On the roadmap of equitization of GENCOs

In the first quarter of 2018, Electricity of Vietnam (EVN) has implemented restructuring, divestiture and equitization of Power Generation Corporations (GENCOs) and made initial public offerings (IPO) of EVNGENCO3.

On February 13, 2018, the Prime Minister approved EVN's five-year Schedule of production, business and investment for development in 2016-2020. Then, the Prime Minister issued the Decree dated February 28, 2018, on organization and operation regulations of EVN. According to the Decree, EVN is owned by the State. The Government unifies the management and organization to implement the rights and obligations of the State Owner to EVN, whose charter capital is 205,390 billion dong by the end of 2018.

EVN's business objectives are to be sustainable, profitable and profitable; preservation and development of state-owned capital invested in EVN and EVN's capital invested in other enterprises; to fulfill other tasks assigned by the State Owner; to play a central role in the development of the Vietnam National Electricity Group, which owns the dominant state ownership.

After EVNGENCO 3, EVN continues to equitise EVNGENCO 1 and 2 EVNGENCO3

Hiện nay, EVN đang rà soát, phê duyệt Điều lệ tổ chức hoạt động, kế hoạch 5 năm cho các đơn vị. EVN sẽ trình Bộ Công Thương Đề án tách khâu phân phối và khâu bán lẻ điện trong các tổng công ty điện lực; báo cáo Thủ tướng Chính phủ thông qua việc thành lập một số Công ty Nhiệt điện hoạch toán phụ thuộc EVN, Công ty Dịch vụ sửa chữa của EVN và sắp xếp, kiện toàn các Ban QLDA nguồn điện trực thuộc EVN; tiếp tục phối hợp với Tư vấn quốc tế thực hiện các bước đánh giá hệ số tín nhiệm tín dụng (credit rating) của EVN; tiếp tục triển khai các bước cổ phần hóa các EVNGENCO và thực hiện thoái vốn của EVN tại các Công ty cổ phần...

 

EVNGENCO3 is currently finalizing related issues to conduct the first shareholder meeting. With regard to the equitization of GENCOs, for the EVNGENCO2, EVN has reported to the Steering Committee for Equitization, approving the value of enterprises, reporting to the Ministry of Industry and Trade for approval and announcing the value of enterprises. For the EVNGENCO1, on March 29, EVN has reported to the Ministry of Industry and Trade on the plan on arrangement and handle of real estate and striving to ensure the progress on announcement of enterprise value of the Parent Company - EVNGENCO1 by the Ministry of Industry.

At present, EVN is reviewing and approving the Regulation on Organization and Operation, the 5-year plan for its members. EVN will submit to the Ministry of Industry and Trade a Scheme on separation of distribution and electricity retailing in power corporations; report to the Prime Minister on the establishment of some EVN’s Subsidiary Electricity Companies, EVN’s Rehabilitation Services Company; arrange and consolidate EVN’s Power Projects Management Boards. Besides, EVN continues cooperating with international consultants to perform EVN credit rating; continues to carry out equitization steps of GENCOs and perform EVN’s divestiture at joint-stock companies.