To increase the average retail price of electricity in Vietnam

The Prime Minister of Vietnam issued Decision 02/2023/QD-TTg dated February 3, 2023 on the price bracket of the average retail electricity price.

According to Vietnam's Decision 02/2023/QD-TTg, the price bracket of the average retail price of electricity is regulated as follows:

- The average minimum retail price of electricity is 1,826.22 VND/kWh.

(Compared to Vietnam's Decision 34/2017/QD-TTg increasing the minimum retail price of electricity from "1,606.19 VND/kWh" to "1,826.22 VND/kWh")

- The maximum average retail price of electricity is VND 2,444.09/kWh.

(Compared to Vietnam's Decision 34/2017/QD-TTg to increase the maximum average retail price of electricity from "1,906.42 VND/kWh" to "2,444.09 VND/kWh")

In addition, Decision 02/2023/QD-TTg also stipulates:

- When there is a big change in the parameters used to calculate the price bracket, the cost of electricity production and business, and the requirement to allocate costs that have not been included in the average retail price of electricity;

The Ministry of Industry and Trade of Vietnam shall assume the prime responsibility for, and coordinate with the Ministry of Finance in, calculating and adjusting the price bracket of the average retail electricity price, and submitting it to the Prime Minister for consideration and decision.

- Vietnam Electricity is responsible for monitoring and reporting to the Ministry of Industry and Trade and the Ministry of Finance when there are major changes in:

The price bracket calculation parameters for the average retail price of electricity, the cost of electricity production and business, and the need to allocate costs have not been included in the average retail price of electricity.

Vietnam's Decision 02/2023/QD-TTg takes effect from February 3, 2023, replacing Decision 34/2017/QD-TTg.

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