Vietnam Electricity incurs further losses so far this year

September 20, 2023 | 18:11

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Vietnam Electricity (EVN) has recorded losses of $1.21 billion in the first eight months of this year, adding to last year's woes.

Vietnam Electricity incurs further losses so far this year

The Commission for Management of State Capital at Enterprises has sent a report to the Ministry of Planning and Investment on the production, business, investment, and development of state-owned enterprises under its management.

According to the report, EVN reported a loss of more than VND28.7 trillion ($1.21 billion) in the first eight months of 2023.

In 2022, EVN posted a loss of VND26.5 trillion ($1.1 billion), excluding exchange rate differences.

This year, EVN proposed an increase in the price of electricity to compensate for losses. This proposal has been approved as the electricity price has remained consistent over the past four years.

Accordingly, in May, the retail electricity price increased by 3 per cent to an average of VND1,920 (8 US cents) per kilowatt hour, excluding VAT.

EVN has also sent a document to the Ministry of Industry and Trade to comment on the draft revision to replace Decision No.24/2017/QD-TTg. According to the draft, the mechanism to adjust the average electricity price will increase or decrease with a clearly defined margin.

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By Angela Nguyen

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