10:17 | 21/03/2019 Industry
The average price of electricity in Vietnam has increased by 8.36% to over VND1,864 per kWh, the Ministry of Industry and Trade (MoIT) confirmed at a press conference on March 20.
|At the press conference - Photo: congthuong|
Those consuming 50kWh or less a month will pay VND1,403 per kWh, while a price of VND2,323 per kWh will be charged from the 401st kWh.
The rise is less than the estimate of nearly 10% made by MoIT Deputy Minister Hoang Quoc Vuong in early March, if all input costs are factored into the prices.
|Director of MoIT’s Electricity Regulatory Authority of Vietnam Nguyen Anh Tuan speaks at the conference|
The ministry said the 8.36% increase was worked out so that the socio-economic development targets set by the National Assembly could still be met.
According to calculations by the General Statistics Office, the 8.36% rise in electricity prices will make GDP decrease by 0.11% and the consumer price index increase by 0.29%.
The most recent hike was in 2017 when electricity prices went up by 6.8%.