According to data published in the Financial Statements of EVN's Parent Company, accumulated in the first 6 months of 2026, EVN's Parent Company recorded VND 295,029 billion in net revenue, an increase of about 14% compared to VND 258,099 billion in the same period of 2025.
However, the cost of goods sold reached 286,763 billion VND, an increase of 16.50%, which means a higher growth rate than revenue. This caused gross profit to be only 8,265 billion VND, a decrease of about 30% compared to 11,942 billion VND in the same period.
In the opposite direction, financial revenue reached more than VND 3,012 billion, while financial expenses decreased to about VND 1,835 billion. After calculating other income and expenses, EVN's parent company achieved more than VND 8,631 billion in after-tax profit, an increase of about 26% compared to the same period last year.
Previously, in the period 2022-2023, EVN lost about 50,029 billion VND due to many electricity production and supply costs not being fully included in the retail electricity price. This group made a profit again in 2024, helping the accumulated loss to decrease to about 33,792 billion VND. According to the consolidated financial statements for 2025, this group has run out of accumulated losses. However, considering the parent company - EVN alone, the remaining loss by the end of 2025 is about 5,611 billion VND.
Talking to Lao Dong, Dr. Nguyen Huy Hoach - energy expert, member of the Scientific Council of Vietnam Energy Magazine, said that based on the balance of this indicator in the financial report, the accumulated loss left at the end of 2025 has been compensated and converted to positive in just the first 6 months of 2026.
This is a milestone of great significance for EVN's financial recovery process," said Dr. Nguyen Huy Hoach.
According to Dr. Nguyen Huy Hoach, EVN's recovery process can be viewed from many simultaneous factors. First of all, the improvement of the cost environment compared to the peak period of fuel price fluctuations. When input prices are more favorable, the pressure on electricity production costs decreases.
Second, the adjustment of the average retail electricity price in recent years has gradually better reflected the fluctuations in electricity production and business costs. This helps narrow the gap between costs and revenue, creating conditions to improve financial balance.
Third, the requirement to control costs, improve production and business efficiency, and manage cash flow is being raised more and more clearly. In the first 6 months of 2026, EVN organized bidding for 8,539 packages, with an average savings rate of 6.32%. This savings level is not a decisive factor for the overall financial results, but shows that cost control efforts have been implemented in many stages.
Fourth, electricity demand continues to increase, leading to an increase in commercial electricity output and revenue of the system. In conditions where cost factors are better controlled, load growth creates more room to improve business results.
However, Dr. Nguyen Huy Hoach said that it is also necessary to avoid considering this recovery process as the result of a single factor. For a business with large asset scale, revenue and investment obligations like EVN, financial results are simultaneously affected by fuel prices, power source structure, exchange rates, interest rates, electricity output, electricity selling price, electricity purchase costs and investment progress.
A noteworthy point in the results of the first 6 months of 2026 is that after-tax profit increased by 26%, while gross profit decreased by about 30%. This shows that caution is needed when assessing the quality of recovery if only based on the final profit figure.
The profit of an electricity business does not only depend on electricity sales revenue and cost of goods sold. Financial income, financial expenses, exchange rate differences, investment results and other items can also significantly affect the final outcome.
Therefore, what needs to be concerned in the coming years is not only EVN's continued profit, but also the ability to maintain a sufficiently stable profit level from core production and business activities, creating cash flow suitable for investment needs and financial obligations. This is a very different point between a "loss-escape" process and a sustainable recovery process.
According to Dr. Nguyen Huy Hoach, EVN is preparing for a new investment cycle, including large-scale power source projects, transmission grid projects and works serving energy security requirements.
These are all fields that require a very large amount of capital, long preparation and implementation time, and at the same time set high requirements for capital mobilization capacity.
Therefore, the profit retained by EVN in the coming years will not only be meaningful for improving the balance sheet, but also directly related to the ability to participate in equity, creating conditions to mobilize credit capital sources and improve the absorption capacity of new investment projects," said Dr. Nguyen Huy Hoach.
