Electricity prices up 5% today

Hanoi (Viet Nam News/ANN) - The price of electricity will increase by 5 per cent to 1,437 dong (US$0.06) excluding VAT for one kWh from today, following a circular issued by the Ministry ofIndustry and Trade on Thursday.

The retail price of electricity for households will increase from 66 dong-115 dong based on the price escalation chart.

But the price of electricity for low-income households, who use less than 50kWh per month, will remain unchanged at 933 dong per kWh.

Other households will have to pay 1,350 dong for their first 100kWh, up 66 dong over the current price. They will be charged an extra 88 dong per kWh (from current 1,457 dong to 1,545 dong) from their 101st kWh while those using from 151-200 kWh will pay 1,947 dong per kWh.

The electricity prices for voltages of over 110kV will range from 754 dong to 2,117 per kWh. For voltages up to 110kV it will rise between 783 dong to 2,263 per kWh.

Nguyen Tien Nghi, vice chairman of the Viet Nam Steel Association, said that the increase would impact on steel enterprises.

"The rise in production costs, including the heightened electricity price, will be a heavy burden for steel enterprises. However, it requires them to innovate technology and equipment to decrease their outlays and become more efficient," he said.

"Currently, the association does not provide them with any support. In a market economy, they have to solve these problems by themselves."

This is the second time prices have been hiked this year, after a 5 per cent increase in July.

US$1 = 20,800 dong

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