Vietnam Electricity Corporation announces adjustment of average retail electricity prices effective from November 9, 2023.

To minimize the impact on the economy and people's lives, in accordance with the directives of the Ministry of Industry and Trade, Vietnam Electricity Group (EVN) issued Decision No. 1416/QD-EVN dated November 8, 2023, on adjusting the average retail electricity price. Accordingly, the average retail electricity price is 2006.79 VND/kWh (excluding value-added tax) from November 9, 2023. This adjustment is equivalent to a 4.5% increase compared to the current average retail electricity price.

Previously, based on Decision No. 24/2017/QD-TTg dated June 30, 2017, of the Prime Minister stipulating the mechanism for adjusting the average retail electricity price; based on Document No. 915/BCT-DTDL dated November 8, 2023, of the Ministry of Industry and Trade; on November 8, 2023, the Ministry of Industry and Trade issued...Decision No. 2941/QD-BCT dated November 8, 2023, stipulates the electricity selling price., which sets retail electricity prices for different customer groups and retail electricity prices for electricity retailers.

Essentially, this electricity price adjustment will ensure that poor households and families receiving social welfare benefits are minimally affected. According to statistics, in 2022, over 1.27 million poor households and households receiving social welfare benefits nationwide received electricity subsidies under the government's policy. These households continue to receive support as stipulated in Decision No. 28/2014/QD-TTg dated April 7, 2014, of the Prime Minister. Specifically, poor households receive a monthly subsidy equivalent to 30 kWh/household/month of electricity consumption. Households receiving social welfare benefits with electricity consumption not exceeding 50 kWh/month also receive a monthly subsidy equivalent to 30 kWh/household/month.

Vietnam Electricity Group (EVN) respectfully announces this information to its electricity customers and hopes to continue receiving the support and cooperation of customers for the Group's production and business activities.

On March 31, 2023, the Ministry of Industry and Trade announced the results of the audit of EVN's electricity production and business costs for 2021 and 2022, as stipulated in Decision No. 24/2017/QD-TTg. The audit results showed that the cost of electricity production and business in 2022 was 2,032.26 VND/kWh, an increase of 9.27% ​​compared to 2021.

According to calculations, electricity production costs in 2023 will remain high, and the price of electricity in 2023 will continue to be higher than in 2022. The estimated cost of electricity production and business in 2023 is approximately 2,098 VND/kWh.