Vietnam retail electricity price up 3% after 4 years
Vietnam Electricity (EVN) on Thursday raised the country’s average retail electricity price by 3%, the first hike since March 2019.
Electricity technicians of EVN do transmission line maintenance work. Photo courtesy of Vietnam News Agency.
The Ministry of Industry and Trade on April 27 allowed EVN to do this. According to the ministry, the state-run utility reported a total loss of more than VND26.2 trillion (almost $1.12 billion) last year, mostly due to electricity generation costs.
The newly-increased average price is VND1,920 ($0.08) per kilowatt hour, excluding value-added tax.
The ministry said the country’s electricity production costs rose 9.27% last year from a year earlier, to VND2,032 ($0.09) per kWh.
The new retail prices may place more pressure on inflation. The government is targeting average inflation of 4.5% for this year. Vietnam’s consumer price index in the four months increased by 3.84% year-on-year.
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