Vietnam needs an additional 19,000MW of electricity in 2023-2025 to ensure supply, according to the Ministry of Industry and Trade (MOIT).

In an effort to address financial challenges faced by Vietnam Electricity (EVN), the Ministry of Industry and Trade (MoIT) has put forth a proposal to increase electricity prices in 2024.

The Ministry of Industry and Trade’s (MOIT) proposal to raise retail electricity prices in 2024 comes amid difficulties faced by Electricity of Vietnam (EVN) and its loss of VND17 trillion last year.

The Ministry of Industry and Trade has suggested a three-month adjustment to the average price of electricity, instead of every six months as currently.

Resolution 55 on the energy development strategy clearly stipulates that Vietnam needs to remove all barriers to be sure that power pricing is transparent and determined by the market.

The government is being urged to improve the supply of electricity for production and business activities, with warnings that power shortages could continue undermining the economy’s efforts to garner new funding from abroad.

The Ministry of Industry and Trade (MOIT) has found that 24 renewable power projects want direct power purchase agreements (DPPA), while the other 17 projects are considering seeking direct buyers.

Singapore’s Energy Market Authority (EMA) on October 27 granted conditional approval to Sembcorp Utilities Pte Ltd (SCU) – a wholly-owned subsidiary of Sembcorp Industries (Sembcorp) to import wind power from Vietnam.

The Electricity of Vietnam Group (EVN) is no longer a major power producer as it has contributed only 11% of electricity to the national grid this year.

The developers of coal-fired projects have no other choice than to invest in gas-fired power plants. However, there are still no policies for the transition.

Due to the risk of an electricity undersupply in 2025, EVN has proposed importing more electricity from Laos.

Replying to the suggestion on bilateral clearing of electricity volume bought and purchased between Vietnam and Laos, Electricity of Vietnam (EVN) said that no legal basis exists to implement this kind of solution.

The Ministry of Industry and Trade’s (MOIT) draft decision on adjusting average electricity prices includes information on whether losses incurred from electricity production activities will be counted when calculating retail prices.

EVN says that when electricity production cost decreased by 1 per cent or more, the average electricity retail price would be reduced at the...

Demand for electricity is expected to continue to rise rapidly as the country’s economic growth regains momentum in the near future.

The Vietnamese government has requested that the MoIT amend and supplement the mechanism for adjusting the average retail price of electricity and the structure of the retail electricity tariff.

The Ministry of Industry and Trade (MOIT) has conducted research on a pilot DPPA (direct power purchase agreement) scheme which would allow consumers to buy electricity directly from power-generating units instead of through EVN.

In its recently audited financial report, the Vietnam Electricity (EVN) announced a loss of VND20 trillion, attributing it to the acquisition of electricity at costs exceeding its selling prices.

The Ministry of Industry and Trade (MoIT) is receiving opinions for the draft decision of the Prime Minister on determining electricity retail prices for households, residential consumers and production.

The urgency to convert coal-fired power facilities to alternative fuels is intensifying, with the Vietnamese government adopting a plan to convert coal to biomass and ammonia.