EVN Deputy General Director Nguyen Dinh Phuoc said: "We have decided to cut average retail electricity price by 2% from November 1. The decision is made in accordance with the Government’s policy and the directives of the Prime Minister, the Ministry of Industry and Trade, and the Ministry of Finance. It follows an urgent review, calculation, and maximum reduction of costs. It reflects our solidarity with the people, contributing to stabilizing the macroeconomy, supporting households and businesses, and ensuring social welfare."
Dr. Ngo Tri Long, an economist with the Vietnam Financial Consulting Association, said the Party and Government’s decision to cut electricity prices was the right move. He also praised the electricity sector’s cost-saving efforts, saying the price reduction would have far-reaching effects on production, consumption, macroeconomic stability, inflation control, and other areas of the economy.
"Cutting fuel and electricity prices can have positive effects on the economy. First and foremost, it will improve purchasing power. With a lower cost of living, consumers will have more purchasing power, helping promote economic growth and macroeconomic stability. Lower energy prices will also benefit businesses. Given Vietnam’s deep integration into the global economy and its high degree of economic openness, lower electricity and fuel costs will help Vietnamese businesses lower product prices and strengthen their competitiveness," Dr. Long said.
