3 Vietnam Utility Stocks With Pricing Power as Inflation Stays High

Vietnam’s inflation is running hot, with CPI near 5% and essentials like power, fuel, and housing pulling more weight in household budgets. That kind of steady price pressure can quietly reshape which stocks benefit and which struggle. For investors who do not want to miss potential winners or hold the wrong exposures, this article walks through three stocks from our Vietnam Inflation Beneficiaries screener that appear positively linked to this trend.

The three stocks that follow are only a sample, and the full screen surfaced 7 more Vietnam utilities, energy and fuel distributors with equally compelling narratives that are not covered here. To go beyond the short list and identify which ideas best fit your view on inflation, head straight to the Vietnam Inflation Beneficiaries: Utilities, Energy & Fuel Distributors screener.

Petrovietnam Gas (HOSE:GAS)

Overview: Petrovietnam Gas is Vietnam’s major gas collector, processor, storage provider, and distributor, supplying liquefied petroleum gas, natural gas and related products to power plants, fertilizer producers, industrial manufacturers and fuel distributors that feel inflation pressures most directly. That position means Petrovietnam Gas often sits at the point where higher fuel prices can be passed through to end users. This is exactly what the Vietnam Inflation Beneficiaries theme is targeting.

Operations: Petrovietnam Gas generates almost all of its roughly ₫181.5 trillion revenue from gas and gaseous products and related auxiliary services, with the vast majority earned in Vietnam and a smaller portion from Singapore.

Market Cap: ₫202.7 trillion

For investors watching inflation in Vietnam, Petrovietnam Gas deserves attention because it runs much of the country’s gas collection, processing and distribution network, giving it pricing power when fuel costs rise and regulators allow pass throughs. Recent financials show solid earnings and revenue, yet forecasts signal possible revenue pressure and margin compression, so the inflation benefit is not automatic. The stock trades below an estimated intrinsic value while carrying a P/E premium to regional gas utilities. This leaves room for upside but also means expectations are already built in. In addition, leadership changes and a loaded governance calendar in 2026 could reshape how the company approaches tariffs and contracts, creating both opportunity and execution risk that investors will want to track closely.

Petrovietnam Gas is priced as an inflation beneficiary, yet its P/E premium and tariff uncertainty leave a lot unsaid. Get the full story in the 3 key rewards and 1 important warning sign

Gia Lai Electricity (HOSE:GEG)

Overview: Gia Lai Electricity is a Vietnam focused power producer, transmitter and distributor that sells electricity into the domestic grid, so its revenue is closely tied to regulated tariffs and demand from housing and construction at a time when electricity prices are part of the inflation story. Alongside its core hydro, solar and wind assets, the company also provides construction, engineering and consulting services for power projects. The investment case for this screener hinges on how effectively it can pass higher costs into electricity prices as inflation stays elevated.

Operations: Gia Lai Electricity generates almost all of its roughly ₫2.6 trillion revenue in Vietnam, with around ₫2.6 trillion from electricity sales and about ₫191 billion from services, construction and goods.

Market Cap: ₫4.8 trillion

Gia Lai Electricity gives you direct exposure to Vietnam’s inflation story because it is a pure play on power tariffs and grid demand at a time when housing, electricity and construction related costs are rising. Analysts expect fast earnings growth, and the stock is trading at a large discount to one fair value estimate. Recent results show pressure on margins and interest coverage as revenue and profit declined in the first half of 2026. That mix of inflation pass through potential, balance sheet strain and capital actions like preferred share redemptions creates a complex set of trade offs. Investors who want to understand how that risk reward profile really looks will need to go beyond the headline growth numbers.

Gia Lai Electricity’s tariff story and inflation link look compelling, yet the balance sheet strain and capital moves raise real questions. See how the full 3 key rewards and 1 important major warning sign could reshape that picture.

Binh Duong Water - Environment Corporation - (HOSE:BWE)

Overview: Binh Duong Water - Environment Corporation supplies clean treated water and provides waste and wastewater collection and treatment services across Vietnam. This ties it directly to the inflation theme because water tariffs and environmental fees often move with housing and utility costs. For investors, it offers exposure to essential services where demand tends to be steady and pricing can be adjusted through regulated tariff frameworks when inflation stays elevated.

Operations: Binh Duong Water - Environment Corporation generates all of its roughly ₫4,551 billion in revenue in Vietnam.

Market Cap: ₫9.1 trillion

Binh Duong Water - Environment Corporation provides exposure to Vietnam’s inflation-linked utility story, since it earns regulated revenue from treated water and wastewater services in a country where housing, electricity, water and related costs have climbed 6.71% this year. Earnings have been rising faster than the broader market, margins are healthy, and the stock trades on a lower P/E than many water utility peers, which together suggest a business that the market may not fully appreciate. The key risk is a heavy reliance on external debt and operating cash flow that does not yet fully cover that borrowing, at a time when the company is raising fresh equity to fund new plants and waste-to-energy projects. How effectively it converts tariff adjustments and expansion capex into stronger cash generation will be important for shareholders monitoring this inflation beneficiary.

Rising earnings, healthy margins and a lower P/E hint that Binh Duong Water - Environment Corporation might be more than a simple utility story. The real question is how its balance sheet and expansion plans intersect in the 4 key rewards and 1 important major warning sign

Seeking Alternatives Before The Window Closes

Fresh stock ideas can move from quiet to crowded quickly. Catch potential breakouts while they are still under the radar for now and consider acting before they attract broader attention.

• Target reliable cash generators by scanning the list of solid balance sheet and fundamentals (436 results), which is curated for staying power when conditions change and you cannot afford weak finances dragging on returns.
• Ride structural demand for critical metals by reviewing the 9 top copper producer stocks, which highlights producers positioned for projects needing wiring, grids and infrastructure before momentum gets fully priced in.
• Seek resilient income streams through the 412 dividend fortresses, which is built to spotlight companies offering substantial yields while prices are still catching up to their cash distributions.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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