stable power generation and supply amid prolonged and widespread heat waves and surging electricity load demand throughout 2023 and early 2024. He also emphasized the importance of maintaining stable production, prioritizing investment, advancing clean energy development, proactively securing coal and gas fuel sources, and ensuring that all generating units remain ready to meet the operational requirements of the National Load Dispatch Center. 

Shareholders engages in discussions at the Meeting 

The General Meeting acknowledged and accepted the comments and recommendations from the EVN’s management and major shareholders of PGV. The General Meeting of Shareholders approved all proposals presented at the meeting, securing 100% of the votes from attending and voting shareholders. 

Recognizing its critical role in power supply, EVNGENCO3 will continue optimizing production across existing power plants, diversifying and proactively managing fuel sources to meet load demand, advancing its transition toward clean energy, and aiming to become a trusted provider of operation and maintenance (O&M) services for power plants and management solutions for energy projects both within and beyond the power sector.