Although people and businesses don’t want the price of electricity and other commodities to increase, it is necessary to raise these prices to balance the economy in a multidimensional way. The statement was made by chief economist of the Bank for Investment and Development of Viet Nam (BIDV), Can Van Luc, during an online forum held in Ha Noi on Thursday. The forum was organised after the average retail price for power was officially raised by 8.36 per cent starting on Wednesday, from VND1,720 (7.49 US cents) per kWh to VND1,864 (8.03 US cents), excluding value added tax. Different pricing schemes have also been set for households and businesses. Specifically, retail prices for households now range from VND1,678 per kWh to VND2,927 per kWh depending on usage. Prices rise is necessary Previously, the input prices (coal, gas) of power generation enterprises still had the sponsorship of the State. However, since 2019, these input costs are no longer sponsored, making electricity prices increase as a necessary consequence, Luc told Viet Nam News. The Government is also asking to move towards market mechanisms and that is a positive development, he said. In terms of dosage, the Government and the Ministry of Industry… Read full this story
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