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Vietnam Electricity’s revenue tops $10bn in 2015 over rising supply

Thursday, January 07, 2016, 12:38 GMT+7

A higher supply against reduced loss ratio has enabled Vietnam’s electricity monopoly to achieve nearly 20 percent revenue growth in 2015, a company executive said Wednesday.

Vietnam Electricity (EVN) last year logged more than VND233 trillion (over US$10 billion) in turnover, up 18.5 percent from 2014, deputy general director Dinh Quang Tri told the company’s year-end meeting, attended by Deputy Prime Minister Hoang Trung Hai.

In 2015, EVN’s electricity supply rose 11.4 percent year on year, whereas the power loss ratio was lowered to eight percent, which all contributed to the solid revenue expansion, Tri said.

Another important contributing factor is that the average power price last year was VND12.5 a kWh higher than planned, he added.

Vietnam increased electricity price by 7.5 percent in mid-March last year, upsetting local consumers.

Power prices in the Southeast Asian country are usually considered too expensive, especially when blackouts, both unexpected and scheduled, tend to occur on a frequent basis.

Tri also said at the meeting that EVN had managed to reduce power cuts in 2015, even though the frequency remained quite high.

Last year each consumer suffered a total of 2,110 minutes, or some 35 hours, of blackouts, according to the EVN executive.

The average number of power cuts each consumer experienced in 2015 was 12.85, Tri added.

“We have set a goal to reduce the duration of blackouts to only 400 minutes in 2020,” he said.

The official said EVN has also simplified administrative procedures in transactions with customers, and its employees have treated users with less bureaucracy.

In 2013, the power utility began pooling feedback from customers for quality improvement, and has since gradually gained more approval ratings from them, Tri said

“In 2013, we scored 6.45 out of ten points in a customer satisfaction survey, and 6.9 in the following year,” he elaborated.

As of the end of last year, EVN had divested from seven firms, raking in VND1.95 trillion ($87.05 million), following an order by the prime minister to withdraw from non-core businesses, according to the deputy general director.

Deputy Prime Minister Hai on Wednesday requested that EVN continue improving its power quality and better serving consumers.

The company should also have a solution for encouraging consumers to foot their power bills online, according to the deputy premier.

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