Power tariffs to follow market mechanism

Local retail electricity price will be adjusted under a market mechanism by 2016, said Minister of Industry and Trade Vu Huy Hoang.

Friday, June 12, 2015 15:45

Local retail electricity price will be adjusted under a marketmechanism by 2016, said Minister of Industry and Trade Vu Huy Hoang.

Hoangsaid that power supply has been better since 2011, with preventivecapacity meeting 25-30 percent of the country's total demand.

Henoted that power price has to follow a market-based mechanism under theGovernment's supervision to ensure profits. Vietnam will implement aprice roadmap transparently to make investors feel safe about investingin the sector.

However, most businesses, especially FDI firms, expressed their concern about power shortage in the southern region.

AVietnam Business Forum (VBF)'s report revealed that FDI companies havenot been worrying about increasing power prices as much as aboutunstable supply. The Government can increase the electricity tariff ofenterprises that consume more power while ensuring adequate supply.

Respondingto this situation, the minister remarked that it would require theElectricity of Vietnam (EVN) to ensure capital for a proper powertransmission system.

"We have asked the EVN to implement ninesupplemental power projects to supply electricity to the southernregion, following a forecast of power shortage in 2017-18," he added.-VNA

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