Changes at EVN Finance, CEO resigns: 'Doing well' after leaving EVN

The State Bank’s inspection conclusion pointed out that EVN Finance had many violations in management, credit granting, and even lending beyond the ceiling. However, this company still recorded strong profit growth.

A series of violations were exposed.

Power Finance Joint Stock Company was officially established and operated from September 1, 2008 with the mission of being the focal point for capital arrangement and capital management for power projects of Vietnam Electricity Group and its member units. In 2020, EVN successfully divested 100% of its ownership capital at EVNFinance,

EVN Finance network includes headquarters and 2 branches in Da Nang and Ho Chi Minh City. Charter capital as of the end of June 2025 is more than 7,605 billion VND.

Immediately after the State Bank's inspection conclusion, on August 15, EVN Finance sent a document to the management agency announcing the dismissal of Mr. Mai Danh Hien from the position of General Director. At the same time, Mr. Le Manh Linh was appointed as acting General Director from August 21. Mr. Pham Trung Kien - Chairman of the Board of Directors, is the legal representative of EVN Finance also from August 21.

EVN Finance was established under the license dated July 7, 2008 of the State Bank. Photo: EVNF

Regarding shareholder structure, EVN Finance does not record any major shareholders. 100% are small shareholders with a total of 70,443 people as of the end of 2024, holding all of more than 760 million shares. State shareholders hold 0%. The number of institutional shareholders is 68, holding 7.98% of shares. The remaining individual shareholders hold more than 92% of shares. There are 78 foreign shareholders holding 0.45% of shares.

In the board of directors, Chairman Pham Trung Kien holds 0.433%, Mr. Le Manh Linh holds 0.435%, Mr. Mai Danh Hien holds 0.388%.

Holding ratio of some insiders of EVN Finance.

EVN Finance has close relationships with VIX Securities, Amber Capital Management and Nhat Viet Securities (VFS). Amber Capital Holdings and EVN Finance are both major shareholders of Nhat Viet Securities.

Credit growth is rapid, profits set records

Although financial companies have faced many difficulties in recent years, from the negative impact of the Covid-19 pandemic to declining consumer demand, EVN Finance's business activities have increased steadily, including both credit and business results.

In the first 6 months of 2025, EVN Finance recorded a total pre-tax profit of over VND 598 billion, an increase of 92.5% over the same period and reaching 62% of the annual profit plan. After-tax profit reached over VND 482 billion, a sharp increase compared to VND 249 billion, equivalent to an increase of 94%.

In the first half of the year, EVN Finance recorded net interest income of nearly VND812 billion, up 7% over the same period.

In 2023 and 2024, under the leadership of Chairman Pham Trung Kien and General Director Mai Danh Hien, the business results were also impressive. Profit after tax in 2024 reached nearly 561 billion VND, an increase compared to 328 billion VND in 2023 and 366 billion VND in 2022.

EVN Finance loans.

Despite the negative impact of the Covid-19 pandemic, in 2021, EVN Finance still recorded positive business results, reaching more than VND 411 billion in pre-tax profit, an increase of 12% compared to 2020, exceeding the set plan.

Assets also increased sharply from nearly VND 42,200 billion at the end of 2022 to more than VND 49,200 billion at the end of 2023 (equivalent to an increase of 16.6%) and nearly VND 59,600 billion at the end of 2024 (an increase of 21.1%).

By the end of June 2025, EVN Finance's assets increased by 17%, to nearly VND69,600 billion. The expansion in asset size was mainly due to growth in customer loans, from VND46,300 billion at the beginning of the year to more than VND52,200 billion, and deposits and loans to credit institutions.

EVN Finance's assets increased from customer deposits (an additional VND3,000 billion) and the issuance of valuable papers (an additional VND7,700 billion). This also means that total liabilities increased by about VND10,000 billion.

So where is EVN Finance raising money from and who is it lending to?

In the report, EVN Finance mentioned more than VND 13,300 billion in term deposits in VND, most of which came from joint stock companies with nearly VND 11,800 billion.

Of the nearly VND52,800 billion in loans as of the end of June 2025, nearly VND49,600 billion was lent to domestic organizations and individuals. Of which, short-term debt reached nearly VND23,400 billion, a sharp increase compared to VND21,000 billion at the beginning of the year. Medium-term debt reached more than VND21,400 billion, compared to more than VND18,700 billion.

EVN Finance focuses on lending to limited liability companies with more than VND29,000 billion as of the end of the second quarter of 2025, compared to nearly VND24,700 billion at the end of 2024. A large amount of lending is concentrated in businesses producing and distributing electricity, gas, hot water, steam and air conditioning (more than VND10,600 billion), wholesale and retail, repair of automobiles, motorcycles, motorbikes and motor vehicles (nearly VND12,400 billion) and construction (more than VND9,000 billion).

In early 2025, EVN Finance recorded a loan of VND 494 billion to VIX Securities, and by the end of June 2025, the outstanding debt was VND 150 billion.

By the end of June 2025, EVN Finance also recorded a loan of 50 billion VND to Nhat Viet Securities.

In 2024, EVN Finance had dozens of transactions worth from several billion to several tens of billions with a related party, Amber Fund Management JSC. A member of the Board of Directors of EVN Finance is the Chairman of the Board of Directors of Amber Fund Management JSC. However, from April 4, 2024, Amber Fund Management JSC is no longer a related party of EVN Finance.

In the 2024 management report, EVN Finance also recorded Amya Holdings JSC as a related party and had an outstanding debt of more than 316 billion VND.

In the first 6 months of the year, EVN Finance paid remuneration and salary to the Board of Directors, management board and supervisory board of VND8.65 billion, compared to nearly VND7.54 billion in the same period last year.

Source: https://vietnamnet.vn/bien-dong-tai-evn-finance-tong-giam-doc-tu-nhiem-an-nen-lam-ra-sau-khi-roi-evn-2432930.html