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| The latest electricity price list for household consumption, effective from November 9, 2023, shows a maximum price of 3,151 VND/kWh. |
The average retail electricity price will increase to 2006.79 VND/kWh from November 9, 2023.
EVN has just issued Decision 1416/QD-EVN dated November 8, 2023, on adjusting the average retail electricity price.
Accordingly, the average retail price of electricity is 2006.79 VND/kWh (excluding VAT) from November 9, 2023.
This adjustment is equivalent to a 4.5% increase.
Latest electricity tariff for household consumption from November 9, 2023: Highest rate 3,151 VND/kWh
Accordingly, the latest retail electricity price list for household consumption, effective from November 9, 2023, is as follows:
Level | Usage level | Old price | New price |
1 | 0-50 kWh | 1,728 | 1,806 |
2 | 51-100 kWh | 1,786 | 1,866 |
3 | 101-200 kWh | 2,074 | 2,167 |
4 | 201-300 kWh | 2,612 | 2,729 |
5 | 301-400 kWh | 2,919 | 3,050 |
6 | 401 kWh or more | 3,015 | 3,151 |
Unit: VND/kWh
Mechanism for adjusting the average electricity selling price.
According to Decision 24/2017/QD-TTg, the mechanism for adjusting the average electricity price is as follows:
Mechanism for adjusting the average annual electricity selling price.
1. Based on the annual electricity supply and system operation plan issued by the Ministry of Industry and Trade and the results of the inspection of electricity production and business costs in the preceding year as stipulated in Article 7 of Decision 24/2017/QD-TTg, and the estimated electricity production and business results for the year, Vietnam Electricity Group calculates the average electricity selling price according to the formula specified in Clause 2, Article 4 of Decision 24/2017/QD-TTg.
2. In the event that the average electricity selling price decreases compared to the current average electricity selling price and within the regulated price range, Vietnam Electricity Group is responsible for reducing the average electricity selling price accordingly, and preparing a report to the Ministry of Industry and Trade and the Ministry of Finance for inspection and supervision.
3. In cases where the average electricity selling price needs to be adjusted upwards by 3% to less than 5% compared to the current average electricity selling price and within the regulated price range, Vietnam Electricity Group (EVN) will decide to adjust the average electricity selling price accordingly. After the price increase, EVN will prepare a report to the Ministry of Industry and Trade and the Ministry of Finance for review and supervision.
4. In cases where the average electricity selling price needs to be adjusted upwards by 5% to less than 10% compared to the current average electricity selling price and within the regulated price range, Vietnam Electricity Group (EVN) is permitted to adjust the average electricity selling price accordingly after reporting to and obtaining approval from the Ministry of Industry and Trade. Within 15 working days, the Ministry of Industry and Trade is responsible for providing a written response to EVN so that it can implement the adjustment. After the adjustment is made, EVN is responsible for reporting to the Ministry of Industry and Trade and the Ministry of Finance.
5. In cases where the average electricity selling price needs to be adjusted upwards by 10% or more compared to the current average electricity selling price, or adjusted outside the prescribed price range, or if it affects the macroeconomic situation, based on the electricity price plan submitted by Vietnam Electricity Group, the Ministry of Industry and Trade, in coordination with the Ministry of Finance, will review and report to the Prime Minister for consideration and comments. If necessary, the Ministry of Industry and Trade, in coordination with the Ministry of Finance, will report to the Steering Committee for Price Management before reporting to the Prime Minister.
Mechanism for adjusting the average electricity selling price during the year.
1. Before the 25th day of the first month of the second, third, and fourth quarters, based on the aggregated basic input parameters in the power generation stage of the immediately preceding quarter, Vietnam Electricity Group (EVN) determines the power generation cost of the immediately preceding quarter, the cumulative power generation cost from the beginning of the year, the actual commercial electricity output of the previous quarter, and the total cumulative commercial electricity output, estimates the commercial electricity output for the remaining months of the year, and recalculates the average electricity selling price according to the formula stipulated in Clause 2, Article 4 of Decision 24/2017/QĐ-TTg (other parameters remain unchanged).
2. In cases where, after updating calculations, the calculated average electricity selling price is lower than the current average electricity selling price and within the price range, Vietnam Electricity Group is responsible for adjusting the average electricity selling price downwards accordingly, and preparing a report to the Ministry of Industry and Trade and the Ministry of Finance for verification and supervision.
3. In cases where, after recalculation and updating, the average electricity selling price needs to be adjusted higher than the current average electricity selling price by 3% to less than 5% and within the regulated price range, Vietnam Electricity Group (EVN) will decide to adjust the average electricity selling price accordingly. After the price increase, EVN will prepare a report to the Ministry of Industry and Trade and the Ministry of Finance for verification and supervision.
4. In cases where, after updating calculations, the average electricity selling price needs to be adjusted higher than the current average electricity selling price by 5% to less than 10% and within the regulated price range, Vietnam Electricity Group (EVN) is permitted to adjust the average electricity selling price accordingly after reporting to and obtaining approval from the Ministry of Industry and Trade. Within 15 working days, the Ministry of Industry and Trade is responsible for providing a written response to EVN for implementation. After implementing the adjustment, EVN is responsible for reporting to the Ministry of Industry and Trade and the Ministry of Finance.
5. In cases where, after updating calculations, the average electricity selling price needs to be adjusted to be 10% or more higher than the current average electricity selling price, or outside the regulated price range, or if it affects the macroeconomic situation, based on the electricity price plan submitted by Vietnam Electricity Group, the Ministry of Industry and Trade, in coordination with the Ministry of Finance, will review and report to the Prime Minister for consideration and comments. If necessary, the Ministry of Industry and Trade, in coordination with the Ministry of Finance, will report to the Steering Committee for Price Management before reporting to the Prime Minister.
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