Ministry urges power, fuel suppliers to be transparent

Friday, Apr 25, 2014 08:31

Northern Grid Company technicians connect electricity cables with a transformer. The Ministry of Industry and Trade has promulgated a directive requiring the electricity and petrol sectors to publish prices, salaries and bonuses in a move to enhance transparency. — VNA/VNS Photo Ngoc Ha

HA NOI (Biz Hub) — A directive by the Industry and Trade Ministry calls on Electricity of Viet Nam (EVN) and Viet Nam National Petroleum Group (Petrolimex) to publish power and petroleum prices, besides salaries and bonuses.

The directive 11/CT-BCT dated April 22, 2014 is aimed at enhancing transparency in electricity and petroleum business activities.

According to the directive, electricity and petrol are essential goods that have a heavy impact on the lifestyles of people.

In keeping with the Prime Minister Nguyen Tan Dung's instructions, Minister of Industry and Trae Vu Huy Hoang has requested EVN, Electricity Regulatory Authority of Viet Nam (ERAV), and other agencies to swiftly implement the directive.

He also asked for the input of factors used for price calculations.

Accordingly, EVN will have to publish electricity tariffs and list changes in input factors, production costs, average basic prices, and retail prices.

The group will also have to publish audited financial reports, business results, and production costs, which should be clearly broken down into power generation, transmission, distribution, and retail.

In accordance with the directive, the minister urged Petrolimex and other relevant agencies to publish as soon as possible petrol prices, factors for defining prices along with the usage and management of the petrol stabilisation fund.

Both EVN and Petrolimex will also have to publish details about their financial situation, the effectiveness of using State-owned capital and workers' average incomes, including the salaries and bonuses of their leaders.

The information will be declared once a month on the ministry's website.

The ministry also asked the Domestic Market Department and the Viet Nam National Oil and Gas Group (PVN) to publish information on world petrol prices, a list of wholesalers, and retail prices. Its Financial Management Department was instructed to biannually publish production and business results for EVN and Petrolimex and to closely supervise the financial situation of the two groups. — VNS

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