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PM gives electricity price rises go-ahead from March
Prime Minister Nguyen Tan Dung has approved in principle a rise in electricity prices beginning March 1, after considering three proposals, which called for rates ranging from under 5 percent to more than 8 percent.
At the press conference held by the Government Office on Tuesday, Nguyen Xuan Phuc, Head of the office, confirmed that the increase would not have a major impact on production, daily life, or the consumer price index (CPI).
"Poor households will still have a priority and pay a lower rate," he said.
The Ministry of Industry and Trade and the Ministry of Finance will have to propose a new price list for different levels.
With an increase in electricity prices, the State budget is expected to collect more than VND4.5 trillion (US$230 million) in total for the year, but it is also expected to lower GDP growth by 0.2 percent and increase the CPI by 0.15-0.6 percent.
The production industry is expected to pay a total of more than VND2.2 trillion ($115 million) for electricity, and residents will add VND1.3 trillion ($64 million) and administrative offices VND250 billion ($13 million).
Experts estimated that residents would pay from VND4,500 ($0.23 cent) to VND12.250 ($0.6 cent) more per kWh.
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