To ensure sufficient electricity supply for the economy , entrusting this responsibility solely to the Vietnam Electricity Group (EVN) seems beyond its capabilities. Vietnam's economy has been booming recently, and many investors from various countries are looking to build power plants in Vietnam.

Of course, EVN is not the only electricity producer; there are also several power plants belonging to the Vietnam Oil and Gas Group (PVN) and privately owned plants. However, EVN is the only entity authorized to purchase electricity from these plants for distribution to the economy.

Electricity workers in Ho Chi Minh City repair power lines on a 22 kV line in the Tan Thuan Export Processing Zone (District 7, Ho Chi Minh City). Photo: Vnexpress

Many argue that if the responsibility isn't given to EVN, who else can ensure reliability, sufficient electricity supply, and reasonable prices? These opinions suggest that private investors, driven by profit, will tend to drive up electricity prices, negatively impacting the economy.

That way of thinking is incomplete. And because it's incomplete, it's incorrect. That's because in a market economy, investors are driven by profit. However, profit doesn't necessarily mean high prices. Rationalizing technology, human resources, and management efficiency can lead to lower prices and increased competitiveness of goods and services.

The telecommunications industry is a clear example of this, with call and text message rates going from very expensive to very cheap, and even now almost free with new technologies. Recently, electricity prices in Europe even went negative at times of the day due to breakthroughs in renewable energy production technology and supply far exceeding demand. Therefore, electricity prices do not always tend to increase but will tend to decrease if we know how to develop the electricity market rationally.

Making prices cheaper, improving quality, and increasing efficiency are the creative strengths of a market economy. We need to find ways to unleash this creative power.

The socialist orientation within a market economy is essential. Regulatory tools such as state-owned enterprises like EVN always ensure a portion of production and supply, preventing the entire economy from being caught off guard in any situation. However, if only one entity supplies the entire rapidly expanding economy, it will certainly not be sufficient.

We talk a lot about the opportunities to attract more international investment and tourists, but if businesses lack electricity, tourist areas experience power outages, and people live in constant fear of power cuts on hot days... will those opportunities become a reality?

Therefore, it is necessary to accelerate the formation of a complete electricity market so that power plants can sell directly to consumers. The more producers and suppliers directly serving consumers, and the more monopolies are broken, the more likely it is that prices of goods and services will become cheaper. The operation of market economies around the world, as well as the socialist-oriented market economy in Vietnam over the past years, has clearly demonstrated this.

HO QUANG PHUONG