[February 18th] Ministry wants another electricity price hike

The Ministry of Industry and Trade has proposed a hike in electricity price this year after pushing it up 7.5% last year to narrow down the loss of national utility Vietnam Electricity (EVN).

The ministry eyes to increase prices in May this year to cover rising costs and help the state-owned EVN to pay power generators.

Vietnam allows an electricity price hike once every six months if costs of production rise 3% or more.

The last increase was in November last year, and before that, May.

EVN recorded a combined loss of VND37 trillion ($1.5 billion) in 2022 and 2023. It also has VND14 trillion in debt incurred from previous years due to currency exchange rate changes.

Last year prices were raised 7.5% to VND2,092.78 per kilowatt-hour after years of staying flat.

Source: VN Express