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THE
MINISTRY OF INDUSTRY AND TRADE
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SOCIALIST
REPUBLIC OF VIETNAM
Independence – Freedom - Happiness
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No.
02/2017/TT-BCT
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Hanoi,
February 10, 2017
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CIRCULAR
REGULATIONS ON METHODS AND PROCEDURES FOR FORMULATION,
ASSESSMENT AND APPROVAL FOR ELECTRICITY TRANSMISSION PRICE
Pursuant to the Government's
Decree No. 95/2012/ND-CP dated November 12, 2012, defining the functions,
tasks, powers and organizational structure of the Ministry of Industry and
Trade;
Pursuant to Law on
Electricity dated December 03, 2004; Law on amendments to a number of articles
of Law on Electricity dated November 20, 2012;
Pursuant to the Government’s
Decree No. 137/2013/ND-CP dated October 21, 2013 detailing the implementation
of a number of articles of the Law on Electricity and the Law on amendments to
a number of articles of Law on Electricity;
At the request of general
director of Electricity Regulatory Authority,
The Minister of Industry and
Trade promulgates regulations on methods and procedures for formulation,
assessment and approval for electricity transmission price.
Chapter
I
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Article
1. Scope and regulated entities
1. This Circular stipulates
methods and procedures for formulation, assessment and approval for electricity
transmission cost.
2. This Circular applies to
Vietnam Electricity, National Power Transmission Corporation, system and market
operator, Electric Power Trading Company, power corporations and customers who
buy electricity directly from transmission system.
Article
2. Interpretation of terms
In this Circular, some terms
are construed as follows:
1. Delivery point refers
to a point of electrical energy delivery between National Power Transmission
Corporation and power corporations and customers who buy electricity
directly from the transmission system (hereinafter referred to as “customers”).
2. System and market
operator refers to the unit that leads and controls electricity generation,
transmission and distribution in the national electricity system, manages
electricity market transactions.
3. Electricity
transmission price payers include Electric Power Trading Company, power
corporations and customers.
4. Year N refers to
calendar year starting from January 01 to the end of December 31 of the
year when the price takes effect.
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6. Year N-2 refers to
calendar year preceding Year N-1.
7. CPI refers to
consumer price index announced by General Statistics Office.
8. Electricity
transmission assets include transmission grids, construction works and
other utilities used for electricity transmission and owned by National Power
Transmission Corporation.
Chapter
II
ELECTRICITY TRANSMISSION PRICE DETERMINATION METHOD
Article
3. Electricity transmission price determination method
1. Annual electricity
transmission price shall be applied in an uniformity across the country
regardless of transmission and delivery point distance.
2. Electricity transmission
price shall be annually determined on the principle of ensuring recovery of
appropriate expenses and gaining permissible profits to maintain normal
operation of the electricity transmission network as required and meet
financial criteria for investment and development of electricity transmission
network.
3. Electricity transmission
price of Year N 
shall be based on total permissible
electricity transmission revenue in Year N of the National Power Transmission
Corporation and total generation output expected in Year N, and calculated in
the following formula:
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Where:
Total
permissible electricity transmission revenue in Year N of the National Power
Transmission Corporation (VND);
Total
generation output expected in Year N (kWh).
Article
4. Method for determination of total permissible electricity transmission
revenue
Total permissible
electricity transmission revenue in Year N 
including
permissible capital costs , permissible
operation and maintenance costs and adjustments to
revenue in Year N shall be determined in following formula:
Where:
: Total
electricity transmission revenue permissible in Year N of the National Power
Transmission Corporation (VND);
: The
National Power Transmission Corporation’s total permissible costs for operation
and maintenance of the electricity transmission network in Year N (VND);
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Article
5. Method for determination of total permissible capital costs for electricity
transmission
1. Total permissible capital
costs for electricity transmission in Year N shall
be determined in following formula:
Where:
: Total
expenses for fixed asset depreciation expected in Year N (VND);
: Total
expected financial expenses including short-term, long-term loans, bonds,
finance leases and loan application fees in Year N for electricity transmission
assets (VND);
: Exchange
differences expected to arise from payment of debt in foreign currency in Year
N (VND);
: Exchange
differences expected to arise from re-valuation in Year N (VND);
LNN: Permissible
profits from electricity transmission expected in Year N (VND).
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3. Total financial expense expected
in Year N 
shall be determined according to
credit contracts, finance lease contracts for electricity transmission assets.
4. Exchange differences
expected to arise from payment of debt in foreign currency in Year N shall be determined according to
regulations on finance and accounting.
