Power Prices in Vietnam Rise Once Again
Earlier this month, Electricity of Vietnam (“EVN”) announced an increase in the retail electricity price. From 9 November, the cost of power will rise 4.5 per cent to VND 2,066.79 (USD 8.2 cents) per kWh (not including VAT).
This second price rise of 2023, following a three per cent increase in the Spring, comes after the Prime Minister issued Decision No. 24/2017/QD-TTg.
This Decision included mechanisms to amend the average retail power price and the results of Ministry of Industry and Trade (“MOIT”) inspections of EVN’s production and trading costs for 2021 and 2022.
EVN estimates that this price increase will add between VND 4,000 and VND 56,000 to the average cost of household bills each month. Meanwhile, for enterprises, it could add around VND 432,000 on average.
The national supplier has said that this should help to plug the deficit in its finances – reported to be VND 26 trillion in 2022 – following high input prices, bringing in an additional VND 3.2 trillion (USD 131 million) between now and the end of December.
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