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.
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%.
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