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Mazut oil imports won’t be tax-exempt, says Deputy PM

According to the Ministry of Finance, the Hiep Phuoc Power Company imports mazut oil for electricity production purposes at its plants, the oil not being for sale on the domestic market which necessitates its taxation. The Ministry of Finance added that, as tax exemptions would only be allowed in cases of extreme necessity, the Hiep Phuoc Power Company would still have to pay a tax of VND300 per kilo for imported mazut oil.

Ministry urges EVN not to raise rates more than once per quarter

Minister of Finance Vuong Dinh Hue has sent a document to Minister of Industry and Trade Vu Huy Hoang responding to Hoang’s proposals on taxes, fees and prices for a number of commodities, including electricity.

Electricity price should have been raised by 50pct instead of current 15pct

The fluctuation of the world prices has put much pressure in the price management methods for basic commodities.

No power cuts in May, ministry orders

According to the ministry’s Electricity Regulatory Authority, with water levels rising at hydropower plant reservoirs and new power sources coming online, the pressure on power supply should ease in May and June. It also said Vietnam has increased power purchases from China by around 100 million kilowatt-hours per month starting April.

Prices likely to climb another 2 percent in May

Inflation will continue to be high for the near future due to impacts of economic and policy factors on the domestic economy, including the deregulation of electricity rates (slated to begin fluctuating under free market rules in June) and a minimum wage increase in May, said former State Bank of Vietnam Governor Cao Sy Kiem. The current bout of high inflation was ignited when the Vietnam dong was devalued by 9.3 percent against the US dollar in February, followed by hikes in petrol costs and electricity rates in March. Inflation was also spreading globally, especially in Asia, exerting great pressure on the Vietnamese economy.

WB lends $330 mln for northern hydropower project

The mid-sized multipurpose hydropower project will help meet growing domestic demand for electricity and bring flood control and irrigation benefits to rural and poor communities in the northern province. Electricity consumption in Vietnam has been growing at 15 percent annually for the past several years and Trung Son’s 260 Megawatts project will help meet the increased demand.

Power rationing worries firms

Planned electricity rationing has been defined based on the amount of electricity apportioned to Hai Phong and average business consumption in the first half of last year.

Vietnam consumes more electricity than neighbors

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).

Price rise heartens power investors

Speaking at a government’s conference last week, Deputy Prime Minister Nguyen Sinh Hung said the price hike was essential to reduce state budget losses and boost investments in the power sector. The government expects high electricity tariffs will encourage independent private power investors to become involved in power projects.

Blackouts to hit nation as crisis looms

“Electricity of Vietnam (EVN) would start reducing power supplies from February 15 but would leave it to provincial electricity regulators to decide where and when to cut the power,” said the ministry’s Science and Technology Department Deputy Director Phuong Hoang Kim. The demand for electricity was forecast to rise by 18 percent against last year while electricity production would be down by 14 percent.

Reservoirs opened for drought-hit farmers

Deputy general director of Electricity of Viet Nam (EVN) Dang Hoang An said on Monday afternoon that the company had complied with a request from the Ministry of Agriculture and Rural Development (MARD) to make two releases of water from its reservoirs at the end of this month and in February to save crops. Deputy director of MARD's Irrigation Department Dang Duy Hien said that the survival of two-thirds of the rice crop under plantation in the north and north centre of the nation depended on water from the reservoirs.

Unfavourable time forces firms to postpone International bond issuance

Dinh La Thang, PVN’s President said the group has officially stopped the issuance of international bonds in US market in the fourth quarter of 2010. Thang said the reason was the unfavourable time, adding that in deed, some corporations of Vietnam also failed to do so, referring to the names such as Vietnam Coal-Mineral Industries Group (TKV) and Electricity of Vietnam (EVN). Both those corporations and PVN planned to mobilise capital on international bond market in 2010, with offering value ranging from $500 million to $1 billion.

Vietnam invests in Cambodia power plant

This project by state-owned Vietnam Electricity Group (EVN) is solely invested by its joint-stock subsidiary EVN International, whose shareholders include major state companies and corporations, such as PetroVietnam, EVN, and Vietnam Rubber Group.

Producers shouldn’t be allowed to raise prices as much as they want

The beginning of the year is the time when coal and electricity price producers discuss the pricing mechanism. Both the producers have proposed that the Government raises the retail prices, saying that if the proposal is not approved, they will continue incurring losses and will not have money for re-investment.

VN, India scientists work for people’s benefits

The two countries will cooperate in designing and developing aerial technology for 3G and 4G wireless services as well as photoelectric cell technology for turning solar power into electricity. They will team up in developing Geographic Information System (GIS) techniques to spot areas vulnerable to droughts in service of agriculture and forestry and extracting substances from starfish in service of the pharmaceutical industry.


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