A Center Detaches from EVN, Forming a New Company with a Capital of 776 Billion VND

The Prime Minister has issued Decision No. 752/QD-TTg on the separation of the National Power System Dispatch Center (A0) from the Vietnam Electricity Group (EVN) and the establishment of the National Power System and Electricity Market Operation Company Limited (NSMO) under the State Capital Management Committee. enterprises.

Accordingly, A0 (newly named NSMO) will be officially transferred to the Ministry of Industry and Trade. The deadline for the separation of A0 from EVN is a maximum of 7 days from August 1st.

NSMO will be responsible for dispatching the national power system and operating electricity market transactions in accordance with the Law on Electricity and related legal documents.

The chartered capital of NSMO at the time of its establishment is VND 776 billion.

NSMO will inherit the entire workforce of A0 from EVN at the time this Decision takes effect (August 1), including inheriting the management apparatus of A0 (continuing to arrange the leadership and management team of A0 in corresponding leadership positions of NSMO).

At the same time, hand over the assets and capital currently assigned to A0 by EVN to NSMO on the basis of EVN’s financial report at the time of separation.

EVN will reduce its capital and assets corresponding to the value transferred to NSMO in accordance with the law.

EVN is currently providing loans to A0 through two loans from the WB’s re-loan agreement worth nearly USD 3 million, including USD 1.56 million for the project “National Power System Dispatch Center New” and nearly USD 1.35 million for the project “Information infrastructure for competitive electricity generation market”

The Government assigns EVN to continue to be responsible for repaying the re-lending to the Re-lending Authorized Agency in accordance with the re-lending contract signed with the Re-lending Authorized Agency and the subsidiary loan agreement signed with the Ministry of Finance.

NSMO is responsible for reimbursing EVN for the repayment to the re-lending agency.

The Re-lending Authorized Agency, EVN, and NSMO shall sign a supplement to the mortgage contract for the mortgaged assets to the Re-lending Authorized Agency.

The Ministry of Finance shall coordinate with the Re-lending Authorized Agency, EVN, and NSMO in the work of recovering the re-lending.

The Prime Minister also assigned ministries, agencies, and enterprises to organize the implementation in accordance with their functions, tasks, and competence, and complete the separation and establishment of NSMO.

In case any problems arise beyond their competence, they must promptly report and propose to the Prime Minister; do not take advantage of the policy of separation and establishment of NSMO to cause negativeness and handle all related issues.