Illustrative image (Photo: congthuong.vn)
Hanoi (VNA) – National Assembly Vice Chairman Nguyen Duc Hai, head of the NA Standing Committee’s Supervisory Delegation on the enforcement of energy development policies and laws during the 2016-2021 period, attended a seminar on Vietnamese electricity pricing policies and market held in Hanoi on July 18.
The event was co-hosted by the NA Standing Committee and the Vietnam Union of Science and Technology Associations (VUSTA).
In his opening speech, head of the NA’s Committee on Science, Technology and Environment and permanent deputy head of the supervisory delegation Le Quang Huy said during 2016-2021, the energy sector achieved commendable results. However, there remained weaknesses and shortcomings in pricing and market capture that need to be fixed. As a result, the committee decided to conduct specialised supervision on this issue.
Participants at the seminar (Photo: VNA)
NA Vice Chairman Hai said there remains shortcomings and limitations in the electricity pricing policy and electricity market. Some believed that the power generation structure and electricity pricing adjustments have not fully offset the input costs and ensured reasonable profitability. The formula for calculating and determining the fluctuations of basic input parameters in electricity pricing is not yet complete.
The restructuring of the energy sector has been slow. The focus is on gradually developing a healthy competitive energy market, including the electricity market. Some suggested the need to review the subsidy of coal prices for electricity production, gas prices for fertiliser production, and electricity prices for certain consumer households.
According to him, the current retail electricity pricing mechanism is not aligned with the actual development of the electricity market. Additionally, there is insufficient forecasting and comprehensive calculation of influences from the regional and global energy markets.
He suggested the standing members of the NA’s Committee on Science, Technology, and Environment, together with the VUSTA, experts and scientists, urgently collect feedback at the event to complete the draft report of the supervisory delegation, with special attention to right and effective ideas to address obstacles in electricity pricing policy and the Vietnamese electricity market over both short and long terms./.