EVN hit by exchange rate devaluation but will not increase prices, according to Deputy General Director.
Electricity of Vietnam (EVN) has said that the adjusted exchange rate has seen it lose VND12 trillion ($533.52 million).
Though incurring major losses, Mr. Dinh Quang Tri, Deputy General Director of EVN, said that the electricity price will likely remain unchanged. “EVN will try to increase efficiency and reduce costs to cover the losses, and there are no plans to increase the electricity price,” he was quoted as saying.
Meanwhile, other large corporations such as Vinacomin and PetroVietnam have sought to increase prices to cover losses from the devaluation. In response, Mr. Tri said that these corporations must use their profits to cover such losses.
He also said that previous losses caused by exchange rate adjustments are yet to be fully dealt with. Total losses he said, would stand at VND14 trillion ($622.44 million) by the end of 2015.