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The Saigon Times

Saigon Times Group is a leading Vietnamese media organization with prestigious business and consumer publications. After three decades of development, we have built a good reputation through our publications on economy, business and markets for Vietnamese and foreign readers.

Basic

Free

  • Free access to daily domestic news, podcasts and videos

Premium

$5 $1 /month
(VND 23,900)
Monthly Annual

  • Unlimited access to domestic news, podcasts, videos and magazine articles on current social / economic / trade / investment issues, commodity / financial/securities markets, M&A activity, FDI, local and foreign business communities and more.

AUTOMATIC RENEWAL REMINDER

  • Your payment method will then be automatically charged ₫ 899.000 every 365 days thereafter.
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28.9 C
Ho Chi Minh City
Tuesday, July 8, 2025

NA Economic Committee wants Gov’t to clarify EVN’s losses

By Thai Huy

Must read

HCMC – The National Assembly Economic Committee has asked the Government to clarify why Vietnam Electricity Group (EVN) has made losses of more than VND26.4 trillion.

The request was mentioned in a report on Vietnam’s socio-economic performance submitted to the National Assembly’s Standing Committee at a recent meeting.

On May 4, EVN increased the electricity price by 3% to over VND1,920 per kWh, excluding value added tax.

Meanwhile, data released by the Ministry of Industry and Trade in late March showed that the production cost of electricity was VND2,032.26 per kWh in 2022, up 9.27% compared to 2021.

As production costs surpassed electricity retail prices, EVN incurred losses of VND26,462 billion last year.

However, the committee said EVN’s electricity price hike was untimely as it would push input costs up, thus piling more pressure on local businesses which have been struggling with weak demand.

It added that the current retail price for electricity sold to households was higher than that sold to enterprises, which has been a downside for years.

In addition, the current price mechanism does not encourage investment in energy-efficient technology and equipment, while renewable energy projects have found it hard to sell their output.

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