Shock

Even the least dishonest and worst at math couldn't escape the shock when the first electricity bill appeared after the seemingly "mild" price increase announcement. Wow, a massive increase! Not just the 8.36% initially announced, but reportedly no less than 35%! In some major cities, electricity bills have even doubled or tripled compared to the previous month. Like a devastating price shock sweeping across the country, people are pulling out their wallets in disbelief, as their family and business spending plans have to be completely rewritten.

While the mantra "increasing electricity prices benefits everyone" was being explained academically to the point of being incomprehensible, a shocking piece of information was revealed after failed attempts to keep it confidential: "EVN is saving 42,000 billion VND!" How bizarre! Chronic losses, forced to raise prices to compensate, yet possessing a substantial 42,000 billion VND in savings! And it's truly shocking when an EVN representative declared that 42,000 billion VND in savings is still insufficient. In response to this issue, which is attracting significant public attention, especially in the context of the recent sharp increase in electricity prices, EVN has issued a written statement.

According to the explanation in this document, EVN's deposit balance of over 42,000 billion VND at the end of June 2018, compared to its short-term liabilities at the same time (over 106,000 billion VND), is too small and insufficient to immediately repay fuel suppliers (gas, coal, electricity) of 55,000 billion VND and repay bank loans due of 22,000 billion VND. "Due to the enormous capital needs for investment, production, and business, the above deposit balance is only sufficient to help EVN and its member units fulfill their assigned tasks," the document, signed by Deputy General Director Nguyen Xuan Nam on behalf of the General Director of EVN, clearly states.

Borrowing continues, debt continues, and savings continue – a confusingly disorganized accounting system. However, the truly "torturous" question lies in the interest rate offered on this so-called "savings"—only 0.2% per year. Calling it "savings" at 0.2% per year is unfair, especially considering that term deposits typically offer a minimum interest rate of 4.5% per year. This disparity is enough to fuel further skepticism. It's also worth noting that not long ago, several major banking scandals (like the Ha Van Tham case) referred to similar discrepancies with a rather fancy term: "customer care expenses." Hopefully, the EVN executives aren't naive, and they certainly don't belong to the group of weak customers who need "care."

Returning to the shocking electricity bills, the people remain the same: simple, trusting, and resigned. Lacking professional training and not subject to a tiered pricing system, they use very rudimentary calculations: an 8.36% increase means an 8.36% increase! In short, if you used 100,000 dong before, after the price increase it will be around 108,000 dong. That's it, and even that is a headache. Now, they've manipulated it with some complicated and academic calculation, making the 8.36 figure seem to equal 8.36 x 4. It's quite possible this was created by highly educated people, so no one dares to argue. The people can only console themselves with their familiar refrain: "Paying extra for electricity is ultimately contributing to a state-owned enterprise, and contributing to a state-owned enterprise is also a way of showing patriotism."

Raising electricity prices will alleviate a burden on the power industry, a burden that the people have a duty to shoulder – an inherent responsibility of the industry, which is only right. If it belongs to the State, then it belongs to the people, is by the people, and for the people! The people know, the people discuss, the people act, the people inspect, and now the people… are paying the debt. It's all very transparent, and there's no need to add any secret seal to this basic logic. The people fear that after this bailout, the EVN (Vietnam Electricity) executives will get carried away with "side investments," continuing to venture outside the industry, playing the stock market, speculating in real estate, golf courses, and so on… resulting in continuous losses and overwhelming debt again. That would be a real shock, not just an anaphylactic shock. I think the people don't have money to burn, but they won't begrudge spending if it genuinely helps revive a business that, ultimately, whether small or large, directly or indirectly, has a part in it. The issue is that the people need transparency and a commitment of self-respect; please don't say that both are lacking!

This week, electricity prices were shocking, but gasoline prices were no less dramatic. Gasoline prices have plummeted vertically without any resistance. There are no "stepped" price increases; they just keep rising, and once they reach the peak, they're guaranteed to! It's a close call; electricity and gasoline are a dynamic duo, dominating a match where many predict inflation will inevitably concede. The comment I overheard from a motorbike taxi driver, "With gasoline prices like this, I wouldn't even dare use a lighter," perfectly reflects reality! It's also worth noting that gasoline prices haven't stopped rising yet. The relentless surge in gasoline prices is unleashing its full force on lighters. In the past few days, the press reported on a 70-year-old retired teacher who built his own electric car to take his grandson to school as a benevolent response to the gasoline price frenzy. Besides praising the grandfather-grandson bond and the ageless creativity of the elderly teacher, people also expressed concern about his somewhat risky choice of engine for the car! The skyrocketing gasoline prices are one thing, but switching to electricity—will the old teacher's pension be enough to cope with the tiered pricing system? Or will he just be jumping out of the frying pan into the fire? Unless something changes, the base salary will increase on July 1st. It's the familiar chase between wages and prices, where the win has never been on the side of wages. This is all too familiar; it's no longer shocking.

As the author was preparing to conclude this article, news arrived that Bui Chu Church – one of the oldest and most beautiful religious structures, 134 years old – would be demolished on May 13th to make way for a new one. Netizens expressed regret over the destruction of this structure, a fact that, as Martin Rama, senior advisor at the World Bank and project director at the Center for Sustainable Urban Development under the Vietnam Academy of Social Sciences, had previously stated in an article, highlights the numerous beautiful churches and cathedrals scattered throughout the country, including a group of stunning churches in Nam Dinh and Ninh Binh provinces. "These buildings and their interior decorations are truly architectural gems, thanks to the blend of Beaux Arts architecture with traditional Vietnamese aesthetics. The destruction of these architectural works is a loss to humanity."

We have seen some of the world's most magnificent religious structures renovated in recent years. Building a new structure is, of course, much easier than preserving and promoting the value of a heritage site. Unfortunately, the easier option has been chosen. The reason is simple: the structure is not on the list of managed historical sites, and the reason it's not on the list is because the user never requested its removal. The day of its demolition is drawing near, and all efforts to save it seem too late. Losing such a beautiful and valuable structure is truly heartbreaking, but the reason for its disappearance is equally shocking.