COVID-19 hurt both power demand and CGM prices in 7M 2020. Due to suspended manufacturing activities caused by Vietnam’s social distancing efforts, Vietnam’s electricity consumption contracted YoY in April and May 2020. Consequently, total electricity consumption growth decelerated to 2% YoY in 7M 2020 from 7% YoY in Q1 2020 and 9% in 2019. Lower power demand also resulted in the average competitive generation market (CGM) price declining to VND1,046/kWh in 7M 2020 vs VND1,185/kWh in 7M 2019.