NGNH IN VIT NAM

N U T NGNH NNG LNG VIT NAM

PHNG NGHIN CU

NI DUNG
1. Gii thiu tng quan v ngnh in Vit Nam
2. Phn tch ngun cung in
2.1 Thy in
2.2 Nhit in
3. Phn tch ngun cu in
4. nh gi hiu qu u t
4.1 Chi ph u t
4.1.1

Thy in

4.1.2

Nhit in

4.2 Gi bn in
4.3 Hiu qu u t
5. Ri ro v trin vng ca ngnh in
5.1 Ri ro
-

Vn c quyn EVN

Thi tit

Cc yu t u vo ca nhit in

Thi gian xy dng v k thut

Li sut

T gi

5.2 Trin vng

-

Nhu cu ngy cng tng

Trin vng t vic iu chnh gi bn in

Mc tiu xy dng th trng in cnh tranh

6. Cc cng ty trong cng ngnh

NGNH IN VIT NAM

PHNG NGHIN CU

TNG QUAN V NGNH NNG LNG IN TI VIT NAM

1. Gii thiu tng quan v ngnh in Vit Nam
n thi im hin ti in vn l ngnh c tnh c quyn cao khi hin nay
Tp on in lc Vit Nam (EVN) l ngi mua v ngi bn in duy
nht trn th trng. EVN l mt trong 6 tp on mnh ca t nc, gi
vai tr chnh trong vic m bo cung cp in cho nn kinh t.
EVN c nhim v quyt nh chin lc, nh hng chin lc pht trin
ngnh in, pht trin cc d n in, cn i ngun cung v nhu cu tiu
th trong nc. Vi vai tr tuyt i trong ngnh in, EVN c quyn quyt
nh gn nh tt c cc vn trong ngnh nh vic mua in t u, gi
mua in
Ngnh in hin nay vn ang l ngnh c nhu cu ln hn kh nng sn
xut trong nc. Tnh trng thiu in Vit Nam vn cn tip tc xy ra, c
bit l vo ma kh khi cc d n thy in thiu nc. Nguyn nhn chnh
ca hin tng ny l do gi in thng phm hin nay cn thp, khng
khuyn khch c t nhn u t mnh vo cc d n nhit in m tp
trung ch yu vo cc d n thy in vi chi ph vn hnh thp nn ngnh
in nc ta hin nay ang l thuc rt ln vo thy in.
Vic u t trong ngnh c s khuyn khch v h tr rt nhiu t pha
Chnh ph, gn y nht trong Cng vn s 1465 v s 1472/TTg-QHQT,
Chnh Ph c a ra nhng phng n h tr pht trin ngnh in, thit
thc nht, c th ni n l vic h tr vay vn vi li sut thp t Ngn
hng Quc t v Ti thit v Pht trin (IBRD) ca WB u t cc d n
in.
Cc ngun sn xut in nc ta hin nay ch yu l t nhit in v thy
in. Cc ngun nng lng ti to hin ang c ng dng th nghim
ti 1 s d n. Trong quy hoch ngun cung ng in trong tng lai, cc
ngun nng lng ti to ny c cn nhc pht trin, to ra ngun cung
ng mi, tin tin.
Theo quyt nh ca Th Tng s 26/2006/Q-TTg v l trnh xa b c
quyn trong ngnh in s gm 3 giai on:

Giai on t 2005 2014: Cho php cnh tranh trong lnh vc sn
xut in, xu hng ny s thay th c quyn.

Giai on t 2015 2022: Cho php cnh tranh trong lnh vc bn
bun in.

Sau 2022: cho php cnh tranh trong lnh vc bn l, ngnh in vn

NGNH IN VIT NAM

PHNG NGHIN CU
ng theo c ch th trng.
2. Phn tch ngun cung in
Tnh hnh cung cp in
Nc ta hin nay ang
ph thuc nhiu vo Theo s liu bo co ca Tp on in lc Vit Nam (EVN), tng in
thy in, do thng phm c nc nm 2010 t 85,59 t kWh, tng 12,6% so vi nm
thng xy ra thiu 2009, trong in cho cng nghip v xy dng tng 17,31%, nng
in vo ma kh. nghip v thu sn tng 32,87%, thng mi v dch v tng 11,36%, qun
Trong k hoch pht l v tiu dng dn c tng 7,07%.
trin ngnh in trong

Nm 2010 in sn xut v nhp khu ca ton h thng in quc gia t

tng lai t trng ng

100,1 t kWh, tng 15,1% so vi nm 2009. Cng sut cc i (Pmax) ton

gp ca thy in s

h thng nm 2010 l 15.500MW.

gim dn.
Bng 1: in thng phm k hoch v thc t

in thng phm (GWh)

Nm
TS-VI (IE)

TSD-VI
(PD)

Thc t

PA
17%

PA 15%

PA 16%

2006

51720

51720

51720

51514

51295

2007

59892

60668

61236

61301

58438

2008

69235

71042

72443

73623

67417

2009

79689

82622

84975

88937

76046

2010

91948

97111

101148

106724

85590

Bng 2: Cng sut lp t k hoch v thc t

Pmax(MW)
Nm

TSD-VI
TS-VI (IE)

(PD)

Thc t

PA
17%

PA 15%

PA 16%

2006

10466

10466

10466

10187

10187

2007

12039

12195

12309

12322

11286

2008

13820

14180

14460

14696

12636

2009

15824

16476

16973

17629

13867

2010

18100

19117

19911

21009

15500

Mc d sn lng in c s tng trng tuy nhin tnh hnh cung cp in

NGNH IN VIT NAM

PHNG NGHIN CU
nm 2010 vn gp nhiu kh khn, c bit l cc thng ma kh. Vo
ma kh tnh hnh hn hn nghim trng ko di lm suy gim cng sut v
sn lng cc nh my thy in, mt s nh my nhit in mi (Hi
Phng, Qung Ninh, Ung B 2, Ph Li 2, Cm Ph v Sn ng) li vn
hnh khng n nh thng xy ra s c, trong khi nhu cu v in li
tng cao do nng nng dn n vic mt cn i cung-cu v in.
Nguyn nhn c bn ca tnh trng thiu in l do nhiu d n ngun b
chm tin nhiu nm qua. Theo Quy hoch in VI, yu cu n ht nm
2009 h thng in phi t cng sut lp t l 21.000 MW, tuy nhin n
nay cng sut ny ch t 18.400MW trong cng sut kh dng ch t
14.500-15.500 MW. Nhiu d n nhit in ln nh nhit in Hi Phng,
Qung Ninh, Mo Kh, thy in ng Nai 3 b chm tin so vi quy
hoch n gn hai nm. Nguyn nhn ca vic ny l do thiu vn, thiu
nhn lc v c thiu nng lc thc hin ca ch u t, nh thu v k c
nhng bt cp v c ch chnh sch.
Ngun cung in
Hin nay nc ta c 2 ngun sn xut in nng ch yu l thy in
v nhit in. Nhit in hin nay ch yu l 3 ngun: nhit in than, nhit
in kh v nhit in du. Thi gian gn y mt s d n s dng cc
ngun nng lng ti to nh gi v mt tri c ng dng nhiu hn,
gp phn to thm ngun cung cp in nng. Tng cng sut lp t
ngun in tnh n ngy 31/12/2010 l 21.250MW, trong thu in
chim t trng l 38%, nhit in l 56%, diesel v ngun in nh khc l
2% v in nhp khu l 4%.
Ngnh thy in khng
c chi ph cho nhiu
liu, c mc pht thi
thp v c th thay i
cng sut nhanh theo
yu cu ph ti. Tuy
nhin, ngnh c chi ph
u t ban u cao,
thi gian xy dng lu
v l ngun b

