A worker checks electrical grid in Hanoi. Photo: Ngoc Thang
Electricity of Vietnam (EVN) and mining group Vinacomin on Tuesday promised that they will not raise power prices this year, after drawing widespread criticism for their plans to increase rates to offset losses.
Dinh Quang Tri, deputy CEO of EVN, which accounts for 64 percent of electricity output in Vietnam, said in a statement that it will "try to reduce input costs" to shave off VND2 trillion (US$87.64 million), or 16.6 percent of its estimated total losses this year.
The company will deal with the remaining losses in the upcoming years, he said.
According to Tri, with the dong falling nearly 5 percent against the US dollar since the beginning of this year, EVN's foreign debt expenses have been increasing.
Vinacomin, which contributes 6 percent of the total electricity output, previously reported forex-related losses of around VND1.2 trillion ($52.58 million).