9:28:45 AM | 23/10/2008
The Vietnamese Ministry of Finance has recently turned down state-owned Electricity of Vietnam Group (EVN)’s proposal to allocate VND1,002 billion (US$60.72 million) from total surcharge revenue of VND2,763 billion (US$167.45 million) from power price hike for its labor welfare fund due to inadequacy, the Labor newspaper reported.
EVN is allowed to use maximal VND668 billion (US$40.48 million) among the additional income for the welfare, the ministry said.
The group must spend VND250 billion (US$15.15 million) for its financial standby fund while using the rest of VND1,824 billion (US$110.54 million) for power development and investment, it noted.
The ministry has requested EVN to clarify basis used to calculate the surcharge revenue.
While explaining for the proposal, an EVN leader said that the additional income of VND2,763 billion (US$167.45 million) negligible as in fact the group had to spend VND31,347 billion (US$1.89 billion) on power investment in 2007, VND43 trillion (US$2.6 billion) in 2008, but emphasized the essentiality to pay attention to interests of 84,000 electricity staff.
EVN Deputy General Director Dinh Quang Tri said that the group has not yet completed the final power price hike plan to submit to the Ministry of Industry and Trade, adding that the recent plan with four solutions sent to the ministry was compiled by an EVN’s working group, the final will be submitted to the government in the fourth quarter this year.
Vietnam’s current average power price hits VND868.73 (5.26 U.S. cents) per kWh. (Labor, Pioneer)
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