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Vietnam to revamp state power firms  

Vietnamese government has approved a project to restructure the electricity industry in which three State-run firms, Electricity of Vietnam (EVN), Vietnam National Oil and Gas Group (PetroVietnam) and Vietnam National Coal and Mineral Industries Group (Vinacomin), reported VNBusinessNews.com.

The Ministry of Industry and Trade has been assigned to develop the project in coordination with the Finance and Planning and Investment ministries. The project aims to bring about a comprehensive reform for the power sector and ensure sufficient, safe and high-quality power sources for sustainable development.

The Government will assign teams to hammer out power trading contracts with power producers and end EVN’s monopoly on negotiations. As to power prices, the country will build up a flexible price framework that will allow for price adjustments to follow world market prices. The prices must be flexible enough to attract investors and traders to the market.

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