ng

Trong cc ngun cung cp in chnh th thy in vn chim t trng cao,

ng vai tr quan trng trong c cu. Nm 2010 t trng cc ngun in t
thy in vn chim mc cao nht trong cc ngun sn xut. Tuy nhin
trong k hoch pht trin ngun in theo Quy hoch in VI ca chnh ph
th t trng thy in s gim dn trong c cu tng ngun in sn xut.
iu c th hin khi t 2006 n 2010 t trng cc ngun thy in
gim t 46.63% xung cn 38%, thay vo l s gia tng ca cc ngun
nhit in bao gm nhit in than v nhit in kh.
Bng 3: Nhu cu v pht trin thy in

nht

NGNH IN VIT NAM

PHNG NGHIN C
CU

Nm

2005

2010

2015

2020

2025

11.28

25.857-

60.000-

112
112.00

181.00

27.000

70.000

Thy in

4.198

10.211

19.874

24
24.148

30.548

T l thy
y in
i

36,5%

38%

28-33%

22%

17%

Tng
ng Nlm (MW)

Ngun:
n: bo co cca EVN

C cu ngun in
2006
31.03
% 0.00%

46.63
%
Thy in

3.01%

C cu ngun in
2010
Thy in
1.80%

38.00
%

Nhit in
kh
Nhit in
du

17.73
%

Khc
Nhp khu

Ngun: k hoch
pht trin ca EVN

Nhit in
than

4.00%

Nhit in
than

1.60%

0.20%

Nhit in
kh
Nhit in
du

35.00
%

21.00
%

in nguyn
t v ngun
khc
Nhp khu

Ngun: k hoch pht trin

ca EVN

Theo k ho
ch pht trin ngun cung in ca EVN th
n 2025, s ch
trng nng dn t trng ca nhit in than trong c cu,
u, gi
gim mnh t
trng ca
a thy
th in v nhit in kh, ng ch hn
n l ss xut hin v
ng gp ng k
k ca cc ngun nng lng mi l nng
ng llng nguyn
t v nng
ng lng
l
ti to.

NGNH IN VIT NAM

PHNG NGHIN C
CU

C cu ngun in 2020
Thy in
i
9.00%
2.70%

5.35%

Nhit i
in than
22.71%

Nhit i
in kh

19.39%
40.85%

Nhit i
in du
in
n nguyn tt v
ngun
n khc
Nhp
p kh
khu

Ngun: k hoch pht trin

2.1 Thy in
Tim nng
ng th
thy in
Vit Nam n
m vng nhit i gi ma, nng m,
m, ma
m nhiu, lng
ma
a trung bnh
b
hng nm khong 2.000 mm v h thng
ng sng ngi Vi
Vit
Nam rt a dng,
d
phong ph tri khp c nc (c 2.400
400 con sng c chi
chiu
di ln hn
n 10 km). Do , tim nng v thy in ca n
c ta ln:

Tng
ng kt
k cc nghin cu v quy hoch thy in
n Vit Nam cho
thy
y tng
t
tr nng l thuyt cc con sng khong
ng 300 tt kWh, cng
sutt lp
l my c nh gi khong 34.647 kWh/nm.
m.

Tr nng
n
k thut xc nh khong 123 t kWh t
tng ng vi
cng sut
su lp my khong 31.000 MW.

Hin
n nay, cc cng trnh thy
th in khai thc
c khong 8.075
MW v mi
m khai thc c trn 26% tim nng k thut.
thu

NGNH IN VIT NAM

PHNG NGHIN CU

Bng 4: Tim nng thy in Vit Nam

Din tch,

S cng

Tng cng

in lng,

km2

trnh

sut, MW

GWh

Sng

17.200

6.800

27.700

L-Gm-Chy

52.500

11

1.600

6.000

M-Chu

28.400

760

2.700

27.200

470

1.800

Hng

2.800

234

99

V Gia-Thu

10.500

1.502

4.500

S San

11.450

200

9.100

Srpk

12.200

730

3.300

Lu vc sng

Bn

NGNH IN VIT NAM

PHNG NGHIN CU

Ba

13.800

550

2.400

ng Nai

17.600

17

3.000

12.000

1.000-3.000

4.000-12.000

19.000-21.000

80.000-84.000

Thy in nh
Tng cng

c im ngnh thy in:

Ngnh thy in khng c chi ph cho nhiu liu, c mc pht thi thp v
c th thay i cng sut nhanh theo yu cu ph ti. Tuy nhin, ngnh c
chi ph u t ban u cao, thi gian xy dng lu v l ngun b ng
nht, ph thuc nhiu vo yu t thi tit. Trong trng hp hn hn ko
di, lng ma gim, lm lng tch nc tch trong h thp hn so vi
nng lc thit k, nh hng ln ti sn lng in sn xut ca nh my.
Ngoi ra, cc thin tai nh l qut v ma ln c th gy thit hi v ng
x v cc cng trnh p ca nh my, gy ra s c trong vic pht in
v tng chi ph sa cha. Cc nh my thu in ln Vit Nam hin nay
c Thy in Ha Bnh (1.920 MW), Thy in Yali (720 MW), Thy in
Tr An (400 MW) v.v
Chim t trng ln nht
trong c cu hin nay
l nhit in kh vi
hn 60% tng

ngun

nhit in.

Ngnh thy in ang chim 35-40% trong tng cng sut pht ca h
thng in Vit Nam. Tuy nhin trong nm 2010, mc ng gp vo sn
lng in ch t mc khim tn l 19% do tnh trng hn hn ko di
khin cc mc nc ti cc h thy in xung thp k lc, st vi mc
nc cht (Thc B cn 0,5 m, Thc M cn 0,75 m, Tr An cn 1,48 m, h

Xem xt v chi ph vn Ha Bnh cn 1,48 m...).

hnh th nhit in than
c chi ph nguyn liu

Bng 5: Cng sut cc nh my thy in ln

r nht, r hn nhiu
so vi nhit in du

Tn nh my
Nh my thy in Ha Bnh

NGNH IN VIT NAM

Cng sut hot ng

1.920 MW

Nh my Thy in Yali

720 MW

Nh my Thy in Tr An

400 MW

PHNG NGHIN CU

Nh my Thy in i Ninh

300 MW

Nh my Thy in S San 4

120 MW

Ngun cung thy in trong giai on 2010-2015:

Theo k hoch ca EVN th nm 2010 s nh my thy in c cng sut >
30MW a vo vn hnh c tng cng sut lp t khong 6.500MW.
Hin ti c 19 d n do EVN lm ch u t v ang trin khai xy dng.
Trong s c d n Sn La vi cng sut 2.400 MW l d n ln nht
ng Nam . Di y l danh sch cc d n thy in ang thi cng
theo th t t Bc vo Nam:
Bng 6: cc d n thy in c cng sut > 30 MW

NGNH IN VIT NAM

S TT

Tn cng
trnh

Tnh

Cng sut
(MW)

Loi p

Chiu cao
p (m)

