Thanks to proactive management, adaptive production planning, and effective weather-response strategies, hydropower companies under the Vietnam Rubber Group (VRG) recorded a successful year in 2023, achieving strong results in power generation, sales, revenue, and profit, all exceeding assigned targets.
Outstanding Performance in 2023
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VRG currently invests in five hydropower companies — four Tier-II subsidiaries (VRG Bao Loc JSC, Geruco Song Con Hydropower JSC, VRG Phu Yen Hydropower Investment JSC, VRG Dak Nong JSC) and one Tier-III subsidiary (VRG Ngoc Linh JSC).
In 2023, these companies met and surpassed most of their production, revenue, and profit plans, supported by favorable hydrological conditions. Total commercial electricity output reached 539 million kWh (112% of plan), equivalent to 83% of 2022 output. Revenue reached VND 605 billion (113% of plan).
Additionally, VRG’s rooftop solar projects achieved a 10 MWp capacity, generating 12 million kWh annually and reducing 10,321 tons of CO₂ emissions per year, contributing approximately VND 5 billion in revenue.
VRG Bao Loc: Efficient Operations Despite El Niño Challenges
VRG Bao Loc JSC operates the Bao Loc Hydropower Plant, with an installed capacity of 24.5 MW and an average annual output of 128 million kWh.
Despite El Niño-induced water shortages in 2023, the company implemented strict operational measures to optimize generation efficiency and water use. According to General Director Nguyen Van Cuong, “We closely managed turbine operations to ensure safety and maximize generation efficiency, achieving the highest possible output despite reduced water inflows.”
Key results include:
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Power output: 129.5 million kWh (102% of plan)
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Revenue: VND 182 billion (112% of plan)
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Pre-tax profit: VND 95.2 billion (118.5% of plan)
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Post-tax profit: VND 32.1 billion (135.7% of plan)
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Average employee income: Over VND 21 million/month
Geruco Song Con: Nearly Double Profit Growth
With 19 years of operation, Geruco Song Con Hydropower JSC has consistently delivered outstanding business performance. Its Song Con 2 Hydropower Plant runs stably, meeting and exceeding all technical and financial targets, contributing to Vietnam’s energy security and local socio-economic development.
In 2023, despite challenges, the company achieved:
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Electricity output: 230 million kWh (124.3% of plan)
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Revenue: VND 220.4 billion (128.3% of plan)
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Pre-tax profit: VND 53 billion (200.7% of plan)
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Post-tax profit: VND 46 billion (192.8% of plan)
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Average employee income: Over VND 22.2 million/month
In recognition of its achievements, the company was listed among Vietnam’s Top 100 Sustainable Enterprises 2023, ranking 58th nationwide.
General Director Tran Quang Hoa attributed the company’s success to a united and skilled workforce and a strong corporate culture built on responsibility, innovation, and professionalism. The company not only provides stable income but also focuses on employee well-being, organizing sports and cultural events to promote work-life balance.
Furthermore, the company actively participates in community development and social welfare initiatives, such as donating to students, ethnic minority communities, and families under social policies, with annual funding of over VND 100 million.
Commitment to Sustainable and Inclusive Development
With a clear vision toward sustainable growth, VRG’s hydropower companies continue to strengthen community relations and support socio-economic development in regions hosting hydropower plants.
In the coming years, these companies will expand investment cooperation, optimize resource utilization, and further develop renewable energy projects—enhancing both business performance and community welfare across the VRG ecosystem.