How was Song Ba Ha Hydropower Plant doing business before a series of bosses went to work with authorities?

Over the years, the business activities of Song Ba Ha Hydropower Plant have brought in a large amount of money. However, the recent flood discharge story is still causing much debate.

Song Ba Ha Hydropower Joint Stock Company (stock code: SBH) has just decided to assign the Chairman of the Board of Directors to temporarily manage the activities of the company's Executive Board.

Specifically, from December 1, Chairman of the Board of Directors Vu Huu Phuc will temporarily manage the activities of the Executive Board while General Director Nguyen Duc Phu is on leave and working with the authorities.

The incident occurred when the controversy over the hydroelectric dam's flood discharge has not ended, after the recent floods caused particularly serious damage in some localities.

Song Ba Ha Hydropower Plant has a capacity of 220 MW, an average useful capacity and is mainly responsible for generating electricity. The reservoir is located downstream of large projects such as Song Hinh, Ayun Ha and Krong H'Nang. With this location, Song Ba Ha is considered the "last gateway" before the water flows to the densely populated downstream area of ​​Phu Yen province (formerly).

According to statistics from Song Ba Ha Hydropower Company, from the afternoon of November 18, 2025, the unit operated with a total flow rate of running the machine and spillway discharge lower than the water flow to the lake. By 7:00 a.m. on November 19, 2025, SBH regulated the flow rate of running the machine and spillway discharge equivalent to the flow rate to the lake according to the correct procedure. However, by 10:00 a.m. on the same day, the water flow to the lake had exceeded 11,000 m³/s and continued to increase rapidly; recorded at 4:00 p.m. on November 19, 2025, the water flow had reached 16,120 m³/s.

Therefore, Song Ba Ha Hydropower Plant had to discharge 16,100 m³/s.

Song Ba Ha Hydropower Joint Stock Company has a charter capital of more than 1,242 billion VND. Major shareholders of this enterprise include: Power Generation Corporation 2 - EVNGENCO 2 with 61.78% of charter capital; REE Energy Company Limited with 25.76% and Southern Power Corporation - EVNSPC with 7.21%.

Location of Song Ba Ha hydroelectric reservoir. Photo: Google Map

As an enterprise managing, operating and exploiting Song Ba Ha Hydropower Plant and one of the main power generation units in the South Central - Central Highlands region, SBH has been operating effectively for a long time.

Statistics over the past 5 years show that SBH's annual after-tax profit has consistently been in the hundreds of billions of VND. Specifically, in 2020 it was 380 billion VND; in 2021 it reached 471 billion VND; in 2022 it was 643 billion VND; in 2023 it was 487 billion VND and in 2024 it reached 273 billion VND.

In the third quarter of 2025, the company's net profit from business operations will reach VND 235.7 billion, about 6 times higher than in the second quarter (VND 39.3 billion) and 1.7 times higher than in the same period in 2024 (VND 138 billion).

Accumulated from the beginning of the year to the end of the third quarter, the company's gross profit from sales and service provision reached VND344.8 billion, 2.4 times higher than the same period (VND143.3 billion).

Thanks to "profitability", in 2025, Song Ba Ha Hydropower paid the remaining dividends to shareholders, at a rate of 10% (after deducting 5% of the advanced charter capital) corresponding to a total amount of more than 124.2 billion VND.

Regarding investment in power source development, according to the 2024 annual report, SBH has worked regularly with competent authorities to ensure that the projects: Song Ba Ha Hydropower Plant Expansion (60 MW); Floating solar power plant on the reservoir of Song Ba Ha Hydropower Plant (220 MWp); Song Ba Solar Power Plant (45 MWp); Tuy An 5 Wind Power Plant (200 MW) are proposed to be included in the adjusted Power Plan VIII.

With the above portfolio of projects, SBH is converting from single-source hydropower exploitation to multi-source, combining hydropower, solar power, and wind power to produce energy.

Song Ba Ha Hydropower Plant General Director works with authorities . Before the General Director and some key managers work with authorities, Song Ba Ha Hydropower Plant's Board of Directors has assigned a series of temporary personnel to run the departments, and at the same time assigned the Chairman of the Board of Directors to temporarily lead.

Source: https://vietnamnet.vn/thuy-dien-song-ba-ha-o-dau-kinh-doanh-the-nao-2468353.html