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Vietnamese PM gives green light to equalization of power-generating companies

Xinhua, November 1, 2016 Adjust font size:

Vietnamese Prime Minister Nguyen Xuan Phuc has approved the equalization of electricity-generation corporations under the state-run Electricity of Vietnam (EVN), the Vietnam National Oil and Gas Group (PetroVietnam) as well as the Vietnam National Coal and Mineral Industries Group (Vinacomin).

Until 2018, such corporations will still be controlled by the EVN, Petrovietnam and Vinacomin but the shareholding ratio of these holding companies will fall below the controlling level, reported the state-run news agency VNA on Tuesday.

They will be considered to separate from the holding companies once their operation outcomes are announced after two years from equalization.

Meanwhile, the PM assigned the Ministry of Industry and Trade to receive feedback to complete the project on restructuring the electricity sector during 2016-2020 with a vision to 2050.

According to Phuc, building a competitive electricity wholesale market and restructuring the power sector must ensure the goal of improving the business effectiveness of the sector. Endit