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The new content in this proposal is the regulation on electricity price reduction when the input parameters in the stages of power generation, power transmission, power distribution, and management cause a one-percent-and-over drop in the average retail price of electricity compared to current ones.
At that time, Vietnam Electricity (EVN) is responsible for a corresponding price decrease, along with the preparation of a report to the Industry and Trade Ministry, the Finance Ministry for monitoring purposes.
In the case that the average retail price of electricity rises from 3 percent to under 5 percent compared to the applicable ones and still within the price bracket, EVN is allowed to adjust a corresponding price increase.
When this rise rate is from 5 percent to lower than 10 percent, it must report to the Industry and Trade Ministry and wait for the approval of this Ministry before announcing a price growth.
As to the rise rate of 10 percent and over or beyond the price bracket, the Industry and Trade Ministry will report to the Prime Minister for further direction.
At present, the average retail price of electricity is VND1,920 per kWh (US$0.081), effective as of May 4, 2023.
