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NEWS UPDATES 7 December 2009

Vietnam’s state power firm plans structural reform

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State enterprise Electricity of Vietnam (EVN) is seeking government permission to regroup its 11 subsidiaries into five large corporations as a way to heighten competition in the power sector, reported VietNamNet Bridge. 

The new corporations will have capital between 1.3 trillion dong and 5 trillion dong each, according to EVN’s plan. Three of them will cover the northern, central and southern regions respectively while the other two will be for Hanoi and Ho Chi Minh City.

State-owned monopoly EVN now controls all transmission grids throughout the country and Vietnam’s 11 power retailers. It is also the sole buyer in the country.

EVN said in its reform plan that the five new corporations, irrespective of their locations, will be allowed to compete with each other to sell power. They can also choose which power plants to buy from in order to get the best price.

EVN also said the corporations would do business in 23 different sectors, including telecommunications, tourism, advertising, finance and banking.

For years experts have called for a comprehensive reform of Vietnam’s power market to break EVN’s monopoly and attract more investment into the sector.



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