EVNGENCO1 was established according to the Decision 3023/QD-BCT by Ministry of Industry & Trade dated June 1, 2012. It is a unit of Vietnam Electricity (EVN) with 100% of its charter capital owned by EVN, EVNGENCO1's duties are to organize power production in safe, stable and effective way, approach commercial operation in the competitive generation market; invest in new power source projects to make sure energy security for socio-economic development, people's life and industrialization - modernization process of the country.
EVNGENCO1 includes 14 members, ten (10) of which are dependent accounting companies one (01) joint stock company having governing stocks held by the Mother Company and four (04) associate companies having less than 50% of their charter capital held by the Mother Company. EVNGENCO1’s members were formerly operating under EVN’s management; some of which ever had a formation history of more than 50 years. Key personnel of EVNGENCO1 are trained, qualified, experienced and have got a work experience from 20 to 30 years.
EVNGENCO 1 has legal status, seal, organization and operation regulations; having branches or representative offices as prescribed by law; having accounts opened at at the State Treasury and Banks; directly carrying out production and business activities and investing capital in subsidiaries and affiliated companies. It is responsible for inheriting the rights and obligations assigned by EVN when receiving the relevant units and the representatives of the state capital owners at power generation companies; also responsible for the preservation and development of state capital in the parent company and investment in subsidiaries and associates.