Electricity prices to rise 7.5 percent from mid-March
Electricity prices will be increased by 7.5 percent to an average of 1,622.05 VND per kWh from March 16, as approved by Prime Minister Nguyen Tan Dung at a Government meeting in Hanoi on March 5.
Electricity prices will be increased by 7.5 percent to an average of1,622.05 VND per kWh from March 16, as approved by Prime Minister NguyenTan Dung at a Government meeting in Hanoi on March 5.
The Cabinet leader, his deputies, and the Ministers of Industry andTrade, Planning and Investment, and Finance agreed on the rise afterconsidering price adjustment options proposed by the Ministry ofIndustry and Trade and the Electricity of Vietnam Group (EVN).
The 7.5 percent increase will help EVN avoid and compensate for losses(about 8 trillion VND or 380.95 million USD at present) from exchangerate disparities in recent years. If the price of electricity is notadjusted, EVN’s losses would exceed 12 trillion VND (over 571.42 millionUSD) in 2015.
Meanwhile, the price hike is alsoexpected to help Vietnam achieve a GDP growth rate of 6.2 percent whilereining in inflation rate at about 5 percent.
Onbehalf of Government permanent members, PM Nguyen Tan Dung asked EVN toimprove its business and production efficiency to reduce electricityloss to 8 percent this year from 8.49 percent in 2014 as well as raiseits labour productivity by over 9 percent.-VNA
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