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Electricity prices rise by 5 percent
The price of electricity increased by 5 percent to VND1,304/kWh excluding VAT as of December 20, announced Electricity of Vietnam (EVN).
The existing average price of VND1,242 would rise VND62 following the Ministry of Industry and Trade (MoIT) decision on December 16.
The increase would not apply to the first rates on the price escalation chart, which starts from 0-50kWh for the poor – who normally use less than 50kWh per month – and from 0-100kWh for other people, the press release said.
As a result, the increase would be calculated from the 101st kWh.
Poor families, who were required to register and prove they do not use not more than 50kWh a month, would still receive VND30,000 as support from EVN.
Previously, EVN submitted a report to the MoIT to ask permission to increase the price on December 13.
According to EVN's report, the group suffered a loss of VND10,162 billion in electricity business due to low hydro-power plant production in 2010 because of insufficient water supply.
EVN had to utilise its oil-fired plants and purchase additional electricity at high prices, driving up operational costs. Increased fuel prices and exchange rates also contributed to rising expenses.
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