EVNNPT names new chairman after 500kV scandal; PC1 implicated

Overview

EVNNPT, the National Power Transmission Corporation, has appointed Nguyen Quang Trung as its new Chairman of the Members’ Council, effective August 10, 2026. The leadership change follows a major corruption investigation into the 500kV circuit-3 project, which has implicated PC1 Group (PC1) and 12 other companies. The scandal has led to 47 indictments and significant asset seizures, raising governance concerns for PC1 and the broader energy infrastructure sector.

Key Facts

• Nguyen Quang Trung, former Deputy General Director of EVNHANOI, appointed Chairman of EVNNPT’s Members’ Council on August 10, 2026.
• Cao Dat Khoa served as acting head of the council from May 16, 2026, until the appointment.
• Hoang Xuan Khoi, Deputy General Director of EVNNPT, assigned as Acting General Director.
• 47 suspects indicted on five charges: bid-rigging, accounting violations, embezzlement, bribery (giving and receiving).
• 13 companies implicated, including EVNNPT, PC1, and various contractors and consultancies.
• Authorities seized over VND 45.8 billion and more than USD 1 million in cash.
• Securities accounts of suspects frozen, totaling approximately VND 1,756 billion.

What Happened

EVNNPT announced the leadership reshuffle on its official channels, confirming the appointment of Nguyen Quang Trung as Chairman of the Members’ Council. The move is part of a broader effort to stabilize the corporation after the corruption scandal broke. The investigation, led by the Ministry of Public Security’s investigative police agency (C01), was disclosed at a press conference on July 2, 2026.

According to the authorities, the investigation uncovered widespread violations in the bidding, construction, and settlement processes of the 500kV circuit-3 project, which EVNNPT oversaw as the investor. The charges include bid-rigging, accounting irregularities, embezzlement, and bribery. PC1, a major contractor on the project, is among the companies where violations were identified. The investigation has so far resulted in 47 indictments and the seizure of assets to recover state funds.

Market Context

PC1 (HOSE) closed at VND 20,100 on August 20, 2026, reflecting investor caution amid the ongoing investigation. The stock has been under pressure since the scandal emerged, as the company’s involvement raises legal and financial risks. The broader Vietnamese energy infrastructure sector is also affected, with increased scrutiny on project governance and contractor practices. The leadership change at EVNNPT is seen as an attempt to restore confidence, but the legal proceedings are likely to weigh on sentiment for PC1 and other implicated firms.

Strategic Significance

For long-term investors, the scandal underscores the importance of governance and compliance in Vietnam’s state-linked infrastructure projects. PC1’s involvement could lead to financial penalties, project delays, or reputational damage, affecting its future contract wins. The leadership change at EVNNPT may signal a shift toward stricter oversight, which could benefit the sector in the long run but poses near-term uncertainty. Investors should monitor the investigation’s progress and any regulatory actions that could impact PC1’s operations and financial health.

What to Watch

• Further indictments or legal actions against PC1 executives or subsidiaries.
• PC1’s financial statements for any provisions or write-offs related to the scandal.
• EVNNPT’s new leadership’s approach to project management and contractor relations.
• Regulatory changes in bidding and procurement processes for energy infrastructure.
• PC1’s stock price reaction to any new developments in the investigation.