Tuyn Quang

Tuyn
Quang

342

B tng
bn mt

93

Sn La

Sn La

2.400

RCC

138

Hui Qung

Sn La

520

CVC

130

Bn Chat

Lai Chu

20

RCC

104

Bn V

Ngh An

320

RCC

136

Qung Tr

Qung Tr

64

B tng
bn mt

75

Sng Tranh 2

Qung Nam

190

RCC

95

Sng Ba H

Ph Yn

220

p t

60

An Kh-Kanak

Gia Lai

173

B tng
bn mt

64

10

A Vng

Qung Nam

210

RCC

82

11

ng Nai 3

Lm ng

240

RCC

100

12

ng Nai 4

Lm ng

270

RCC

128

13

i Ninh

Lm ng

300

50

14

Bc Bnh

Bnh Thun

33

p t

25

15

Bun Tou Srah

c Lc

86

85

PHNG NGHIN CU
16

Bun Kuop

c Lc

280

p t

30

17

Srpk 3

c Lc

220

60

18

PleiKrng

Kon Tum

110

RCC

71

19

S San 4

Gia Lai

330

RCC

74

Ngun: bo co ca EVN
Bng 7: Cc d n chun b u t a vo vn hnh nm 2015

S TT

Tn cng trnh

Tnh

Cng
sut
(MW)

Lai Chu

1.200

Lai Chu

Trung Sn

Thanh Ha

250

Sng Bung

Qung Nam

100

Sng Bung 4

Qung Nam

145

Sng Bung 5

Qung Nam

60

Khe B

Ngh An

90

S San 4a

Gia Lai

60

Ngun: bo co ca EVN
2.2 Nhit in
2.2.1 Nhit in kh: C t trng ng gp ln nht trong c cu ngun sn
xut nhit in vi t trng hn 60% tng cng sut ca nhit in. Ngun
nguyn liu sn xut ra in l kh t nhin c mua li t Tp on
du kh v nhp khu, gi bn kh s bin ng theo gi du. Mc d ngun
kh t nhin nc ta kh di do, tuy nhin do gi thnh sn xut in kh
mc cao do mc d cng sut ca cc nh my in kh rt ln nhng t
l khai thc li khng cao.
Cc d n nhit in kh ch yu c quy hoch tp trung khu vc min
Nam, ni c ngun cung cp kh di do t Tp on du kh. Tnh n thi
im cui 2009 c nc c 4 nh my nhit in kh bao gm:
Bng 8: Cc nh my nhit in kh
Tn nh my
Nh my Nhit in B Ra

NGNH IN VIT NAM

Cng sut
388,9 MW

PHNG NGHIN CU

Nh my Nhit in Ph M
Nh my Nhit in Th c
Nh my Nhit in C Mau

3.990 MW
247 MW
1.500 MW

2.2.2 Nhit in than: ng th 2 trong c cu cc ngun nhit in nc

ta, ngun nguyn liu hin nay ton b c mua t ngun than trong
nc ca Tp on Than Khong Sn Vit Nam vi gi u i, trong tng
lai cng vi s pht trin ca cc d n ny th nhiu kh nng nc ta s
phi nhp khu thm ngun than bn ngoi.
Chi ph nhin liu vn hnh cc nh my nhit in than thp hn nhiu
so vi nhit in kh khong 60% t c cng mc cng sut v nhit
lng. Do nhit in than l ngun nng lng c u tin s dng
thm ch hn c thy in do tnh n nh.
Min Bc c v tr thun li vi tr lng than ln ti Qung Ninh nn
xy dng cc nh my nhit din chy than ln nh: Ph Li (1.040 MW),
Ung B (300 MW) v Ninh Bnh (300 MW). Trong tng lai EVN s tip tc
pht trin thm nhiu d n nhit in than ln nh: D n Duyn Hi 1
(Tr Vinh) cng sut 2 x 600 MW, D n Vnh Tn 2 (Bnh Thun) cng
sut 2 x 600 MW, D n Hi Phng 3, cng sut 4 x 600 MW
2.2.3 Nhit in du: Cc nh my nhit in du thng c xy dng
chung trong t hp cc khu nhit in kh, du nh khu t hp in du kh
Ph M, do chi ph sn xut in cao nn nhit in du ch c khai thc
nhm b p lng in thiu tc thi, do ng gp trong c cu nhit
in ca nhm ny l thp.
2.2.4 Cc ngun nng lng ti to: Hin nay cc ngun nng lng ny
D bo tng trng
nhu cu tiu th in
nng s t mc 11
12%/nm trong 5 nm
tip theo v mc 14%

ang c ch trng pht trin ng ch l cc d n v phong in

(Bnh Thun) v in mt tri. Theo n quy hoch in VII m EVN
trnh B Cng Thng th trong tng lai ngoi pht trin cc ngun in
truyn thng nh thy in, nhit in, cc nh chuyn mn v ang tnh
n pht trin in nguyn t, nng lng mi, nng lng ti to vi t
trng nht nh trong h thng in.

v di hn.
NGNH IN VIT NAM

10

PHNG NGHIN CU
Bng 9: nh gi u nhc im ca cc ngun in
Cc ngun in

u im

Hn ch

Thy in

Khng tn chi ph
nguyn liu, li nhun bin
cao

Mc pht thi thp

C th thay i cng
sut theo yu cu ph ti

Chi ph ban u cao

nh hng n cn
bng sinh thi

L ngun b ng nht,
chu hon ton vo yu t
thi tit

Thi gian xy dng lu

Nhit in

Chi ph u t ban u
thp hn thy in

Ngun tng i n
nh, khng ph thuc thi
tit

Thi gian xy dng
nhanh

Chi ph vn hnh cao

hn thy in.

Tc ng n mi
trng

Than, du, kh khng l
ti nguyn v hn, trong
tng lai c kh nng phi
nhp khu

Thay i cng sut
chm

Nng lng ti to
(gi, mt tri)

Thn thin vi mi
trng

Vit Nam c tim nng
ln vi ngun nng lng
ny.

Chi ph u t ban u
cao

Cn k thut cng ngh
hin i thu c nng
lng

Chi ph u t thp

Chi ph mua in cao,

ph thuc i tc.

Nhp khu s mt
ngoi t

in nhp khu

Bng 10: Ngun cung in tng thm theo Quy hoch VI

(giai on 2010 2015)
Cng sut t (MW)

T trng

Cng trnh vn hnh nm 2010

6.160

100%

Thy in

2.190

36%

Nhit in

3.220

52%

750

12%

Cng trnh vn hnh nm 2011

6.001

100%

Thy in

1.801

30%

Nhit in

4.100

68%

100

2%

Khc

Khc

NGNH IN VIT NAM

11

PHNG NGHIN C
CU
Cng trnh vn
n hnh
h
nm 2012

7.154

100%

Thy in

2.604

36%

Nhit in

44

62%

Khc

150

2%

Cng trnh vn
n hnh
h
nm 2013

8.309

100%

Thy in

2.204

27%

Nhit in

5.800

70%

305

3%

Cng trnh vn
n hnh
h
nm 2014

10.977

100%

Thy in

1.252

11%

Nhit in

8.750

80%

47

4%

500

5%

10.922

100%

Khc

Vi chi ph cc d n

in tnh ton c v in nhp

gi bn in quy nh, Khc
n hnh
h
nm 2015
chng ti nhn thy Cng trnh vn

hin nay ch c vic

u t vo cc d n

Thy in

822

8%

Nhit in

9.900

90%

200

2%

Khc

thy in l c kh
nng c li nhun.

