Deputy Prime Minister Hoang Trung Hai has made it clear that therestructuring of the power sector is now a must to improve itscompetitive edge and performance.

Working with officialsof the Electricity of Vietnam Power Generation Company (GENCO) 1 in thenorthern province of Quang Ninh on August 16, Deputy PM Hai said thecompany must work out a set of regulations if it wants to operate in acompetitive market, instead of a monopoly market like it is now.

In the first place, all GENCO should be grouped together, then eachof them will be equitised gradually to move beyond the reach of itsparent group EVN, he said.

The rearrangement of GENCO in ashort time without impacting on production is an initial success. Ifeach GENCO is unsuccessful, the restructuring of the overall sector willgo nowhere, Hai said.

Responding to proposals at the event,Hai said each GENCO must be financially independent to lure moreinvestment and reshuffle the executive board.

EVN was alsoasked to devise a financial mechanism to make it easier for GENCO toenter the market while monitoring their financial situation to offertimely assistance.

Added to this, Hai urged the power sectorto satisfy growing demand for power use during the 2015-2020 period,saying that it is a top goal as the economy is set to rebound.

EVNGENCO 1 Chairman Nguyen Loan said his company generated over 8.3billion kWh of electricity between January 1, 2013 and late July,meeting 56.8 percent of this year’s target.-VNA