Prime Minister Nguyen Tan Dung signed an order December 28 disciplining the CEO and former chairman of the state-owned group Electricity of Vietnam for their role in leading the firm to huge losses for the last two years, news website VnExpress reported.

CEO Pham Le Thanh was reprimanded while sacked chairman Doan Van Hung was given a warning.

Hung, who had become chairman in 2007, was dismissed by the PM in February for his “weak” management that caused serious losses.

EVN posted a loss of VND8 trillion (US$384.2 million) in 2010 and more than VND3 trillion in 2011.

On December 22 it hiked the average electricity price by 5 percent to 1,437 dong (7 cents) per kilowatt-hour, the second increase in six months, citing cost increases.

Dinh Quang Tri, EVN’s deputy general director, said the group could post profits of VND3.5-4 trillion this year.

But it has decided not to pay its employees bonuses for the upcoming Tet (Lunar New Year) in February.

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