3. Phn tch ngun cu

c in
4%
1%
5%

C cu tiu dng ngnh i

in
2009
50%

40%

Cng nghi
nghip v xy
dng
Qun
n l v tiu dng
Kinh doanh d
dch v
Nng lm ng
ng nghip

C cu
u tiu th
th in hin nay tp trung trong 2 lnh vcc l Cng nghi
nghip
v Tiu
u dng chim
chi
khong 90% nhu cu tiu th in nng.
ng.
y
y l khu vc
v c t trng tiu th in nng ln nht,
t, nhu ccu ch yu n
t cc nhm ngnh cng nghip
nghi ch bin v cng nghip
p ch
ch to. Hin nay
lnh vcc cng nghip
nghi c tc tng trng lun mc t
12 14%/nm,
v trong tng
ng lai ngnh ny s
s tip tc c pht trin
n v l nhm ngnh
ch lc thc y tng trng ca t nc.
Chim t tr
ng th 2 trong c cu tiu th n t vicc tiu dng cca ngi
dn, trong tng
t lai s gia tng v s lng v thu nhp
p bnh qun ss l
yu t h tc ng tch cc n nhu cu tiu th din nng
ng trong llnh vc

NGNH IN VIT NAM

12

PHNG NGHIN CU
ny.

Nhu cu tiu th in nng

18%
16%

16.00%

80

74.76
14.50%

68.1

14%

T KWh
90

85.6

70

60.9
12%
10%
8%

60

11.82%

50

9.78%
8.50%

40
6.78%

6.30%

6%

5.32%

4%

20

2%

10

0%

0
2007

2008

2009

Sn lng in thng phm

Tc tng trng

2010

Ngun BMI, EVN

D bo v tc tng trng ca nhu cu tiu th:

Phng php lun:
D bo nhu cu nng lng v in nng cc ngnh (C.nghip ,N.nghip,
Thng mi - Dch v, Dn dng) : xy dng hm hi quy biu th mi
tng quan gia tiu th nng lng v in nng ca ngnh trong qu
kh vi cc bin ph thuc nh: GDP tng ngnh, dn s, ga du, ga
in, tiu th nng lng trong qu kh.
Chui s liu qu kh 19 nm : 1990-2009
Nhu cu nng lng v in c tnh ton theo cc gi thit v:

Kch bn tng trng GDP

2011 - 2015

NGNH IN VIT NAM

30

2016 - 2020

2021 - 2030

13

PHNG NGHIN CU
6.5

7.5

7.5

KB c s

KB thp

5.5

6.5

6.5

KB cao

Tng trng dn s

Nm
Dn s (nghn ngi)

2009

2010

2015

2020

2030

87,093

88,038

92,499

97,187

102,421

D bo nhu cu in nng ca cc min trong ton quc:

Trn c s t trng tiu th in ca mi Min / Ton quc theo tng ngnh

v t trng GDP ca tng Min/Ton quc theo tng ngnh.
=> xc nh % t l tn tht v t dng => Tng nhu cu in sn xut.

T l tn tht:

2010

2015

2020

2030

10%

9%

8%

7%

Kt qu d bo
D BO TNG TRNG NHU CU TIU TH IN
2006-2010

2011-2015

2016-2020

2021-2025

2026-2030

PA CAO

13.5%

15.8%

11.4%

9.7%

8.9%

PA C

1 3 .5 %

1 3 .1 %

9. 6%

8 .5 %

7.7%

13.5%

11.8%

8.7%

7.7%

7.2%

S
PA THP

NGNH IN VIT NAM

H s n hi vi GDP

14

PHNG NGHIN CU

PA C S

2011-2015

2016-2020

2021-2025

2026-2030

1.8

1.20

1.1

0.97

So snh cung cu in vi cc nc trong khu vc:

Tc sn xut in giai on 1991-2007
1991-2000

2001-2007

Trung Quc

8.1%

13.5%

Hn Quc

9.5%

5.9%

Thi Lan

7.6%

6.0%

i Loan

7.4%

4.0%

Philipin

5.6%

4.0%

Malaisia

10.2%

6.7%

Indonesia

10.8%

6.3%

Vietnam

12.0%

14.2%

Ngun:IMF, BP, 2010

Qua s liu v tc sn xut in v biu cng in nng ta c
th thy c Vit Nam c tc tng trng sn xut v tiu th in
mc cao so vi cc nc khc trong khu vc chu v nh hn l trong
khu vc cc nc ASEAN.
iu ny cho thy s hp dn trong vic u t vo ngnh sn xut in
Vit Nam trong tng lai.
Biu cng in nng - so snh quc t
1.20

kWh/ USD (gi 1995)

1.00

0.80

0.60

0.40

0.20

China

Thailand

Vietnam

Malaysia

Philippines

India

0.00
90
19

Korea, Rep.

91
19

92
19

93
19

94
19

95
19

96
19

97
19

98
19

99
19

00
20

01
20

02
20

03
20

04
20

05
20

Ngun: IMF 2007

NGNH IN VIT NAM

15

PHNG NGHIN CU
4. nh gi hiu qu u t
4.1 Chi ph u t
4.1.1 Thy in:
Chi ph ti chnh: Vit Nam tip cn c vi nhng ngun vn ln vi
chi ph thp. iu ny thng u i vi nhng d n c chi ph u t ban
u ln nhng chi ph hot ng thp nh thy in.
Chi ph nhin liu: y khng phi l vn ng quan tm ca thy in
v c th ca thy in vn khng s dng nhin liu.
Chi ph u t: chi ph u t thy in ph thuc vo v tr d n, thng
thng th vo 1.400 USD/kW nu li vay c tnh trong thi gian xy
dng, cn phi tnh chi ph pht in c nh trn mi kWh. tnh c, ta
phi bit chi ph u t ban u, li sut v chi ph vn ch s hu, s gi
s dng hng nm v vng i ca nh my pht in. a s cc t my
thy in ch c th chy khong 4.000 gi mt nm.
Bng 11: Chi ph vn u t thy in
Chi ph c

Thy in

Chi ph

S nm

S nm

S gi

nh

vn/kW

hot ng

xy dng

mt nm

(cent/kWh)

40

3-6

4.000

$1.400

3,5

tnh c chi ph pht in, phi xem xt tt c cc chi ph: chi ph c

nh v chi ph vn hnh - qun l (O&M). Chi ph vn hnh thng vo
khong 0,2 cent/kWh.
Bng 12: Tng chi ph u t thy in

Thy in

NGNH IN VIT NAM

Chi ph c nh

Vn hnh qun l

(cent/kWh)

(cent/kWh)

3,5

0,2

Tng
3,7

16

PHNG NGHIN CU

4.1.2 Nhit in:

Chi ph u t: Trong cc loi hnh nhit in th chi ph u t cho cc d
n nhit in than l cao nht, vi mc 1.200 USD/KW i vi cc nh my
c cng sut ln, hin i, mc nhim thp. Cc nh my nhit in
kh c mc u t tm 600 USD/KW v r nht l cc nh my nhit in
du vi ph u t ch mc 200 USD/KW. Thi gian xy dng cc d n
nhit in cng tng i di, vi cc d n nhit in than, thi gian xy
tm 3 5 nm ty theo quy m d n, nhit in kh khong 2 nm.
Bng 13: Chi ph c nh u t nhit in
S nm xy dng

Chi ph vn/KW
Nhit in than
Nhit in kh
Nhit in du

1.200 USD

600 USD

200 USD

Thi tit l yu t c
chng ti nh gi l Chi ph nguyn liu: Khc vi d n thy in, nhit in cn c thm chi
quan trng hng u ph nguyn liu. Nhit in than c vn u t cao nhng b li chi ph
trong nh gi mt d nguyn liu li thp hn rt nhiu so vi nhit in du v kh. Vi chi ph
bnh qun sn xut 1 kWh in than ch 1,4 cent th chi ph sn xut
n thy in
ra 1 kWh in kh mt n khong 4 cents, mc chi ph mc gp gn 3 ln
so vi chi ph sn xut than. Chi ph nguyn liu cao nht n t nhit in
du, khi chi ph sn xut ra 1 kWh ln n 15 cents
Bng 14: Chi ph nguyn liu nhit in
Chi ph nguyn liu

