3% increase in electricity price from May 4, 2023

After 4 years of being unchanged, on May 4, 2023, each kWh will increase by 3% to VND 1,920.37 (VAT excluded).

According to the decision just signed by the General Director of Electricity of Vietnam (EVN), the average selling price of electricity increased from 1,864.44 VND to 1,920.37 VND per kWh (VAT excluded), equivalent to an increase of 3%. This decision has been approved by the Government and the Ministry of Industry and Trade.

Electricity prices have increased over the years.
Electricity prices have increased over the years.

Thus, after 4 years of remaining unchanged, the average retail electricity price is adjusted to increase.

Electricity currently accounts for a large proportion in the basket of goods for which the consumer price index (CPI) is calculated. Leaders of the Ministry of Industry and Trade, in the previous meetings, affirmed that the proposed price increases are carefully well-considered and the roadmap is appropriate.

However, the increase in electricity prices also affects the business operations of large and small enterprises and households. Electricity prices increase during hot weather, the time when electricity is strongly consumed.

In order to reduce concerns about electricity prices increasing by 3%, businesses should invest in installing rooftop solar power systems to reduce electricity output purchasing from the national grid, optimizing electricity costs, operating costs and improving business efficiency. Especially, for businesses, the payback period is fast and effective.

Rooftop solar power system.
Rooftop solar power system.

Therefore, the installation of solar energy systems is a decent option because Vietnam has great potentials for solar power with the average number of sunny hours per year reaching from 2,500 – 3000 hours, according to Mr. Hoang Quoc Vuong – Deputy Minister of Industry and Trade – EVN).

Hoa Binh Electrical Construction Consulting Co., Ltd (PEC) has a team of highly-skilled engineers in construction and installation of rooftop solar power for civil, industrial, factory and solar farm purposes. We are committed to providing customers with high-quality and high-performance solar power projects.

Do not hesitate to contact PEC for installation of rooftop solar power system for your business.

Leave a Reply

Your email address will not be published. Required fields are marked *