Vietnam hikes electricity prices by 8.36%

Wednesday, 2019-03-20 16:33:00
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A kWh of electricity will now cost an average VND1,864. (Photo: NLD)
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NDO - 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 on March 20.

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.

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%.