Vietnam may face power price hike in 2019
Deputy Minister of Industry and Trade Do Thang Hai said at the government regular meeting on December 3 that his ministry has drafted four scenarios in building power price schemes in 2019.
Vietnam’s Ministry of Industry and Trade (MoIT) has said that it will report power price schemes to the government’s Price Management Committee by the end of this month with the possibility of price hike in 2019. 
Deputy Minister of Trade Do Thang Hai at a government meeting. Photo: Vietnamnet
|
Supporting a possible price hike, Hai said that Vietnam Electricity (EVN) under the the ministry’s umbrella suffered a loss of VND2.2 trillion (US$96.4 million) in 2017.
He said the ministry will work out the power prices taking into consideration the impacts that the power price hike may cause to economic growth, gross domestic product (GDP), consumer price index (CPI), and large power consumers as well.
According to him, the power output for 2019 would range from 242 to 243.5 billion kWh and the ministry might mobilize additional 2-7 billion kWh from diesel-generated sources with high prices. But the top mission is to ensure sufficient electricity for 2019, he affirmed.
Relating to the issue, media has repeatedly mentioned the possibility of power shortage in 2019 after EVN claimed that its power plants were working below maximum capacity due to insufficient water and thin coal supply.
Meanwhile, Vietnam National Coal-Mineral Industries Holding Corporation (Vinacomin) blamed EVN for signing short-term purchasing contracts which are leaving Vinacomin passive in supplying.
Prime Minister Nguyen Xuan Phuc at the government meeting on Dec 3. Photo: Chinhphu.vn
|
Under the government’s regulations, EVN is allowed to raise the power prices between 3% and less than 5% each time every six months once it suffers a rise from 5% in the input cost.
The latest power price hike was made in December 2017. The average power price is VND1,720 (US7.4 cent)/kWh.
15:17, 2024/11/04
Hiring multitaskers: Priority for Hanoi companies
Several sectors experience increased hiring demand in the remaining months of 2024
18:17, 2024/11/03
Hanoi seeks partnerships to build skilled workforce for digital transformation
Vocational training institutions play important roles in developing a quality workforce prepared for large companies.
18:35, 2024/10/30
Hanoi to host Vietnam-Asia Smart City Summit 2024
The summit aims to share best practices and promote cooperation among Vietnam's provinces and cities in building and developing smart cities.
15:53, 2024/10/29
Vietnamese spend $8.9 billion on ecommerce
The total transaction volume in the Jan-Sep period increased by 37.7% compared to the same period last year.
14:48, 2024/10/29
Hanoi steps up inspections to crack down on unsafe food
The purpose of the survey is to gain a thorough understanding of the local food safety situation and to identify non-compliance promptly, allowing for corrective actions to be taken to mitigate health risks.
22:24, 2024/10/23
SEMIEXPO Vietnam 2024 to foster growth of semiconductor industry
The exhibition aims to develop the ancillary industry ecosystem and attract investment from the world's leading semiconductor companies.
- Hanoi targets double-digit growth over next decade
- Hanoi's industrial production shows positive growth
- Hanoi launches Vietnamese Fashion Product Brand Festival 2024
- Exhibition promotes Hanoi's key industrial products
- New partnerships forged at Hanoi Industrial Development Conference
- Hanoi addresses administrative challenges through dialogues