According to an announcement by Electricity of Vietnam (EVN), the average electricity retail price has been increased by 4.8%, effective from October 11.

Under EVN’s new decision, the average electricity retail price has been increased from VND2,006.79 per kWh to VND2,103.1159 per kWh (excluding VAT).

This decision was based on a report from the Ministry of Industry and Trade on EVN's production and business costs in 2023.

According to the report, EVN's total cost of electricity production and business amounted to VND528.6 trillion (about $21.3 billion). The cost components included power generation, transmission, distribution, and management, which together totaled VND35.34 trillion. This marks a 7.16 per cent increase compared to 2022.

In 2023, the cost of electricity production for the EVN rose to VND2,088.90 per kWh, reflecting a 2.79 per cent increase from 2022.

Also in 2023, the electricity generation cost amounted to VND441.36 trillion (nearly $18 billion), averaging VND1,744.12 per kWh. This represented an increase of VND29.11 trillion compared to 2022.

As a result, the EVN reported a loss of VND34.2 trillion (more than $1.377 billion) from its core operations in 2023, with a net loss of more than VND21.8 trillion (nearly $877.3 million) after accounting for financial activities and reactive power sales.

in 2023, Vietnam experienced two electricity price adjustments. The first increase occurred on May 4, when the average retail electricity price rose by 3 per cent. The second occurred on November 9, with an additional 4.5 per cent increase.