HCMC – Vietnam Electricity Group (EVN) has announced a 4.8% hike in the average retail electricity tariff, effective from today, October 11.
The average retail power tariff is now VND2,103.11 per kWh, excluding the value added tax (VAT), EVN said at a press conference on the afternoon of October 11. This decision has been approved in principle by the Government and the Ministry of Industry and Trade.
Since the beginning of 2023, EVN has adjusted electricity prices three times, with increases of 3%, 4.5%, and 4.8%.
For household consumers, there are six progressive tariff rates: VND1,893 per kWh for monthly consumption of up to 50 kWh, VND1,956 per kWh for monthly consumption of 51 to 100 kWh, VND2,271 per kWh for monthly consumption of 101 to 200 kWh, VND2,860 per kWh for monthly consumption of 201 to 300 kWh, VND3,197 per kWh for monthly consumption of 301 to 400 kWh, and VND3,302 per kWh for monthly consumption of 401 kWh or above.
The average electricity tarrif hike came amid EVN’s ongoing financial difficulties.
In 2023, EVN incurred a loss of nearly VND22 trillion from its electricity production and business activities. This figure does not include the VND18.032 trillion in foreign exchange rate differences from power purchase agreements that have been pending from 2019 to 2023.
This marks the second consecutive year that EVN has incurred losses from electricity production and business activities. In 2022, the state-owned power giant also reported a loss of nearly VND36.3 trillion from these operations.
