Business

Ministry urges power, fuel suppliers to be transparent

A directive by the Industry and Trade Ministry calls on Electricity of Vietnam (EVN) and Vietnam National Petroleum Group (Petrolimex) to publish power and petroleum prices, besides salaries and bonuses.
A directive by the Industry andTrade Ministry calls on Electricity of Vietnam (EVN) and VietnamNational Petroleum Group (Petrolimex) to publish power and petroleumprices, besides salaries and bonuses.

The directive 11/CT-BCTdated April 22, 2014 is aimed at enhancing transparency in electricityand petroleum business activities.

According to the directive, electricity and petrol are essential goods that have a heavy impact on the lifestyles of people.

Inkeeping with the Prime Minister Nguyen Tan Dung's instructions,Minister of Industry and Trae Vu Huy Hoang has requested the EVN, theElectricity Regulatory Authority of Vietnam (ERAV), and other agenciesto swiftly implement the directive.

He also asked for the input of factors used for price calculations.

Accordingly,the EVN will have to publish electricity tariffs and list changes ininput factors, production costs, average basic prices, and retailprices.

The group will also have to publish audited financialreports, business results, and production costs, which should be clearlybroken down into power generation, transmission, distribution, andretail.

In accordance with the directive, the minister urgedPetrolimex and other relevant agencies to publish as soon as possiblepetrol prices, factors for defining prices along with the usage andmanagement of the petrol stabilisation fund.

Both the EVN andPetrolimex will also have to publish details about their financialsituation, the effectiveness of using State-owned capital and workers'average incomes, including the salaries and bonuses of their leaders.

The information will be declared once a month on the ministry's website.

Theministry also asked the Domestic Market Department and the VietnamNational Oil and Gas Group (PVN) to publish information on world petrolprices, a list of wholesalers, and retail prices. Its FinancialManagement Department was instructed to biannually publish productionand business results for the EVN and Petrolimex and to closely supervisethe financial situation of the two groups.-VNA

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