Gi nguyn liu

cent/kWh
Thp

Trung

Cao

Thp

bnh

Trung

Cao

bnh

1,4

2,8

4,2

$40

$80

$120 (tn)

6,7

9,3

$6

$10

$ 14/ (triu

Nhit in than
Nhit in kh

NGNH IN VIT NAM

BTU)

17

PHNG NGHIN CU
15

22,5

30

$0,6

$0,9

$1,2 (lt)

Nhit in du

Phn tch chi ph:

Theo mt quyt nh s 2014/Q-BCN th thi gian vn hnh 1 nm ca
nh my nhit in than l 6.500 7.000 gi/nm, da trn cn c ,
chng ti gi nh nhit in c th vn hnh 6.500 gi/nm, nc ta hin
nay, vic s dng cc ngun in c nh gi mc u tin da trn
gi thnh sn xut, do ngun nhit in kh c th ch vn hnh mc
thp hn l 6.000 gi, cn li nhit in du thng ch c s dng
chy ph ti vo lc cao im. Di y l bng tnh chi ph c nh bnh
qun sn xut 1 kWh in vi cc gi nh trn.
Bng 15: Chi ph vn trn mi kWh nhit in
Chi ph c nh trn mi Kilowatt v Kilowatt gi
Chi ph vn

S nm

S gi 1

Chi ph c nh tnh bng

trn Kilowatt

hot

nm

cent/kWh

ng
Nhit

$1.200

30

6.500

2,0

$600

20

6.000

1,2

$200

10

2.000

1,6

in

than
Nhit

in

kh
Nhit

in

du

tnh tng chi ph pht in, chng ti a chi ph nguyn liu v chi ph
vn hnh qun l vo vi mc 10% mc chi ph c nh.
Bng 16: Tng chi ph trn mi kWh nhit in
Tng chi ph pht in (tnh bng cent/kWh)
Chi ph c

Nhin liu

Vn hnh qun l

Tng

4,2

0,2

6,4

1,2

6,7

0,12

8,02

nh
Nhit in than
Nhit in kh

NGNH IN VIT NAM

18

PHNG NGHIN CU
1,6

30

0,16

31,76

Nhit in du

i vi cc d n nhit
in cn phn tch k
nhy ca s bin
ng gi nguyn liu
ny.

4.2 Gi bn in
Gi bn l in hin nay do b Cng Thng quy nh, khi mun thay i
gi bn, B phi trnh phng n v gi ln Th Tng xin thng qua.
Trn c s gi bn l in, EVN s cn i v ra quyt nh v gi mua vo
cc ngun in cng nh c cu ngun. Da trn cc tnh ton chi ph bn
trn, c th thy thy in l ngun c chi ph r nht khi c khai thc
cng cng sut.
V gi mua in ca EVN, gi ny do EVN tha thun vi tng ngun in
khc nhau v vi tng cng trnh khc nhau, da trn c s gi trn v sn
do B Cng Thng quy nh.
Bng 17: Khung gi in quy nh theo Quyt nh s 2014/Q-BCN
Gi in ca cc nh my thy in c cng sut lp my >30MW
Ma kh: (t 01/10 n 30/06 nm sau)
Ma ma: (t ngy 01/07 n 30/09)

2,50 5,00 US cent/kWh

2,00 4,70 US cent/kWh

Gi in ca cc nh my thy in c cng sut lp my <30MW

Ma kh: (t 01/10 n 30/06 nm sau)
Ma ma: (t ngy 01/07 n 30/09)

2,70 5,20 US cent/kWh

2,50 5,00 US cent/kWh

Gi in ca cc nh my nhit in than
Ma kh: (t 01/10 n 30/06 nm sau)
Ma ma: (t ngy 01/07 n 30/09)

3,50 5,00 US cent/kWh

3,50 4,40 US cent/kWh

Gi in ca cc nh my nhit in tua bin kh chu trnh hn hp

Ma kh: (t 01/10 n 30/06 nm sau)
Ma ma: (t ngy 01/07 n 30/09)

3,50 4,70 US cent/kWh

3,50 4,50 US cent/kWh

4.3 nh gi u t
Bng 18: Tng hp chi ph vn ca cc loi hnh sn xut in
NGNH IN VIT NAM

19

PHNG NGHIN CU
Tng chi ph pht in (tnh bng cent/kWh)
Chi ph c
nh
Thy in
Nhit in than
Nhit in kh
Nhit in du

Nhin liu

Vn hnh qun
l

Tng

3,5

0,2

3,7

4,2

0,2

6,4

1,2

6,7

0,12

8,02

1,6

30

0,16

31,76

Vi chi ph cc d n in nh trn v gi bn in quy nh, chng ti

nhn thy hin nay ch c vic u t vo cc d n thy in l c kh
nng c li nhun.
5. Ri ro v trin vng ca ngnh in
5.1 Ri ro
5.1.1 Vn c quyn EVN
EVN l tp on thuc s hu Nh Nc c thnh lp nm 1995, c
chc nng sn xut, truyn ti v phn phi in, vi cc chc nng hu
nh EVN c v th c quyn hon ton trong ngnh, do c rt nhiu
nhng bt cp trong vic pht trin ngun cung in nh:
- m phn, k kt cc hp ng mua bn in t cc ngun in mi
ngoi EVN kh khn, thiu minh bch v thng ko di.
- Gi bn in chu ph thuc vo quyt nh ca EVN, do xut hin
nguy c gi EVN xut thp hn mc mong i hoc khng b p
dc chi ph u t v li vay.
- Vic c quyn ca EVN gy cn tr ng k cho vic thu ht ngun u
t t nhn, u t trc tip t nc ngoi, do gy cn tr rt ln cho
vic pht trin ngnh in, vn l ngnh c chi ph u t rt ln.
5.1.2 Thi tit
i vi cc cng ty thy in, th din bin thi tit nh hng rt ln n
hot ng. y l mt ri ro c th i vi cc cng ty thy in. Lng
NGNH IN VIT NAM

