PC1 bids VND 517B for EVNHANOI power grid package

Overview

PC1 Group Joint Stock Company (HOSE: PC1) has entered the bidding for a major power grid package under EVNHANOI, with a bid price exceeding VND 517 billion. The package, part of the project to supply power to the 220/110kV Hòa Lạc substation, attracted three bidders, with PC1’s offer being the highest. The bid comes amid significant corporate governance changes and robust first-half profit growth for PC1.

Key Facts

• PC1 submitted a bid of over VND 517 billion for Package No. 9 of the 220kV Hòa Lạc power line project.
• The package’s estimated value is over VND 518.5 billion, covering supply, installation, and construction of 220kV and 110kV underground cables.
• Three bidders participated: Liên danh 110-220kV Hòa Lạc (lowest at ~VND 490.5 billion), Liên danh Hòa Lạc (~VND 511.1 billion), and PC1 (highest).
• Bidding documents were issued on August 18, using open domestic online bidding with a one-stage, one-envelope method.
• PC1 reported H1 2026 revenue of ~VND 4,206 billion, down 12% year-on-year, but net profit after tax rose over 50% to ~VND 478 billion.
• In late July 2026, Trịnh Khánh Linh (born 1999) was elected Chairwoman of PC1’s Board, succeeding her father Trịnh Văn Tuấn, who was detained in May 2026.

What Happened

According to the bid opening minutes dated September 5, EVNHANOI opened bids for Package No. 9 of the project to construct a 220kV transmission line to supply power to the 220/110kV Hòa Lạc substation and associated 110kV outgoing lines. Three contractors participated: Liên danh 110-220kV Hòa Lạc offered the lowest price at approximately VND 490.5 billion, Liên danh Hòa Lạc bid over VND 511.1 billion, and PC1 Group submitted the highest bid at over VND 517 billion.

The package has an estimated value exceeding VND 518.5 billion and includes the supply, installation, and construction of 220kV and 110kV underground cable routes. The bidding process was conducted through open domestic online bidding, with a one-stage, one-envelope method and a fixed unit price contract type.

PC1’s participation is notable given its 60-year history in power construction, particularly in transmission and power infrastructure. The company has recently undergone leadership changes, with Trịnh Khánh Linh, born in 1999, elected as Chairwoman at an extraordinary shareholder meeting in late July 2026. Her father, former Chairman Trịnh Văn Tuấn, was prosecuted and detained in May 2026.

Market Context

PC1 shares closed at VND 20,450 on September 8, 2026, on the HOSE. The company has shown resilience in its financial performance despite a 12% revenue decline in H1 2026, with net profit after tax rising over 50% to VND 478 billion, driven by higher financial income and reduced financial costs. The bid for the EVNHANOI package aligns with PC1’s core business of power grid construction, which remains a key revenue driver even as the company diversifies into energy, industrial production, and EPC contracting.

Strategic Significance

This bid underscores PC1’s strategic commitment to its legacy power construction segment, which is critical for maintaining its competitive edge in Vietnam’s expanding power infrastructure market. The outcome of this tender, if won, would provide a substantial order book boost and reinforce PC1’s position as a leading contractor for national power grid projects. However, the company’s recent governance transition and ongoing legal issues involving its former chairman may influence investor sentiment and counterparty confidence. The bid also highlights the competitive landscape, where PC1 is willing to bid at a premium, possibly reflecting higher quality standards or cost structures.

What to Watch

• Announcement of the winning bidder for Package No. 9, expected in the coming weeks.
• PC1’s Q3 2026 earnings report, due in October, to assess margin trends and order backlog.
• Any regulatory or legal developments related to former Chairman Trịnh Văn Tuấn.
• Progress on PC1’s diversification projects, including energy and EPC ventures.
• EVNHANOI’s award criteria and whether price or technical factors dominate the final decision.