Mr. Tran Viet Hoa - Director of MOIT Electricity Regulatory Authority and Mr. Nguyen Xuan Nam - Vice President of EVN chaired the information exchange session.

Also attending the program were representatives of the Ministry of Public Security, the Vietnam Association for Consumer Protection, and representatives of press agencies.

Mr. Nguyen Quoc Dung - Head of EVN Business Department said that in order to minimize the impact on the economy and people's lives, implementing the direction of MOIT, EVN issued Decision No. 1046/QD-EVN dated October 11, 2024, on adjusting the average retail electricity prices, accordingly, the average retail electricity price is 2,103.1159 VND/kWh (excluding value-added tax) from October 11, 2024. This adjustment is equivalent to an increase of 4.8% compared to the current average retail electricity price.

At the information exchange, Mr. Nguyen Quoc Dung - Head of EVN Business Department also announced Decision No. 2699/QD-BCT of MOIT dated October 11, 2024, regulating electricity prices, including issuing retail electricity prices for power customer groups and retailers.

Mr. Tran Viet Hoa - Director of Electricity Regulatory Authority making speech

Mr. Tran Viet Hoa - Director of the Electricity Regulatory Authority said that the electricity price adjustment is based on political, legal, and practical grounds. The adjustment is carried out in stages, which is also one of the goals to ensure long-term energy security.

EVN Vice President Nguyen Xuan Nam said that the average retail electricity prices are adjusted to increase according to Decision No. 05/2024/QD-TTg dated March 26, 2024, of the Prime Minister regulating the mechanism for adjusting average retail electricity prices; The 4.8% increase compared to the current prices has been balanced by the Government and MOIT so as not greatly affect people's lives and activities.

EVN Vice President Nguyen Xuan Nam exchanging information with reporters and journalists

Basically, this adjustment will ensure that poor households and policy families are not affected significantly. According to statistics, in 2023, there are 815,000 poor households and social policy households in the country receiving electricity bill support according to the Government's policy. According to the Prime Minister’s provisions of Decision No. 28/2014/QD-TTg dated April 7, 2014, these households will continue to receive the support. In particular, poor households are supported with a monthly support equivalent to the electricity usage of 30 kWh/household/month. Social policy households with power consumption less than 50 kWh/month are supported with an equivalent to 30 kWh/household/month of electricity usage.

For service business customers (about 547,000 customers), each customer will pay an average of 247,000 VND/month.

For production customers (about 1.921 million customers), after the price adjustment from October 11, 2024, each customer will pay an average of 499,000 VND/month more.

For administrative offices (total of 691,000 customers), each customer will pay an average of 91,000 VND/month more after the price change.

EVN Vice President Nguyen Xuan Nam also said that the 4.8% electricity price adjustment will increase the CPI by about 0.04%, which is a very low increase and has been calculated by the Government and MOIT so as not to have much impact on the country's economy.

In the past, the Group has thoroughly implemented cost savings and optimization. Specifically, EVN and its affiliated units have saved 10-15% of regular standard costs, and reduced 20-50% of major repair costs; Despite many difficulties in financial balance, EVN always strives to ensure power supply for the country's socio-economic development.

Translator: Thu Hường