20

PHNG NGHIN CU
ma l mt trong nhng nhn t chnh nh hng n kt qu sn xut
kinh doanh ca cc cng ty ny. Trc s bin i kh hu, cng vic d
bo thi thit tr nn kh khn hn, t nh hng vic d bo v k
hoch li nhun ca cc cng ty thy in.
Vi v tr a l nm khu vc nhit i gi ma m, lng ma hng nm
ln Vit Nam c yu t thun li pht trin thy in tuy nhin nhng
kh khn trong vic d bo thi tit dn n mt ri ro trong ngnh ny
l vic nh gi sai ngun nc ca cc h thy in; khi th cc h trong
tnh trng mc nc xung thp thm ch cn kit khi ma kh ko di,
nhng khi xy ra ma l mc nc dng cao nhanh chng vt qu sc
chu ng ca cc p thy in dn n vic phi tin hnh x l, vic ny
li nh hng n i sng sinh hot ca ngi dn, gy ra cc thit hi
kinh t nghim trng. Nu xy ra kin tng, c th cc cng ty thy in s
phi tin hnh n b cho ngi dn, s tin n b s rt ln, nh hng
nhiu n hot ng ca cc cng ty.
- Hin nay vn ny c chng ti nh gi l ht sc ng quan tm
trong nh gi u t thy in do tnh hnh mc nc cc h thu in
thiu ht nc ngy cng nhiu, iu cho thy tnh trng thu vn
cc h thu in trn c nc ang v cng kh khn. Vi t trng thu
in chim gn 40% sn lng, tnh hnh trn ang bo hiu ma kh
2011 s thiu in nghim trng.
- Theo cp nht ca EVN tr 3 h a Nhim, Tuyn Quang, Ho Bnh c
mc nc cch mc nc cht ln lt l 11,7; 12,2 v 20,5m, hu ht
cc h thu in khu vc min Trung v Ty Nguyn nh A Vng,
Sng Hinh, Pleikrong, Ialy u st mc nc cht. cc nh my ch
chy my c 4-10 gi. Cao nht l h Ho Bnh tng lng nc v
c nm 2010 ch t khong 34 t m3, thp hn trung bnh nhiu nm
khong 22,5 t m3. V vy, d vn phi chy 8 t my nhng sn lng
in ca Ho Bnh cng ch pht c 32-36 triu kWh/ngy thay v 42
triu kWh/ngy nh mi nm. Cc nh my thu in khc ch pht in
t 4 n 10 gi. T nay n ma kh nm sau l rt kh hy vng c
c nhng trn l ln ci thin tnh hnh. Vi t trng thu in
chim 39,2%, vic thiu nc gy kh khn rt ln v tnh hnh cung
ng in trn c nc.
Bng 19: Mc nc cc h thy in thng 4/2011

NGNH IN VIT NAM

21

PHNG NGHIN CU
MC
NC
CHT

MC
NC
30/04/2011

MC
NC
30/04/2010

TNG, GIM SO
VI CNG K NM
TRC

SN LA

175,0

189,37

HO BNH

80,0

89,33

101,54

-12,21

THC B

46,0

49,28

49,29

-0,01

TUYN QUANG

90,0

97,15

96,43

+0,72

TR AN

50,0

52,46

55,21

-2,75

1.030,33

1027,21

+3,12

A NHIM

1.018,0

THC M

198,0

198,29

202,71

-4,42

SNG HINH

196,0

208,57

204,60

+3,97

IALY

490,0

500,08

500,17

-0,09

VNH SN A

765,0

772,25

773,36

-1,11

HM THUN

575,0

581,46

584,22

-2,76

I NINH

860,0

863,16

863,04

+0,12

5.1.3 Cc yu t u vo ca nhit in
Cc ngun nguyn liu cho nhit in hin nay ca nc ta c cung cp
t cc ngun trong nc nh: than t Tp on Than Khong sn (TKV),
kh c mua t tp on du kh Vit Nam (PVN). Cc ngun cung ng
ny l kh n nh v mt s lng hin nay, do ngnh nhit in hin
nay khng chu ni lo thiu nguyn liu. Tuy nhin yu t ri ro m chng ti
quan tm hin nay chnh l bin ng gi ca ngun nguyn liu u vo
ny. i vi nhit in, chi ph nguyn liu u vo ng gp kh ln trong
gi vn, t 40 70% chi ph gi vn (theo tnh ton bng 15) do bin
ng chi ph u vo c tc ng rt ln n hiu qu u t d n.
DIN BIN GI KH T NHIN

NGNH IN VIT NAM

22

PHNG NGHIN CU

DIN BIN GI THAN

Hnh trn cho thy cc ngun nguyn liu nh kh t nhin v than c mc

bin ng gi kh nhiu trong nhng nm qua. Do vi cc d n nhit
in cn phn tch k nhy ca s bin ng gi nguyn liu ny.
5.1.4 Ri ro thi gian xy dng v k thut
V cc cng trnh v sn xut in thng l cc cng trinh ln chim din
tch kh ln, s vn u t li rt ln nn doanh nghip s gp ri ro nu
vic tin thi cng chm chp, thi gian i vo hot ng ko di s khin
doanh nghip gp nhiu kh khn trong vic thu hi vn u t c bit l
khi doanh nghip c s dng vn vay ngn hng. Vic di di dn v n b
gii ta cng s khin tin hon thnh ko di hn.
Mt ri ro na i vi vic kinh doanh trong ngnh ny l vn k
thut. Cc nh my in i hi s an ton rt cao do k thut xy dng
rt quan trng, vic xy dng khng ng k thut s gy ra hu qu cc k
NGNH IN VIT NAM

23

PHNG NGHIN CU
nghim trng khi xy ra s c.
5.1.5 Ri ro li sut
Nhng thng cui nm 2010 li sut cho vay ca cc t chc tn dng tng
ln mc cao, dao ng t 16-18%/nm. Ngh quyt 11/NQ-CP ca Chnh
ph v Ch th 01/CT-NHNN ca Ngn hng Nh nc nhm Kim sot
tng trng tn dng gp phn kim ch lm pht tc ng nhiu n li
sut cho vay c th ca tng ngn hng, a mt bng li sut ln cao.
Vn tn dng vn tp trung u tin cho cc lnh vc sn xut tuy nhin, vi
mt bng li sut cao cc doanh nghip vn kh khn trong vic tip cn
ngun vn ny. n ht qu 1/2011 tnh hnh li sut cho vay ca cc ngn
hng vn cha c du hiu h nhit, u qu 2/2011 lm pht c du hiu
bt u gim tc, CPI thng 6 c d bo khong 0.7% khin cho
tng li sut cng chng li tuy nhin vn mc cao. Vi vic u tin kim
ch lm pht, chnh sch tht cht tin t vn s c duy tr n ht nm
do d bo li sut trong ngn hn c th s vn cha gim xung c,
s iu chnh gim c th xy ra khi lm pht c kim sot tt hn tuy
nhin vn s mc cao.
Cc d n v in thng i hi mt ngun vn u t rt ln, c bit l
cc d n thy in. y li l ngnh kinh t trng im nn cc d n
c hng nhng chnh sch u i v vn vay v vy t trng vn vay
trong tng ngun vn thng chim mt t l cao. C cu vn khi u t
cc d n thng l vn vay 70%, cn li 30% l vn t c. Vi c cu vn
nh th s dao ng li sut s nh hng trc tip n li nhun ca cc
d n.
gii hn mc ri ro li sut, cc cng ty sn xut in c th vay vn t
Ngn hng Pht trin Vit Nam (VDB). Nu tip cn c ngun vn ny,
ri ro li sut s c gim i ng k v y l ngun vn vi mc li sut
c nh v c u i.
5.1.6 Ri ro t gi
Mt trong nhng ri ro na ca cc d n v sn xut in l bin ng
t gi nu cc d n c vn ti tr bng ngoi t. Tuy nhin, vn t gi
trong thi gian sp ti c th s n nh khi mi y nht NHNN lin tc
a ra cc quyt nh v thng t nhm a ra cc bin php can thip vo
th trng ngoi hi.

