#EVN #Petrovietnam #PVN #DienLuc #NangLuong #KinhTeVietNam #DoanhThu #LoiNhuan #VietnamEconomy
EVN has just surpassed Petrovietnam to take the revenue throne after many years, but what is more surprising is that this power group has gone from being burdened with tens of trillions of accumulated losses to creating more than 51,800 billion VND in profit in just one year. Is this the biggest overthrow of the state-owned enterprise sector in the past decade?
On June 17, 2026, after the 2025 audited financial reports were fully announced, a historic change appeared on the Vietnamese business rankings. Vietnam Electricity Group EVN officially surpassed Vietnam National Energy Industry Group Petrovietnam in consolidated revenue, becoming the enterprise with the largest revenue in the country.
For many consecutive years, Petrovietnam has always been considered a "giant" of the Vietnamese economy with an ecosystem spanning oil and gas exploitation, petrochemical refining, electricity, gas and technical services. However, 2025 has witnessed a spectacular breakthrough from EVN.
Comparison table of business results in 2025
EVN Petrovietnam indicators
Revenue 645.658 billion VND More than 633,000 billion VND
Profit after tax 51,881 billion VND 52,378 billion VND
Revenue growth 11.2% 13%
Revenue position No. 1 in Vietnam No. 2 in Vietnam
Source from the 2025 audited financial statements of the two corporations.
The trillion-dollar race is surprising
It is worth noting that Petrovietnam previously announced an estimated consolidated revenue of about VND 651,200 billion by the end of 2025. However, after the audit process and finalization of official data, Petrovietnam's recorded revenue was lower than EVN, helping the power group take the lead.
Revenue difference
EVN
645,658 billion VND
Petrovietnam
633,000 billion VND
Distance
12,658 billion VND
This number is equivalent to the annual revenue of many large listed businesses on the stock exchange.
What helped EVN change its fortunes?
From 2022 to 2024, EVN is continuously under pressure due to sharp increases in coal, gas and input fuel prices. Many times the corporation had to bear huge losses.
Entering 2025, many favorable factors appear
✅ Hydropower achieves high output
✅ Cost of capital increases slower than revenue
✅ Operational efficiency is improved
✅ Financial costs are sharply reduced
✅ The electrical system operates more stably
Thanks to that, EVN's profit after tax reached 51,881 billion VND, an increasen 6 times compared to the previous year and officially erased all accumulated consolidated losses.
Has Petrovietnam really lost?
The answer is not completely.
If considering consolidated revenue, EVN is leading.
But considering the scale of the entire group, Petrovietnam is still the largest "giant" in Vietnam with total revenue of the entire ecosystem in 2025 reaching about 1,105 million billion VND, equivalent to 9 to 10% of the country's GDP.
In addition, Petrovietnam's profit after tax is still slightly better than EVN and continues to be in the group of state-owned enterprises with the highest efficiency in Vietnam.
How much do the two "big guys" create for the economy?
Value Indicator
EVN revenue 645,658 billion VND
Petrovietnam revenue is 633,000 billion VND
Total 1,278,658 billion VND
The total revenue of these two corporations alone is equivalent to about 7% of Vietnam's GDP, showing the particularly important role of the energy sector in the national economy.
Market perspective
EVN's return to a growth trajectory and recording record profits can create a positive effect for the entire electricity industry. Related businesses such as PV Power, REE, GELEX or many other power generation units are closely watched by investors.
However, stock prices also depend on electricity, hydrology, and fuel pricesinput and operating policies, it is impossible to synchronize EVN's business results with the prospects of the entire industry.
The year 2025 will be remembered as a special milestone when for the first time in many years, EVN regained the position of the enterprise with the largest revenue in Vietnam, while Petrovietnam continued to affirm its strength with an energy ecosystem worth more than one million billion VND in revenue each year.
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