At the press conference on the afternoon of May 9, Vietnam Electricity Group (EVN) announced that the average retail price of electricity increased from VND 2,103.11 to VND 2,204.07/kWh (excluding VAT), equivalent to an increase of 4.8%, similar to October 2024.
Explaining the increase in electricity prices this period, EVN said that in the power source structure in 2025, low-cost hydropower sources will only provide about 25% of the total system output; the remaining 75% will be provided from high-cost power sources such as coal, gas, oil, renewable energy, etc.
The additional electricity output of the system must be mobilized from high-cost power sources such as: oil-fired thermal power sources, liquefied natural gas turbine thermal power sources (LNG) and imported coal-fired thermal power sources. In addition, in recent times, the foreign exchange rate (USD) has been unpredictable and increasing.
This affects the cost of power generation, which accounts for about 83% of the cost of power generation.
On May 10, sharing on the side of the National Assembly corridor, delegate Nguyen Quang Huan (Binh Duong Delegation) said that he was "a bit shocked" by EVN's 4.8% increase in electricity prices applied from today.
According to the delegate, currently, electricity trading activities balancing input and output are a bit urgent, causing difficulties for EVN.
Considering the electricity industry as the backbone of the economy, the delegate emphasized: If EVN does not have enough resources to reinvest, expand, upgrade technology, and apply science and technology, the electricity industry will be behind the regional and world markets, affecting the economy.
I support the roadmap to increase electricity prices because our country's electricity prices are currently a bit low, especially in developed countries. However, we have to outline a roadmap and there should be a certain time to notify people, businesses, and households to be ready, said delegate Nguyen Quang Huan.
The delegate of Binh Duong delegation said that in addition to increasing electricity prices, it is necessary to go with a support policy because the viewpoint of the Party and State is not to leave anyone behind.
Although the current poverty rate is low, it is still necessary to calculate how to cover the cost of living for this group? But we cannot reduce electricity prices forever, we must bring them into the market economy. For industrial production, Vietnam's electricity prices are not high compared to other countries.
Our viewpoint is to shift the structure to develop the economy without relying on cheap labor and intensive electricity.
If the electricity price is not increased, a part of the people may benefit, but on the contrary, the whole economy will suffer losses. Because FDI enterprises are being used for cheap electricity, refusing to improve technology, and bringing backward technology. Electricity prices do not affect their production much in terms of input costs.
Finally, Mr. Nguyen Quang Huan expressed his opinion that electricity prices do not need to increase too high but must be equal to those of other countries in the region.
Policy makers and economists should have a systematic study to submit to the Government for a reasonable decision; balance input/exit costs for businesses and ensure that people can afford and on the other hand, the State does not suffer, EVN has money for development and investment.
