Vietnam's electricity rate hike put on hold

Electricity rates in Vietnam will remain unchanged this month, according to Deputy Prime Minister Hoang Trung Hai.

Electricity of Vietnam had proposed an increase in power prices to start in November, with average power prices to be raised from VND1,242 or $0.59 per kWh to VND1,403 $0.67 per kWh.

While electricity prices can be adjusted at least every three months under Decision No. 24, Hai stressed that adjustments must first undergo careful consideration by relevant ministries and sectors. Power price adjustments also need to take into account considerable efforts having been made in stabilising the macro-economy, curbing inflation and ensuring social security, he added.

Hai called on the Ministry of Industry and Trade to provide EVN auditing results and production costs to the public. If the ministry fails to do this, a price rise can not well be a reasonable suggestion, he affirmed.

Any form of price adjustment needs to be transparent and based on a competitive market, Hai noted.

Hai made an additional call on the ministry to establish three power generation corporations under the EVN before November 15.

The ministry will also be required to set up a national power regulatory council this month.

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