EVN’s accumulated loss as of Aug-end estimated at over 31.5tr dong

From 2010 till the end of August 2011, Electricity of Vietnam (EVN) posted total accumulated loss of about 31.565 trillion dong, according to Dinh Quang Tri, EVN’s deputy general director.
Also according to Tri, EVN’s solvency is very difficult because the group can not balance its capital sources for debt repayment.

Currently, EVN owes many other economic groups such as Vietnam National Oil and Gas Group (PetroVietnam-PVN) with over seven trillion dong debt, Vietnam National Coal and Minerals Industries Group (Vinacomin) with 10 trillion dong and Song Da Group with over 5.5 trillion dong. Many economic groups are proposing the Ministry of Industry and Trade to urge EVN to repay for debts.

EVN has recently sent documents to the government asking to give priorities in repaying for foreign debts that become due totaled at about 4-5 trillion dong per year. If EVN is allowed to hike electricity price, it will use the difference in power price to repay for debts at PVN and Vinacomin.

(US$1 = 20,834.00 dong)

Tags: EVN

Posted by VBN on Sep 16 2011. Filed under Energy. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry