AVC Deputy General Director Prosecuted Over Vinh Tan 4 Case

Overview

A Vuong Hydropower JSC (ticker AVC, UPCOM) has disclosed that Deputy General Director Pham Dinh Quang was prosecuted and taken into custody by the Ministry of Public Security’s investigative police, in connection with a criminal case arising from his earlier posting at the Vinh Tan 4 Thermal Power Plant. The company filed the information as an unusual disclosure and stated that the matter concerns Quang personally rather than AVC’s operations. The case draws attention to governance links between Vietnam’s hydropower operators and the EVNGENCO3 thermal power complex.

Key Facts

• Pham Dinh Quang is Deputy General Director of A Vuong Hydropower JSC (AVC), appointed in early 2024 on a five-year term.
• The Ministry of Public Security’s investigative police issued a decision to prosecute Quang as a defendant and an order for his temporary detention.
• The case relates to his time as Deputy Director of the Vinh Tan 4 Thermal Power Plant, a role he took up in December 2018.
• Quang previously served as Deputy Director of the Power Plant Repair Services Company under EVNGENCO3, and as Deputy Secretary of the Vinh Tan 4 plant’s Party Committee.
• Vinh Tan 4 comprises two units with 1,200 MW of installed capacity and roughly 7.2 billion kWh of annual output.
• Total investment in the Vinh Tan 4 project exceeded VND 36,000 billion, with EVNGENCO3 as investor under EVN.
• AVC shares closed at VND 36,100 on 6 November 2026.

What Happened

In an unusual-information disclosure, A Vuong Hydropower JSC said the Ministry of Public Security’s investigative police had issued a decision to prosecute Pham Dinh Quang as a defendant and an order placing him under temporary detention to serve the investigation of a criminal case. The case concerns his period of work at the Vinh Tan 4 Thermal Power Plant, where he served as Deputy Director from December 2018 and also held the post of Deputy Secretary of the plant’s Party Committee. Before that, he worked at the Power Plant Repair Services Company under EVNGENCO3, the generation subsidiary of state utility EVN.

Quang moved to A Vuong Hydropower in early 2024, when he was appointed Deputy General Director on a five-year term. The company stated plainly that the case involves Quang as an individual and is not connected to its business activities. The disclosure does not specify the legal articles under which he was prosecuted, the scope of the investigation, or whether other individuals at Vinh Tan 4 are involved. Vinh Tan 4, with 1,200 MW across two units and more than VND 36,000 billion of investment, is one of the largest thermal projects in EVNGENCO3’s portfolio.

Market Context

AVC trades on UPCOM, the Hanoi-based unlisted public company market, and closed at VND 36,100 on 6 November 2026. The stock is a small-cap hydropower name with a narrow free float, so headline-driven moves can be sharp but are often thin. The broader Vietnamese market has been sensitive to anti-corruption and criminal investigations involving energy and power-sector officials, particularly cases tracing back to the Vinh Tan and Duyen Hai thermal complexes, where scrutiny of EPC contracting and plant operations has been ongoing. Hydropower operators are also watched for seasonal reservoir levels and electricity tariff policy, but legal headlines of this kind typically dominate short-term sentiment for the named ticker.

Strategic Significance

For long-term holders, the central question is whether the investigation remains confined to Quang’s earlier role at Vinh Tan 4 or expands into AVC’s own management and contracting. AVC’s statement that the case is personal is the company’s position, not a regulatory finding, and investors should treat it as such. The deeper issue is governance: AVC’s leadership bench is thin, and the loss of a deputy general director to detention creates a management gap at a company whose value rests on stable plant operations and predictable hydrology. The Vinh Tan 4 connection also highlights how personnel rotate between EVN-affiliated thermal assets and listed hydropower firms, a channel through which legal risk can travel across nominally unrelated tickers.

What to Watch

• Further disclosures from AVC on Quang’s status, any replacement appointment, or changes to his delegated responsibilities.
• Ministry of Public Security statements expanding or narrowing the Vinh Tan 4 investigation, including whether other EVNGENCO3 or EVN officials are named.
• AVC’s next periodic financial disclosure and annual general meeting materials for any governance or related-party updates.
• Trading liquidity and foreign-ownership filings on UPCOM for signs of institutional repositioning.
• Any EVN or EVNGENCO3 commentary on operational or contractual reviews at Vinh Tan 4.