Retail electricity price has surged on average by 8.36 per cent from March 20, the Ministry of Industry and Trade announced today.
After nearly two years of no changes, average retail power price has reached over VND1,864 per kWh, excluding value added tax.
The price will ascend to reach up to VND2,927 per kWh.
Electricity of Vietnam (EVN), the country’s sole power distributor, is expected to collect additional VND20 trillion ($870 million) this year from price hike.
EVN deputy general director Dinh Quang Tri said the proceeds would offset rising production costs as a result of higher coal and gas prices as well as exchange rate differences.
Tri said EVN would have to pay total additional costs of VND21 trillion ($913 million) and thus it would still incur a loss of VND1 trillion ($43 million) this year.
General Statistics Office calculates that the power price hike would make the consumer price index increase by 0.29 per cent. However, inflation is expected to be between 3.3 – 3.9 per cent this year, below the target of 4 per cent as approved by the National Assembly.
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The reduction aims to boost consumer spending for three months.
