HCMC – Vietnam Electricity Group (EVN) racked up losses of an estimated VND28.7 trillion in the first eight months of this year, said the Commission for the Management of State Capital at Enterprises.
A report from the Commission for the Management of State Capital at Enterprises
indicated that EVN’s losses amounted to over VND35.4 trillion in the first half of 2023.
Last year, EVN put its losses at VND26.5 trillion, excluding exchange rate differences. As a result, its combined losses in 2022 and the first eight months of 2023 exceeded VND55 trillion.
Previously, the Ministry of Industry and Trade approved a 3% increase in electricity tariffs, with effect from May 4.
Revenue growth in recent months, induced by the power tariff hikes, could only partially offset the financial woes faced by the State-run company in 2023, an EVN representative told the Lao Dong news site.