The minimum average retail electricity price will rise by VND220 ($0.0093) to VND1,826.22 ($0.078) per kWh under a decision signed recently by Deputy Prime Minister Le Minh Khai.

The maximum average price will rise to VND2,444.09 ($0.1) from VND1,906.42 ($0.080) per kWh.

At a meeting last December, leaders from Electricity of Vietnam said that since early 2022, rising global prices of fuels such as coal and oil and gas has led to an increase in electricity production costs while the electricity price has remained unchanged since 2019.

Meanwhile, fuel prices are forecast to continue to increase this year.

Vietnam’s installed power generation capacity reached 76,620 MW as of the end of 2021, up by some 7,500 MW compared to 2020.