Vietnam Electricity (EVN) has put its total cost of producing and selling power in 2025 at 601,680 billion dong, or 2,092.7 dong per kWh across 287.51 billion kWh of commercial electricity, VnExpress reported. That is about 111 dong, or 5%, below the current average retail price of 2,204.07 dong per kWh before VAT. The gap is not a direct measure of EVN's profit on each kWh, however: the retail price has only applied since 10 May 2025, while the cost covers the whole year.
Generation makes up nearly 83% of costs
| Stage | Cost (billion dong) | Dong per kWh | Share (KBVN+ calculation) |
|---|---|---|---|
| Generation | 498,363 | 1,733.35 | 82.8% |
| Distribution and retail | 78,993 | 274.75 | 13.1% |
| Transmission | over 22,141 | 77.01 | 3.7% |
| Ancillary services and sector management | over 1,421 | – | 0.24% |
| System dispatch and market operation | nearly 761 | – | 0.13% |
| Total | 601,680 | 2,092.7 | 100% |
Costs and per-kWh figures are EVN's, as published by VnExpress; KBVN+ calculated the shares from them. Generation remains by far the largest item, at nearly 83% of the total, followed by distribution and retail, then transmission.
EVN flagged two other items. On island communes and districts that are not connected to the national grid, revenue fell short of costs by nearly 291 billion dong, because power is sold there below cost. And at the end of 2025 the group still carried more than 17,500 billion dong in exchange-rate differences that have not yet been booked into production costs, left over from part of 2021 and from 2022-2025.
EVN's finances over time
Compiled by KBVN+ from VnExpress:
- 2022-2023: EVN lost about 50,029 billion dong because many production and supply costs were not fully reflected in retail prices.
- 2024: It returned to profit, cutting accumulated losses to about 33,792 billion dong.
- 10 May 2025: The average retail price of 2,204.07 dong per kWh took effect, the most recent adjustment.
- End of 2025: Its consolidated accounts showed no accumulated losses, though the parent company alone still had about 5,611 billion dong in losses.
- First eight months of 2026: Revenue topped 482,000 billion dong, 70% of the annual plan; estimated profit was 12,215 billion dong, 103% of plan; payments to the state budget were about 17,160 billion dong.
- Full year 2026 (forecast): Profit above 13,500 billion dong and budget payments above 26,300 billion dong.
How retail prices are supposed to move
Published costs are one of the bases regulators use when reviewing retail prices. Under current rules, the average retail price can be reviewed at least every three months in line with changes in costs and other factors, with these thresholds:
- A calculated fall of less than 1% or rise of less than 2%: EVN does not adjust but must report to the Ministry of Industry and Trade.
- A fall of 1% or more, or a needed rise of 2% to under 5%: EVN submits a plan for the ministry to review before adjusting.
- A rise of 5% to under 10%: the ministry approves the plan.
- A rise above 10%: the government decides.
In practice, VnExpress noted, regulators have not changed prices according to this mechanism; the last change to the average retail price came in May 2025.
What comes next
For households and businesses, the key signal is a government directive: at the government's regular September meeting, Prime Minister Lê Minh Hưng ordered that electricity prices not be raised in the final months of 2026, VnExpress reported. So whatever the 2025 cost figures show, that directive rules out a retail price rise for the rest of 2026. Other changes to how power is priced are under discussion; see Trade ministry seeks comments on retail tariff-structure amendment and Bill proposes pathway for household time-of-use electricity pricing.