Why does Vietnam label plans on energy price hike “secret”?
Senior government officials said that electricity and gasoline are items leaving impacts on the economy and catching public attention.
Vietnamese media has questioned the Ministry of Industry and Trade (MOIT) about labeling “secret” the plans for raising electricity and gasoline prices.
VnExpress asked the MOIT at the government’s regular meeting last weekend why it tagged the adjustment of power and gasoline prices as “state secret” and basing on what ground.
In response, Deputy Minister of MOIT Do Thang Hai said that the ministry keeps the plans unrevealed before the official announcement with an aim to avoid any unexpected impacts on the society due to the crucial role of electricity and petroleum in the economy.
Hai attributed the Law on Protecting State Secrets ratified by the National Assembly on November 15, 2018 and related documents issued in 2008 under the prime minister’s approval, and those issued by the Ministry of Public Security.
Chairman and Head of the Government Office Mai Tien Dung said that the building and the circulation of documents relating to the price hike should be kept secret before authorized agencies announce the hike.
Dung implied that keeping the plans unknown would be good to some extent as the electricity and petroleum prices are among issues catching the people’s attention and effecting the consumer price index (CPI).
Dung noted that the prime minister has paid special attention to electricity due to the double-digit growth in the power needs. Guaranteeing sufficient power for the economic growth of 6.5%-7% annually remains tough and effort-consuming.
The electricity prices in Vietnam have been on the upward trend over the past years while the gasoline prices have been mostly revised up since this year, causing public indignation.
The latest power price hike was made on March 20 with a rise of 8.36% to an average of VND1,850 (8 US cent) per kWh, excluding valued added tax (VAT).
Following the social outcry after the electricity power price hike, Prime Minister Nguyen Xuan Phuc ordered the MOIT and related agencies to check price increase, the calculation and the billing.
Electricity of Vietnam (EVN), the country’s sole power distributor, is allowed to raise the power prices below 10% each time if it suffers a rise of at least 5% in the input cost. However, EVN’s business results remain non-transparent.
EVN is under direct management of the MOIT.
Meanwhile, the gasoline prices have been raised three consecutive times with combined 19% over the past month.
Nguyen Hoang Minh, deputy head of Hanoi’s Taxi Association, said that the increase of the gasoline prices with the latest hike on May 2 would drive down taxi operators’ profits by more than 40%.
Government April meeting with the chairmanship of Chairman Mai Tien Dung. Photo: VGP
|
In response, Deputy Minister of MOIT Do Thang Hai said that the ministry keeps the plans unrevealed before the official announcement with an aim to avoid any unexpected impacts on the society due to the crucial role of electricity and petroleum in the economy.
Hai attributed the Law on Protecting State Secrets ratified by the National Assembly on November 15, 2018 and related documents issued in 2008 under the prime minister’s approval, and those issued by the Ministry of Public Security.
Chairman and Head of the Government Office Mai Tien Dung said that the building and the circulation of documents relating to the price hike should be kept secret before authorized agencies announce the hike.
Dung implied that keeping the plans unknown would be good to some extent as the electricity and petroleum prices are among issues catching the people’s attention and effecting the consumer price index (CPI).
Dung noted that the prime minister has paid special attention to electricity due to the double-digit growth in the power needs. Guaranteeing sufficient power for the economic growth of 6.5%-7% annually remains tough and effort-consuming.
The electricity prices in Vietnam have been on the upward trend over the past years while the gasoline prices have been mostly revised up since this year, causing public indignation.
The latest power price hike was made on March 20 with a rise of 8.36% to an average of VND1,850 (8 US cent) per kWh, excluding valued added tax (VAT).
Following the social outcry after the electricity power price hike, Prime Minister Nguyen Xuan Phuc ordered the MOIT and related agencies to check price increase, the calculation and the billing.
Electricity of Vietnam (EVN), the country’s sole power distributor, is allowed to raise the power prices below 10% each time if it suffers a rise of at least 5% in the input cost. However, EVN’s business results remain non-transparent.
EVN is under direct management of the MOIT.
Meanwhile, the gasoline prices have been raised three consecutive times with combined 19% over the past month.
Nguyen Hoang Minh, deputy head of Hanoi’s Taxi Association, said that the increase of the gasoline prices with the latest hike on May 2 would drive down taxi operators’ profits by more than 40%.
21:35, 2024/12/21
Regulatory efforts underway to strengthen e-commerce in Vietnam
By 2025, Vietnam's e-commerce is expected to reach 10% of retail sales and contribute to the digital economy which is estimated to account for 20% of GDP.
16:51, 2024/12/14
Hanoi honors key industrial products in 2024
This recognition is a testament to the city government's ongoing support of local businesses.
18:09, 2024/12/12
EVs take the spotlight on Vietnam's urban streets
On the streets of Hanoi, a quiet but powerful shift in transportation is underway.
13:43, 2024/12/12
Hanoi names 83 institutions Green Energy User 2024
More than 80 facilities and projects have been recognized for their innovative use of green energy in manufacturing.
12:07, 2024/12/09
Bat Trang artisans innovate to meet global market demands
To boost competitiveness, Bat Trang pottery businesses leverage information technology for product promotion.
17:56, 2024/12/07
Vietnam youth gears up for a greener future
The event sought to equip Vietnamese youth with the skills and opportunities to work together and take an active role in advancing the green economy and supporting a sustainable transition.
- Hanoi to create over 213,000 jobs in Jan-Nov
- Update on worker conditions in South Korea from Vietnamese labor authorities
- Vietnam partners with NVIDIA to establish AI research center
- Hanoi grasps opportunities to drive semiconductor industry growth
- Internet users in Vietnam to hit 100 million by 2029
- Prime Minister calls for active participation in innovative start-ups