This marks the second consecutive year that EVNNPC has maintained this rating, affirming its solid financial capacity and strategic position within Vietnam’s power system.

According to Fitch Ratings, EVNNPC’s long-term foreign currency issuer default rating (IDR) is BB+ with a “Stable” outlook. Its standalone credit profile is also rated BB+, on par with the credit profile of its parent company, Vietnam Electricity (EVN), and Vietnam’s sovereign credit rating (BB+/Stable).

Fitch Ratings noted that EVNNPC’s rating aligns with its parent EVN, as EVN owns 100% of EVNNPC’s charter capital and provides a high level of support, consistent with the agency’s criteria for evaluating parent–subsidiary links.

Regarding the operational outlook, Fitch Ratings forecasts strong growth in electricity demand in Vietnam, estimating a 4.5% increase in 2025 and about 7% in the medium term. EVNNPC is well-positioned to benefit from this trend due to its extensive customer network, diverse user base, high debt recovery rate, and low counterparty risk.

In addition, Fitch Ratings highlighted that EVNNPC maintains a high capital expenditure (Capex) plan in the coming period to upgrade grid infrastructure, build substations, and construct transmission lines to meet rising electricity consumption and integrate additional renewable energy sources under Power Development Plan VIII. Despite significant investment, EVNNPC’s financial leverage remains well-managed, with a projected net debt/EBITDA ratio ranging from 1.4 to 3.4 during 2025–2028.

EVNNPC leadership stated: “The positive assessment from Fitch Ratings reflects international organizations’ confidence in EVNNPC’s financial capacity, governance, and strategic role in the national power system. The Corporation will continue to maintain financial discipline, improve investment efficiency, and ensure safe and stable electricity supply for the Northern region.”

Being rated on par with EVN confirms EVNNPC’s strong financial standing, creditworthiness, and crucial role, while facilitating capital mobilization for modern and sustainable power infrastructure development – contributing to Vietnam’s energy transition and green economic growth.

Since 2020, Fitch Ratings has consistently maintained positive assessments of EVNNPC. After reaching BB with a Positive outlook in 2021 and 2022, EVNNPC was upgraded to BB+ for the first time in 2023 and maintained this rating in 2024, demonstrating the company’s stable and increasingly reinforced financial credibility.

Translator: Vân Ly