Electricity prices are over 12 per cent higher now than they were two years ago. They were raised on May 4, 2023, by around 3 per cent and then again by 4.5 per cent on November 9 last year.

Vietnam Electricity (EVN) incurred a loss of more than VND 21 trillion ($485 million) last year due to rising generation costs.

There are around 547,000 businessess as customers with an average monthly spend of VND 5.17 million on electricity bills. After the price rise, each will have to pay an additional sum of around VND 247,000.

In the manufacturing sector, there are 1.912 million customers with an average monthly spending of VND 10.38 million. These are estimated to pay an additional amount of around VND 499,000 per month. This is the group that will bear the largest impact from this decision, according to domestic media reports.

Electricity prices are increased on rising input costs, including coal, gas and oil prices as well as exchange rates.

Fibre2Fashion News Desk (DS)