5. Exchange differences
expected to arise from re-valuation in Year N 
shall
be determined according to regulations on finance and accounting.
6. Permissible profits
expected in Year N (LNN) shall be determined in following
formula:
Where:
: Owner’s
capital to June 30 in Year N-1 (VND);
ROEN:
Ratio between pre-tax profits and owner’s capital in Year N applicable to
National Power Transmission Corporation (%), shall be determined
according to electricity retail price method or decisions made by competent agencies.
Article
6. Method for determination of total permissible expenses for operation and
maintenance of electricity transmission network
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Where:
: Total
expenses for materials expected in Year N (VND);
: Total
payroll expenses expected in Year N (VND);
: Total
overhaul expected in Year N (VND);
: Total
expenses for outside services expected in Year N (VND);
: Other
cash-related expenses expected in Year N (VND);
2. Method for determination
of expenses for materials
a) Total expenses for
materials expected in Year N 
include expenses
for materials within norm and expenses for materials in case of incidents,
particularly as follows:
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- Expenses for materials in
case of incidents refer to the expenses for materials used in case of unusual
and objective events that are determined according to Vietnam Electricity’s
regulations.
b) Total expenses for
materials expected in Year N shall be determined in following formula:
Where:
: Total
generation output expected in Year N (kWh);
DGVL:
Norm of expenses for materials that are determined according to competent
agencies' regulations (VND/kWh);
: Price
slippage in Year N is taken as equal to CPI in Year N-2 but does not exceed
2.5%;
: Expenses
for materials in case of incidents expected in Year N (VND);
3. Method for determination
of payroll expenses
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b) Payroll expenses shall be
determined according to regulations on management of labor, wage and bonus paid
to employees and managers in single member limited liability companies of which
100% of charter capital is owned by the state;
c) Wage-related expenses: Electricity
safety, medical insurance, social insurance, employment insurance and union
fees that are determined according to relevant law provisions.
4. Method for determination
of expenses for overhaul
Total expenses for overhaul
expected in Year N 
including expenses for
electricity transmission network overhaul tasks determined according to the
norms by competent agencies.
5. Method for determination
of expenses for outside services
a) Total expenses for outside
services expected in Year N :
- Expenses paid to
organizations and/or individuals that provide following services: Electricity,
water, telephone, telecommunication, books;
- Expenses for employment of
audit consultants;
- Expenses for hire of
property;
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- Expenses for other contracted
services to support management, operation and maintenance of transmission lines.
b) Total expenses for outside
services expected in Year N shall be determined in following formula:
Where:
: Total
generation output expected in Year N (kWh);
DGMN: Norm
of expenses for outside services determined according to competent agencies'
regulations (VND/kWh);
: Year
N slippage index determined according to Point b, Clause 2, this Article (%).
6. Method for determination
of other cash-related expenses
a) Total other cash related
expenses in Year N 
including: Other
cash-related expenses within norm, other cash-related expenses for incidents,
taxes, fees, charges, land rents and shift meal expenses;
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Where:
: Total
generation output expected in Year N (kWh);
DGK : Norm
of other cash-related expenses that is determined according to competent
agencies' regulations (VND/kWh);
: Year
N slippage index determined according to Point b, Clause 2, this Article (%).
: Other
cash-related expenses for incidents expected in Year N (VND);
: Taxes,
fees, charges, land rents in Year N (VND);
: Expenses
for shift meals in Year N (VND).
c) Other cash-related
expenses within norm in Year N including: Business trips, conferences, guest reception;
training; scientific research, initiatives, innovations; local militia, storm
& flood prevention and combat, fire and explosion prevention; labor
protection, working uniforms, labor safety, industrial and environmental
hygiene; drinking water during working hours, in-kind bonus for night shift
workers, people working in poisonous atmosphere; emergency medical treatment
for occupational accidents, conventional medicine, rehabilitation for employees
and recruitment.
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dd) Taxes, fees, charges and
land rents in Year N that are determined on the
basis of performance in Year N-2;
e) Expenses for shift meals
in Year N that are determined according to
current regulations.
Chapter
III
PROCEDURES FOR FORMULATION, ASSESSMENT AND APPROVAL FOR
ELECTRICITY TRANSMISSION PRICE
Article
7. Procedures for formulation, assessment and approval for electricity
transmission price
1. National Power
Transmission Corporation shall be responsible for formulating the electricity
transmission price for Year N and submit it to Vietnam Electricity for
approval, and report to the Electricity Regulatory Authority.
