Chairman Duong Quang Thanh directed at the conference
In 2017, EVN’s financial situation was under great pressure due to many reasons such as: Increasing input costs (exchange rate, coal price, gas for power production, water resource tax, and forest environmental service fee), the arrangement of investment capital for electricity projects facing many difficulties, natural calamities causing serious damage to the power system, etc.
EVN and its unit members have implemented synchronous solutions such as reducing cost, increasing labour productivity; optimally operate power system, etc. At the end of 2017, the Corporation and its unit members ensured the finance balance.
Especially, capital arrangement work of the Group has satisfied the investment in power source and grid projects. The total investment value of the Group in 2017 reached over VND130 trillion.
In respect to business innovation and equitization, the equitization plan of Power Generation Corporation 3 (EVNGENCO3) was approved by the Prime Minister in December 2017 and EVNGENCO3 completed Initial Public Offering (IPO) on 9th February 2018. The equitization of EVNGENCO2 and EVNGENCO3 is being executed following the roadmap. The Group and its units have strictly implemented capital divestment and reduction at joint-stock companies.
Directing at the conference, Chairman Duong Quang Thanh requires units to continue to renovate corporate governance, improve production-business efficiency, achieve targets and assigned tasks; In particular, the highest goal is to ensure sufficient power for socio-economic development. The units need to mobilize capital effectively, ensuring the capital for investment-construction. At the same time, promoting the application of science and technology in power system management as well as financial management; Simultaneously, continue to improve the quality of human resources, especially financial and accounting personnel.
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Some financial goals of EVN in 2018:
- Ensuring sufficient capital for construction-investment
- Completing capital mobilization plan for urgent power projects in the period 2016-2025;
- Implementing business renovation, equitization and divestment;
- Enhancing the application of information technology in financial and accounting management;
- Strengthening the inspection, training to improve qualification of economic and financial management, etc.
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