Vietnam's electricity price remains lower than the global average

On October 11, Vietnam Electricity (EVN) adjusted the average retail price of electricity to VND2,103.1159 per kWh (excluding VAT). This adjustment represents a 4.8 percent increase compared to the previous price. Based on the current exchange rate, Vietnam's electricity price is around US$0.084 per kWh.

According to statistics from Global Petrol Prices in March 2024, the average global price of electricity was US$0.156 per kWh for households and US$0.150 for businesses.

The highest household electricity price is in Europe, at US$0.28 per kWh, while the lowest average price is in Asia, at 0.082 USD. Africa (US$0.119), Australia (US$0.236), North America (US$0.142), and South America (US$0.185) fall in between.

For businesses, the highest electricity price is also in Europe, at US$0.195 per kWh, while the lowest prices are in Africa (US$0.108) and Asia (US$0.082). In other continents: Australia (US$0.205), North America (US$0.161), and South America (US$0.189).

In March 2024, out of 147 countries and territories surveyed by Global Petrol Prices, Vietnam ranked 43rd, placing it among the countries with some of the lowest electricity prices in the world. Vietnam's electricity price was US$0.075, higher than some regional countries, such as Laos and Malaysia, but lower than China (US$0.078), Indonesia (US$0.092), Thailand (US$0.128), and Singapore (US$0.250).

According to Global Petrol Prices, from the second quarter to the third quarter of 2024, the average global price of electricity increased by 4.57 percent for households and 2.53 percent for businesses. Thus, the trend of decreasing electricity prices since the energy shock of 2022 has been reversed.

A key factor contributing to this reversal is the unusually hot summer, which has driven up electricity demand.