EVN Finance JSC was officially established and began operations on September 1, 2008, with the mission of arranging and managing capital for power projects under the Vietnam Electricity Group (EVN) and its affiliates. In 2020, EVN successfully divested 100 percent of its stake in EVN Finance.

The company’s network includes its headquarters and two branches in Da Nang and HCM City. Its charter capital as of the end of June 2025 is over VND7,605 billion.

Following the SBV’s inspection conclusions, on August 15, EVN Finance submitted a document to regulatory authorities announcing the dismissal of Mai Danh Hien as CEO. Le Manh Linh was appointed acting CEO from August 21. Pham Trung Kien, Chair of the Board of Directors, will become the legal representative from August 21.

EVN Finance has no major shareholders. All 760 million shares are held by 70,443 small shareholders as of the end of 2024. The state holds 0 percent. Institutional shareholders, totaling 68, own 7.98 percent of shares, while individual shareholders hold over 92 percent. Seventy-eight foreign shareholders own 0.45 percent.

Among the leadership, chair Pham Trung Kien holds 0.433 percent, Le Manh Linh holds 0.435 percent, and Mai Danh Hien 0.388 percent.

EVN Finance has close ties with VIX Securities, Amber Capital Management, and Nhat Viet Securities (VFS). Both Amber Capital Holdings and EVN Finance are major shareholders in Nhat Viet Securities.

Rapid credit growth, record profits

Despite numerous challenges faced by finance companies in recent years, caused by Covid-19 and declining consumer demand, EVN Finance’s business operations have grown steadily, including both credit and financial performance.

In the first six months of 2025, EVN Finance recorded a pre-tax profit of over VND598 billion, up 92.5 percent year-on-year, achieving 62 percent of its annual profit plan. Post-tax profit reached over VND482 billion, a 94 percent increase from VND249 billion, compared to the same period last year.

In the first half of the year, EVN Finance reported net interest income of nearly VND812 billion, up 7 percent year-on-year.

In 2023 and 2024, under the leadership of Chair Pham Trung Kien and CEO Mai Danh Hien, the company also recorded impressive business results. Net profit after tax in 2024 reached nearly VND 561 billion, up from VND 328 billion in 2023 and VND 366 billion in 2022.

Despite the negative impact of Covid-19, in 2021, EVN Finance achieved positive results, with pre-tax profit exceeding VND411 billion, a 12 percent increase from 2020, surpassing its set targets.

Its assets also grew significantly, from nearly VND42,200 billion at the end of 2022 to over VND49,200 billion at the end of 2023 (a 16.6 percent increase) and nearly VND59,600 billion by the end of 2024 (up 21.1 percent).

By the end of June 2025, EVN Finance’s assets had increased by 17 percent to nearly VND69,600 billion. Asset growth was primarily driven by customer lending, rising from VND46,300 billion at the start of the year to over VND52,200 billion, and deposits and loans to credit institutions.

Asset growth stemmed from customer deposits (up by about VND3,000 billion) and bond issuances (up by about VND7,700 billion). This also meant total liabilities increased by about VND10,000 billion.

Where is EVN Finance sourcing its funds, and who are its main borrowers?

EVN Finance reported that over VND13,300 billion came from term deposits in VND, with the majority from joint-stock companies, totaling nearly VND11,800 billion.

Of the nearly VND52,800 billion in loans as of the end of June 2025, nearly VND49,600 billion was lent to domestic organizations and individuals. Short-term debt reached nearly VND23,400 billion, up significantly from VND21,000 billion at the start of the year. Medium-term debt was over VND21,400 billion, compared to over VND18,700 billion.

EVN Finance focused its lending on limited liability companies, with over VND 29,000 billion in outstanding loans as of the end of Q2 2025, compared to nearly VND 24,700 billion at the end of 2024. 

A significant portion of the loans was concentrated in enterprises involved in the production and distribution of electricity, gas, hot water, steam, and air conditioning (over VND 10,600 billion); wholesale and retail trade; repair of cars, motorcycles, and motor vehicles (nearly VND 12,400 billion); and construction (over VND 9,000 billion).

Manh Ha