EVN reports record loss despite electricity price increases
Although electricity prices were increased twice in 2023, Vietnam Electricity (EVN) reported an after-tax loss of 26.77 trillion VND (1.053 billion USD) on high electricity production costs, according to its audited financial report.
EVN workers check the transmission system. (Photo: VNA)
Hanoi (VNS/VNA) - Although electricity prices were increased twice in 2023, Vietnam Electricity (EVN) reported an after-tax loss of 26.77 trillion VND (1.053 billion USD) on high electricity production costs, according to its audited financial report.
In 2023, EVN reported revenues of around 500 trillion VND, up by 8% over 2022. Of the figure, the revenue from selling electricity accounted for 99%.
EVN must pay a total of 18.985 trillion VND worth of interest expenses last year, around 4 trillion VND higher than 2022, or more than 50 billion VND per day.
For 2022-2023, EVN incurred a record loss of more than 47.5 trillion VND.
EVN said that in spite of the rises in the average electricity retail price, by 3% on May 4 and 4.5% on November 9, the increases could not make up for the rising electricity production costs, including higher fuel prices and rising foreign exchange rates.
The company also needed to increase electricity supply sources from thermoelectricity and renewable energies which had higher production costs than hydropower.
The EVN financial report triggers a worry that electricity prices might be increased further this year.
According to Nguyen The Huu, Deputy Director of the Electricity Regulatory Authority of Vietnam, before adjusting electricity prices, the Ministry of Industry and Trade must work with EVN to inspect and evaluate inputs' prices of electricity production as base for adjusting electricity prices. The evaluation is underway, he added.
Under the Prime Minister’s Decision No. 05/2024/QD-TTg which took effect from May 15, electricity prices are reviewed and adjusted every three months, instead of six months as previously.
When the input costs decrease by 1%, the electricity prices ܫwill be decreased correspondingly. When input costs rise by 3% or more, electricity prices will be increased./.
Vietnam Electricity (EVN) and its National Power Transmission Corporation (EVNNPT) on January 18 simultaneously began the construction of various 500kV circuit-3 transmission lines in the provinces of Ha Tinh, Nghe An, Thanh Hoa, and Thai Binh.
Vietnam Electricity (EVN) has submitted a document to the Ministry of Industry and Trade (MoIT) regarding the proposal to import wind power from Laos to Quang Tri province.
The Vietnam Electricity (EVN) Group has suggested the Government, ministries and agencies allow it to revise up retail electricity prices in the coming time to ensure a balance in its production and business operations, heard a seminar held by the Vietnam Energy Association in Hanoi on July 28.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
