On October 10, 2024, the Ministry of Industry and Trade announced the results of an inspection on the electricity production and business costs of Vietnam Electricity (EVN) for 2023. Accordingly, the production cost of electricity in 2023 was 2,088.90 VND/kWh, an increase of 2.79% compared to 2022.

Based on Decision No. 05/2024/QĐ-TTg dated March 26, 2024, of the Prime Minister on the mechanism for adjusting the average retail electricity price;

Based on Official Letter No. 874/BCT-ĐTĐL dated October 11, 2024, of the Ministry of Industry and Trade,

To minimize the impact on the economy and people's livelihoods, following the direction of the Ministry of Industry and Trade, Vietnam Electricity issued Decision No. 1046/QĐ-EVN on October 11, 2024, to adjust the average retail electricity price. Accordingly, the new average retail electricity price is 2,103.1159 VND/kWh (excluding value-added tax) from October 11, 2024. This adjustment corresponds to a 4.8% increase compared to the current average retail electricity price.

The Ministry of Industry and Trade also issued Decision No. 2699/QĐ-BCT on October 11, 2024, regulating electricity prices, including retail electricity prices for customer groups and electricity retailers.

Essentially, this electricity price adjustment ensures that poor households and policy beneficiaries are only minimally affected. According to statistics, in 2023, there were 815,000 poor households and social policy households nationwide receiving electricity bill support under the Government's policy. Poor households will continue to receive support under Decision No. 28/2014/QĐ-TTg dated April 7, 2014, of the Prime Minister. Specifically, poor households receive a monthly subsidy equivalent to 30 kWh of electricity consumption per household. Social policy households consuming no more than 50 kWh per month also receive a monthly subsidy equivalent to 30 kWh per household.