Duong Quang Thanh is new chairman for Vietnam Electricity

Duong Quang Thanh,

Duong Quang Thanh, deputy general director of the Vietnam’s state-owned power supplier Vietnam Electricity (EVN), has been designated the group’s chairman, replacing Pham Le Thanh, who is EVN’s general director.

Holding a doctoral degree in economics, the 53 year-old executive has been working for EVN for almost 20 years.

In his new position, Quang Thanh will have to deal with the group’s mission to put it on par with other power groups in the ASEAN region.

According to a report by the group, its productivity was only a tenth of Singapore’s electricity industry, three fourths of Malaysia’s and less than 50 per cent of Thailand’s.

Quang Thanh predicts that the domestic demand for electricity will continue to grow, while the group is facing the challenge of huge investment costs for power sources and grids.

The current unsolved problems within the group include financial imbalance, medium labour capacity, limited technology application and unprofessional customer service, the new chairman said.

He expects that his leadership will help EVN’s productivity catch up with Malaysia’s electricity company by 2020.

A monopoly for years, EVN received a huge investment capital of VND120 trillion ($5.58 billion) a year, but has made constant losses, leading to an accrued number of VND16.8 trillion ($0.78 billion) by 2014.

Over the years, the Vietnamese power giant has been criticised for making up for the losses by increasing electricity rates instead of improving its internal operation.

Thus, the group is studying to equitise its units, in order to form a competitive electricity supply market.

However, the equitisation process has moved relatively slow. The 31 equitised firms were small businesses, while EVN is still holding the entire capital of nine major corporations. The most expected equitisation events are of three Power Generation Corportations, also known as “the Gencos”, which will take place in 2016.

Related stories:

Vietnam hastens IPOs of state-owned firms

Tran Manh Hung is new VNPT chairman

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.