2. Before November 15
annually (Year N-1), Vietnam Electricity shall be responsible for submitting
the electricity transmission price in Year N to the Electricity Regulatory Authority
for assessment and approval.
3. The Electricity
Regulatory Authority shall be responsible for assessing electricity
transmission price documents and allowed to employ consultants to carry out the
assessment in case of need. If the documents are found ineligible as prescribed
in Article 8 herein, Vietnam Electricity shall be responsible for making
supplements within five working days since receipt of the request from the
Electricity Regulatory Authority.
4. Before December 05
annually (Year N-1), the Electricity Regulatory Authority shall be responsible
for submitting the report on assessment of electricity transmission price in
Year N to the Minister of Industry and Trade.
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Article
8. Electricity transmission price documents
1. Written statement for
approval for electricity transmission price in Year N.
2. Explanations and
calculations of transmission price in Year N, including:
a) Analysis and assessment
of performance of output generation targets, transmission loss ratio, revenues,
expenses in Year N-1; analysis and assessment of achievement of profits,
performance of equity capital, financial criteria such as return on equity,
equity capital structure and loans, self-financing ratio, debt payment ratio
until June 30 of Year N-1;
b) Explanations and
calculations of total permissible capital costs in Year N 
of the National Power Transmission
Corporation, including:
- Total expenses for
depreciation in Year N: Summary of fixed asset depreciation in Year N and
detailed calculation of basic depreciation of individual fixed asset types in
Year N;
- Total financial expenses
and exchange differences in Year N: Detailed calculation of financial expenses,
loan interests and exchange differences in Year N;
- Equity capital estimated
until the end of Year N-1 and expected in Year N: Explanations and detailed
calculations of increase and decrease in equity capital in Year N-1 and Year N;
- Profits, return on equity,
self-financing ratio, debt payment ratio expected in Year N.
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- Total expenses for
materials in Year N: Explanations and calculations of expenses for materials
estimated in Year N-1 and expected in Year N as prescribed in Clause 2, Article
6 herein;
- Total payroll expenses in
Year N: Explanations and calculations of payroll expenses as prescribed in
Clause 3, Article 6 herein;
- Total expenses for
overhaul in Year N: Explanations and calculations of expenses for overhaul in
Year N as prescribed in Clause 4, Article 6 herein;
- Total expenses for outside
services in Year N; Explanations and calculations of expenses for outside
services by work item estimated in Year N-1 and expected in Year N as
prescribed in Clause 5, Article 6 herein;
- Other cash-related
expenses in Year N: Explanations and calculations of other cash-related
expenses estimated in Year N-1 and expected in Year N as prescribed in
Clause 6, Article 6 herein;
d) Explanations and
calculations of total permissible electricity transmission revenue in Year N.
3. Accompanying documents:
a) Lists of investment
projects expected to be put into operation until December 31 of Year N-1 and
Year N (by month) in accordance with approved national electricity development master
plan and annual electricity transmission network expansion plan by the National
Power Transmission Corporation;
b) Summary of number of
employees in Year N-1 and expected in Year N;
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d) Financial statements in
Year N-2 audited by an independent audit agency: Balance sheets, business
performance, cash flow statements, explanations;
dd) Norms for expense
components in the documents approved by competent authorities.
Chapter
IV
IMPLEMENTATION
Article
9. Payment under electricity transmission service contract
Vietnam Electricity or
Electric Power Trading Company, power corporations and customers shall be
responsible for making payment of electricity transmission price for National
Power Transmission Corporation under the signed contract.
Article
10. Responsibility of relevant units
1. The Electricity
Regulatory Authority shall be responsible for instructing and inspecting the
implementation of this Circular and settling disputes arising therefrom.
2. Vietnam Electricity shall
be responsible for directing National Power Transmission Corporation to
formulate electricity transmission price on an annual basis as prescribed
herein.
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Article
11. Effect
1. This Circular takes
effect since March 27, 2017. The Minister of Industry and Trade’s Circular No.
14/2010/TT-BCT dated April, 2010 stipulating methods and procedures for
formulation, promulgation and management of electricity transmission price; the
Minister of Industry and Trade’s Circular No. 03/2012/TT-BCT dated January 19,
2012 amending and supplementing a number of articles of the Circular No.
14/2010/TT-BCT shall become invalid since the effective date of this Circular.
2. Within 15 days since this
Circular takes effect, Vietnam Electricity shall be responsible for making the
submission of the electricity transmission price documents in 2017 as
prescribed herein.
MINISTER
Tran Tuan Anh