EVNNPT Appoints Acting CEO Amid PC1, PECC1, PECC2 Arrests Over 500kV Line

Overview

EVNNPT, the state-owned national power transmission corporation, has appointed Mr. Hoang Xuan Khoi as Acting General Director amid a leadership reshuffle triggered by the arrest of several executives from PC1, PECC1, and PECC2. These companies were contractors on the 500 kV circuit-3 transmission line project, a key infrastructure initiative. The development raises governance concerns for listed contractor PC1 and its peers.

Key Facts

• Mr. Hoang Xuan Khoi, previously EVNNPT Deputy General Director, was appointed Acting General Director effective as of the announcement date.
• The reshuffle follows the arrest of PC1 Chairman Trinh Van Tuan, PECC1 Chairman Nguyen Huu Chinh, and PECC2 Chairman Nguyen Chon Hung.
• The arrests are linked to the 500 kV circuit-3 transmission line project from Quang Trach (Quang Binh) to Pho Noi (Hung Yen).
• The 500 kV circuit-3 project spans 519 km with a total investment of over VND 22,300 billion.
• Construction began on January 25, 2024, and the line was inaugurated on August 29, 2024.
• Prior to this appointment, Mr. Truong Huu Thanh had served as Acting General Director from December 16, 2025.
• PC1 shares closed at VND 19,600 on May 27, 2026, down 1.51% with volume of 3,689,900 shares.

What Happened

EVNNPT issued a decision reassigning responsibilities for its General Director and Deputy General Directors, appointing Mr. Hoang Xuan Khoi as Acting General Director. Mr. Khoi will oversee daily operations, strategy, planning, finance, investment, procurement, and legal affairs. He previously served as Deputy Director of Power Transmission Company 1 (PTC1) before becoming EVNNPT Deputy General Director on February 11, 2026.

The leadership change comes after a series of arrests in late 2025 and early 2026 involving senior executives of PC1, PECC1, and PECC2, all of which were contractors on the 500 kV circuit-3 project. The project, with a total investment exceeding VND 22,300 billion, was completed in August 2024.

Market Context

PC1 (HOSE) closed at VND 19,600 on May 27, 2026, down 1.51% on volume of 3.7 million shares. The stock has been under pressure since the arrests became public, reflecting investor concerns about legal liabilities and potential project delays. The broader energy infrastructure sector on HOSE has been mixed, with state-owned utilities relatively stable while private contractors face heightened scrutiny.

Strategic Significance

The arrests and subsequent leadership reshuffle at EVNNPT underscore the legal risks for contractors involved in large-scale state-funded infrastructure projects in Vietnam. PC1, as a key contractor for the 500 kV circuit-3 line, faces potential reputational damage, project delays, and financial penalties. The event may also lead to tighter regulatory oversight and more stringent bidding processes for future transmission projects, affecting the competitive landscape for engineering and construction firms.

What to Watch

• Further legal developments in the investigation of PC1, PECC1, and PECC2 executives, including potential charges or settlements.
• PC1’s Q2 2026 earnings release for signs of project revenue recognition or provisions for legal costs.
• EVNNPT’s future contractor selection process and any changes in bidding criteria.
• Updates on the 500 kV circuit-3 project’s operational performance and any cost overruns.
• Foreign ownership changes in PC1 as institutional investors reassess governance risks.