NGNH IN VIT NAM

24

PHNG NGHIN CU
C th thy rng vic NHNN tng t l d tr bt buc vi tin gi bng
ngoi t tng 2% so vo u thng 5/2011 v a ra mc trn li sut huy
ng mc 3% i vi c nhn v 1% i vi t chc bn cnh vic mnh
tay qun l th trng t do gp phn lm n nh th trng ngoi hi
trong thng 5 va qua. C th, mc t gi lin ngn hng kh n nh v
dao ng trong bin hp, quanh mc 20.643 20.723 VND/USD trong
khi t gi trn th trng t do dn tin st v mc t gi p dng trong
h thng ngn hng. Hot ng bun bn ngoi t trn th trng t do b
sit cht trong khi cc ngn hng thng mi cng b mua c ngoi
t ca cc c nhn v t chc a tnh thanh khon ngoi t ca cc ngn
hng c ci thin.
Mi y nht, theo Quyt nh s 1209/Q-NHNN vic iu chnh tng t l
d tr bt buc i vi ngoi t ln 1% s tc ng n ngun cung ng
thi lm cho chi ph cho vay ca cc ngn hng thng mi ln hn, li
sut cho vay theo cng tng ln. Cc doanh nghip s phi cn nhc,
thn trng hn trong vic vay ngoi t ngn hng do gim mc d n tn
dng ngoi t v gim cu tn dng. V pha cc ngn hng thng mi,
vic khng ch li sut huy ng ti a mc 2% i vi c nhn v 0.5%
i vi cc t chc theo Thng t s 14/2011/TT-NHNN th cung ngoi t t
c nhn v t chc s gim xung cng s lm cho kh nng cho vay ngoi
t ca cc NHTM b hn ch. Vi vic yu cu cc t chc c t 50% vn
nh nc tr ln bn ngoi t cho cc t chc tn dng t ngy 1/7/2011 th
ngun vn t cc t chc s v cc ngn hng thng mi, v NHNN c
th s tip tc mua ngoi t t cc ngn hng thng mi kim sot
cung cu ngoi t v b sung vo ngun d tr ngoi hi. Nh vy c th
thy thanh khon ngoi t ca cc ngn hng thng mi tuy c ci
thin nhng cng khng nhiu. Do , th trng ngoi hi s c tip tc
n nh trong thi gian ti.
5.2 Trin vng
5.2.1 Nhu cu ngy cng tng
Ngnh in Vit Nam hin nay vn c cu ln hn cung v nhu cu d bo
s tip tc gia tng trong di hn vi tc cao hn 2 ln tng trng GDP,
do vic u t vo ngun cung ca ngnh lun c s khuyn khch v
quan tm ca chnh ph v cc chnh sch thu, li sut v gi nguyn liu

NGNH IN VIT NAM

25

PHNG NGHIN CU
u vo.
5.2.2 Trin vng t vic iu chnh gi bn in:
Hin nay mt trong nhng kh khn ln m EVN gp phi trong vic pht
trin ngun cung in nng chnh l chi ph u t 1 kWh hin nay ln hn
gi bn m nh Nc quy nh, sau nhiu ln tng gi in th gi bn l
in hin nay ca Vit Nam mc 1.200 ng/kWh (tng ng 6
cents/kWh) mc gi ny hin c cho l thp so vi khu vc, ni c gi
bn in tm trn 10 cents/kWh. Do trong tng lai, vi mc ch
khuyn khch u t ci thin ngun cung in nng, kh nng gi in s
c Chnh Ph tip tc tng.
5.2.3 Mc tiu xy dng th trng in cnh tranh
Hin nay c kh nhiu n ti c cu ngnh in nhm xy dng mt th
trng in cnh tranh. Nu vic ti c cu ny thnh cng s gii quyt
c nhng vn t s c quyn ca EVN, tng tnh hp dn ca
ngnh in hin nay.

NGNH IN VIT NAM

26

PHNG NGHIN CU

6. CC CNG TY TRONG NGNH

Cng ty C Phn Thu in Vnh
Sn - Sng Hinh

Vn iu l: 2,062,412,460,000 ng
a ch: 21 Nguyn Hu, Thnh ph Quy
Nhn, Tnh Bnh nh
in thoi: +84 (56) 389-2792
Fax: +84 (56) 389-1975
Website: www.vshpc.evn.com.vn
Bin ng trong 52 tun

8.50 14.10

Khi lng trung bnh (10

ngy)

156,233

S c phn ang lu hnh

202.24 triu

EPS pha long

Thng tin s lc
Cng ty hin ang qun l v vn hnh hai nh my thy in:
Nh my thy in Vnh Sn sn xut in nng da trn
ngun nc sng Kn vi cng sut lp t l 66 MW, lng
in sn xut ra l 228,5 triu kWh/nm v Nh my thy in
Sng Hinh sn xut in nng da trn ngun nc sng
Hinh vi cng sut lp t 70 MW, lng in sn xut l 370
triu kWh/nm. Vi cng sut 66MW v sn lng in hng
nm 230 triu KWh, Nh my Thu in Vnh Sn l nh my
thu in c quy m ln u tin min Trung v Ty
Nguyn. VSH cung cp khong 2.4 % trong tng cng sut
quc gia. Ngun in sn xut ra da vo sc nc do chi
ph sn xut r nhng nng lc sn xut ca cng ty li ph
thuc nhiu vo iu kin t nhin. Nh cc cng ty in khc
ti Vit Nam, in thnh phm do cng ty sn xut ra c k
hp ng bao tiu ton b vi tp on in lc Vit Nam
EVN.
D liu trn mi CP
2008

2009

2010

TTM

TB 3
nm

EPS pha long

2697,90

1809,23

1480,23

1471,24

1963,84

EPS c bn

2697,90

2555,86

1455,01

1446,17

2190,87

Doanh thu trn

3517,82

3545,12

2043,47

2044,16

3016,93

mi CP

Kh nng sinh li
T l li gp (%)

2008

2009

2010

TTM

TB 3

T l li gp (%)

63,26

64,27

56,83

56,53

59,74

T l li t hot ng KD
(%)

76,53

74,78

76,46

76,00

74,25

T l EBIT (%)

78,74

76,06

77,53

76,99

76,43

T l li rng (%)

76,69

72,10

71,20

70,75

72,34

nm

NGNH IN VIT NAM

27

PHNG NGHIN CU

Cng ty C phn Nhit in

Ph Li

Vn iu l: 3,262,350,000,000 ng
a ch: Thn Phao Sn,th trn Ph Li, Ch
Linh, Hi Dng
in thoi: +84 (320) 388-1126
Fax: +84 (320) 388-1338
Website: www.ppc.evn.vn
Bin ng trong 52 tun

7.00 16.90

Khi lng trung bnh (10

ngy)

190,217

S c phn ang lu hnh

323.15 triu

EPS pha long

Thng tin s lc
Cng ty C phn Nhit in Ph Li (PPC) tin thn l nh
my nhit in Ph Li thnh lp nm 1982 v chnh thc
chuyn i sang hnh thc cng ty C phn vo thng 01 nm
2006. Hot ng sn xut kinh doanh chnh ca Cng ty l sn
xut in nng (chim khong 99% doanh thu). Cng ty hin
c su t my ang hot ng ti hai nh my l Ph Li I v
Ph li II vi tng cng sut lp t ln ti 1040 MW. Hin nay
v trong nhng nm ti, Cng ty c phn Nhit in Ph Li
vn l mt trung tm sn xut nhit in ln khu vc pha
Bc.
D liu trn mi CP

EPS pha
long

2008

2009

2010

TTM

TB 3
nm

-654,41

2743,35

12,77

-91,00

1159,09

EPS c bn

-654,28

2743,35

12,71

-90,73

1171,55

Doanh thu
trn mi CP

11936,42

13596,45

12885,35

13120,81

12588,42

2008

2009

2010

MRQ

TB 3

10419,47

13158,97

11433,91

11967,94

11662,94

nm
Gi tr s
sch trn
mi CP

Kh nng sinh li
2008

2009

2010

TTM

TB 3
nm

T l li gp (%)

27,91

28,98

17,07

16,94

25,81

T l li t hot ng KD
(%)

12,39

20,02

0,15

-0,90

7,02

T l EBIT (%)

12,06

20,05

5,00

4,16

8,36

T l li rng (%)

