The Ministry of Industry and Trade is reviewing Vietnam Electricity's (EVN) proposal to increase electricity prices as rising input cost was weighing on the largest power company with record loss anticipated for this year.

Wind and solar power will account for an increasing proportion of Vietnam’s total electricity capacity.

Due to the global rise of coal, oil and gas prices, EVN’s electricity production costs and purchase costs have increased sharply. The group may incur losses of up to VND64.8 trillion in 2022.

Vietnam Electricity (EVN) proposed the Ministry of Industry and Trade reduce the purchase price of wind and solar power by 30 percent compared to the current one.

Vietnam Electricity Group (EVN) is seeking approval from the Government to develop 4,000MW wind power projects off the Gulf of Tonkin in northern Vietnam to ensure national energy security.

The two electricity price systems which the Ministry of Industry and Trade (MOIT) has designed will not have a big impact on most people.

The Ministry of Industry and Trade (MOIT) is collecting opinions about the new draft electricity prices. For daily household use, there would be five instead of six electricity price levels.

To avoid legal risks, thermal power projects in the 8th national power development plan need to be retained, especially BOT (build, operate, transfer) projects, which involve foreign investors, the Ministry of Industry and Trade (MOIT) said.

EVN believes that determining the average annual power output of wind and solar power plants to determine electricity prices would be more complicated than traditional energy projects.

With the demand for electricity increasing rapidly and supply and a sense of economical use more limited, saving electricity is deemed an important tool during possible periods of crisis in the future.

The Ministry of Industry and Trade (MoIT) asked the prime minister to assign EVN to handle Phu My 2.2 and Phu My 3 thermal power plants once the 20-year contract terminates.

Too many variables and over-reliance on imports have been hindering Viet Nam's plan to build power plants running on liquefied natural gas (LNG), industry experts have said.

Both the Electricity of Vietnam (EVN) and PetroVietnam want to take over the two thermopower plants when foreign investors transfer the plants to Vietnam after 20 years of operation.

Vietnam Electricity (EVN) has said that the amount of coal supplied to its thermal power plants (TPP) fell short of the contractual amounts, putting them at risk.

The Ministry of Industry and Trade (MOIT) has submitted a statement to the Prime Minister on a bidding mechanism which allows purchase of electricity from solar and wind power projects which remain unfinished.

The Vietnam Electricity Group (EVN) and the French Development Agency (AFD) on March 28 signed a agreement on a non-Government guaranteed loan worth 80 million EUR (87.8 million USD).

The total coal-fired thermal power capacity in the eighth national electricity development plan (Plan 8) is 14,800MW lower than the revised seventh plan. Vietnam is also considering developing offshore wind power.

Coal-fired thermopower plants are concerned as Vinacomin and Dong Bac Corporation lack enough coal for electricity generation.

Electricity access is one of 10 indicators that measure the quality of the national business environment according to the World Bank global business environment ranking.

The country’s road map aims to improve the quality and reliability of the national power supply and the efficient use of electricity.