HANOI: Vietnam finance ministry is demanding more than VND1.9 trillion ($85 million) in tax arrears from the state-owned Vietnam Electricity after inspectors discovered the monopoly had been falsely reporting its costs and profits. The company, better known as EVN, failed to declare a profit of more than VND4.8 trillion ($213.7 million) it made on the forex market in 2016, the ministry’s inspection found.
It also listed a $60 million pipeline project in its 2015 expenses, despite the fact the trade ministry had instructed the company to divide the cost over at least two years. The ministry said the cost allocation has affected power prices, without specifying. On December 1, the company raised retail power prices by 6 percent, a decision that came amid the peak year-end production season with little advanced notice. It also raised retail prices by 7.5 percent in March 2015 and wholesale prices by 2-5 percent in May 2016.
