The average retail price of electricity rose 3 per cent to over VND1,920 ($0.082) per kWh from May 4, according to Electricity of Vietnam (EVN).

The price adjustment was made based on Prime Ministerial Decision No. 24/2017/QD-TTg on mechanisms to amend average retail power prices. 

Earlier, on March 31, MoIT announced the results of inspections into EVN’s power production and trading costs in 2021 and 2022.

Electricity production cost rose 9.27 per cent year-on-year in 2022 to over VND2,032.26 ($0.085) per kWh. However, electricity retail prices remained unchanged from March 2019, leading to a loss of over VND26.46 trillion ($1.1 billion) for the company during the year.