Vietnam consumes more electricity than neighbors

The electricity consumption in Vietnam is still higher than other countries in the region, according to Minister Vu Huy Hoang at an online meeting of the Ministry of Industry and Trade in a quarterly conference last Monday.

Vietnam has been buying electricity from outside with the amount bought from China rising 40.8 percent compared to last year, said Duong Quang Thanh, deputy director of the Vietnam Electricity Group (EVN).

Hoang also added Vietnam needs almost double the electricity amount compared to neighbor countries for economic development.

“As electricity is insufficient, we need to create favorable conditions for independent [private] electricity projects that are capable of supplying power for the whole country,” Hoang urged EVN to seek more supply sources.

Gasoline issue was also brought up at the quarterly conference.

Dam Thi Huyen, deputy general manager of Vietnam National Petroleum Corporation (Petrolimex) said they managed to meet market’s demand despite difficulties. However, it has yet to be able to collect taxes and produce profits.

Petrolimex has lost VND2,650 billion (USD127 million) in the first quarter while the fund to stabilize prices is in the red. Although petrol prices have risen earlier this month, the deficit still remains at VND703 billion ($34 million).

In response to this problem, Hoang said the Prime Minister previously held a meeting with the central bank governor, ministers of industry and trade, and of finance to discuss ensuring foreign currencies for gasoline imports while maintaining market prices. – Tuoitre

Tags: Vietnam electricity, Vietnam electricity consumption, Vietnam energy