-5,48

20,18

0,10

-0,69

9,11

T l li gp (%)

NGNH IN VIT NAM

28

PHNG NGHIN CU

Cng ty C phn Thy in

Thc B

Vn iu l: 635,000,000,000 ng
a ch: Khu 8, Th trn Thc B, Huyn
Yn Bnh, Tnh Yn Bi

Thng tin s lc
Thu in Thc B l nh my thu in u tin ca Vit
Nam ng thi l 1 trong 7 nh my thu in ca Tng cng
ty in lc Vit Nam (EVN). Ngy 5 thng 10 nm 1971, Nh
my khi ng t my s 1 v ho li in quc gia. Lnh
vc hot ng chnh ca TBC l sn xut in nng (chim
99% doanh thu). Cc t my ca cng ty Thu in Thc B
vn hnh lin tc hn 35 nm, bao gm ba t my, mi t
my c cng sut 40 MW (40MW 3) vi thit b cng ngh
ca Lin X.

in thoi: +84 (29) 388-4116

D liu trn mi CP

Fax: +84 (29) 388-4167

Website: www.thacba.evn.com.vn
Bin ng trong 52 tun

11.00 -16.90

Khi lng trung bnh (10

ngy)

10,259

S c phn ang lu hnh

63.50 triu

EPS pha long

EPS pha
long
EPS c bn
Doanh thu
trn mi CP

Gi tr s
sch trn
mi CP

2008

2009

2010

TTM

2556,27

2043,02

649,91

747,84

TB 3
nm
1626,17

2556,27
3852,41

2043,02
3291,25

649,91
2077,69

747,84
2149,00

1626,17
2975,02

2008

2009

2010

MRQ

12160,85

12025,92

11724,21

11800,61

TB 3
nm
11677,39

Kh nng sinh li
T l li gp (%)
T l li t hot ng KD
(%)
T l EBIT (%)
T l li rng (%)

2008

2009

2010

TTM

71,19
72,68

64,49
67,66

38,96
36,15

40,55
39,96

TB 3
nm
56,43
55,71

72,86
66,36

67,72
62,07

36,16
31,28

40,02
34,80

55,97
51,64

T l li gp (%)

NGNH IN VIT NAM

29

PHNG NGHIN CU

Cng ty C phn Ma ng Nhit in Gia Lai

Vn iu l: 145,054,928,000 ng
a ch: 561 Trn Hng o, Th x
Ayunpa, tnh Gia Lai
in thoi: +84 (59) 365-7236
Fax: +84 (59) 365-7236
Website: www.secgialai.com.vn
Bin ng trong 52 tun

19.40 30.00

Khi lng trung bnh (10

ngy)

5,735

S c phn ang lu hnh

14.51 triu

EPS pha long

Thng tin s lc
Cng ty c phn Ma ng Nhit in Gia lai l mt trong
nhng doanh nghip cung cp sn lng dng ln v n
nh khu vc min Trung v Ty Nguyn nh vo v tr a l
v iu kin lnh th nhng ph hp cho nghnh sn xut
m khng phi nh my ng no cng lm c. Li th
ln nht ca cng ty l vng nguyn liu n nh vi c ly vn
chuyn bnh qun ch 22km, ngoi ra cng ty c i ng cn
b k thut, cng nhn lnh ngh vi kinh nghim nhiu nm
trong nghnh sn xut ng, c nhiu sng kin k thut tit
kim c chi ph, hiu qu sn xut tt.
D liu trn mi CP
EPS pha
long
EPS c bn
Doanh thu
trn mi CP

Gi tr s
sch trn
mi CP

2008

2009

2010

TTM

3330,14

3127,18

4137,80

4246,32

TB 3
nm
3019,96

-----

6983,40
34290,74

4557,50
22487,40

4516,59
25310,45

5770,45
28389,07

2008

2009

2010

MRQ

11674,45

12446,79

13535,07

14549,22

TB 3
nm
12027,62

Kh nng sinh li
T l li gp (%)

NGNH IN VIT NAM

T l li gp (%)
T l li t hot ng KD
(%)
T l EBIT (%)
T l li rng (%)

2008

2009

2010

TTM

27,28
23,19

24,88
22,13

29,71
22,69

27,30
19,92

TB 3
nm
25,37
20,23

23,99
22,66

23,03
20,37

28,40
20,27

26,48
17,84

22,13
18,85

30

PHNG NGHIN CU

Cng ty C phn Nhit in

B Ra

Vn iu l: 604,856,000,000 ng
a ch: phng Long Hng, th X B
Ra, tnh B Ra Vng Tu

Thng tin s lc
Cng ty c phn Nhit in B Ra l cng ty hot ng trong
lnh vc nng lng, chuyn sn xut, kinh doanh in nng
cng nh qun l, vn hnh, sa cha cc thit b in v nh
my in. Bn cnh , cng ty cng sn xut nc ung, cc
sn phm kim loi, ch bin v kinh doanh nng sn, hi sn
cng nh hot ng kinh doanh nguyn vt liu, xy dng
cng nghip, bun bn bt ng sn, vn chuyn hang ha.
D liu trn mi CP

in thoi: +84 (64) 221-2811

Fax: +84 (64) 382-5985
Website: www.btp.com.vn
Bin ng trong 52 tun

4.70 13.55

Khi lng trung bnh (10

ngy)

18,514

S c phn ang lu hnh

59.29 triu

EPS pha
long
EPS c bn
Doanh thu
trn mi CP

Gi tr s
sch trn
mi CP

2008

2009

2010

TTM

2970,26

860,36

369,52

-113,91

TB 3
nm
1155,39

-----

860,36
24342,95

369,52
33705,73

-111,65
38449,75

614,94
29024,34

2008

2009

2010

MRQ

14304,14

13370,13

13993,49

14206,80

TB 3
nm
13094,53

EPS pha long

Kh nng sinh li
T l li gp (%)
T l li t hot ng KD
(%)
T l EBIT (%)
T l li rng (%)

2008

2009

2010

TTM

10,25
19,03

13,33
-0,44

10,97
1,44

22,36
13,95

2,67
3,53

3,32
1,10

7,89
0,01
0,01
0,29

TB 3
nm
10,57
5,77
9,00
5,20

T l li gp (%)

NGNH IN VIT NAM

31

PHN TCH NGNH

CNG TY C PHN CHNG KHON

PH GIA
Hotline: (84.8) 62 836 888
Email: support@phugiasc.vn
Website: www.phugiasc.vn

Tr s

C: Lu 8-9, 58 Nguyn nh Chiu, P.akao, Q.1, Tp. H Ch Minh

T: (84.8) 62 836 888
Fax: (84.8) 62 838 666

Chi nhnh H Ni

C: Tng 4, ta nh 200 Nguyn Lng Bng, Q.ng a, H Ni

T: (04) 3513 4045
Fax: (04) 3513 4046

Phng Phn tch Khi Ngn hng u t

(84.8) 62 836 888 (ext: 402)
namdnp@phugiasc.vn

Nhng thng tin v nhn nh m PGSC cung cp trn y l da trn nh gi ca ngi vit ti ngy a ra bn
tin. Bn tin ny ch mang tnh cht tham kho nhm gip nh u t c y thng tin hn trong vic ra quyt
nh v c th thay i bt c lc no m khng cn thng bo trc. Thng tin trong bn tin ny da trn nhng
thng tin c sn thu thp t nhiu ngun m c tin l ng tin cy, tuy nhin chnh xc v hon ho khng
c m bo. PGSC khng chu trch nhim nhng khon l trong u t khi s dng nhng thng tin trong bn
tin ny.