Deputy Prime Minister Hoang Trung Hai has made it clear that the restructuring of the power sector is now a must to improve its competitive edge and performance.

Working with officials of the Electricity of Vietnam Power Generation Company (GENCO) 1 in the northern province of Quang Ninh on August 16, Deputy PM Hai said the company must work out a set of regulations if it wants to operate in a competitive market, instead of a monopoly market like it is now.

In the first place, all GENCO should be grouped together, then each of them will be equitised gradually to move beyond the reach of its parent group EVN, he said.

The rearrangement of GENCO in a short time without impacting on production is an initial success. If each GENCO is unsuccessful, the restructuring of the overall sector will go nowhere, Hai said.

Responding to proposals at the event, Hai said each GENCO must be financially independent to lure more investment and reshuffle the executive board.

EVN was also asked to devise a financial mechanism to make it easier for GENCO to enter the market while monitoring their financial situation to offer timely assistance.

Added to this, Hai urged the power sector to satisfy growing demand for power use during the 2015-2020 period, saying that it is a top goal as the economy is set to rebound.

EVNGENCO 1 Chairman Nguyen Loan said his company generated over 8.3 billion kWh of electricity between January 1, 2013 and late July, meeting 56.8 percent of this year’s target.-VNA