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Vietnam to apply new power retail prices

Tuesday,  Nov 14,2017,18:07 (GMT+7)
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Vietnam to apply new power retail prices

HCMC – The Ministry of Industry and Trade is drafting a set of regulations on new electricity retail prices, according to a Vietnamnet report.

The draft states that electricity retail prices would be set for each category of customers, namely producers, businesses, lodging facilities, administrative agencies, and households.

The retail price for households is still divided into six groups. Families who consume up to 50 kWh of electricity per month would pay 92% of the average retail price. Those using from 51 to 110 kWh will pay 95% of the price, 101-200 kWh 110%, 201-300 kWh 138%, 301-400 kWh 154%, and over 401 kWh 159%. The move is to encourage household customers to save electricity.

The Government will subsidize poor households with an amount equal to the retail price of 30 kWh per month.
Earlier in July, the Government issued a new mechanism stipulated in the Prime Minister’s Decision 24/2017/QD-TTg allowing the State-run Vietnam Electricity Group (EVN) to hike the average power retail price when input cost rises 3% instead of 7% as before.

Depending on the input cost increase, EVN will decide the price hike of between 3% and less than 5% before reporting to the ministries of industry-trade and finance.

For increases from 5% to less than 10%, EVN can raise prices after obtaining approval from the trade ministry.
For hikes from 10% or beyond the permissible price frame, which could potentially impact the macro economy, the two ministries will work together to look into the power price plan presented by EVN.

The average power retail price has remained unchanged since March 2015.

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