New decree strengthens price management and enforcement in Vietnam
Society – Economy - Ngày đăng : 09:25, 15/07/2024
Accordingly, effective as of July 12, 2024, the maximum fine for individuals and organizations violating price management regulations is VND150 million (US$5,900) and VND300 million ($11,800) respectively. Depending on the nature, severity, and type of violation, one or more remedial measures may also be applied.
For violations related to pricing and selling goods and services not in accordance with regulations of competent state agencies, the decree prescribes fines of VND10-20 million ($393-786) for
- selling goods or services at an incorrect price determined by the state;
- selling at a price higher than the maximum or lower than the minimum ones within the state-issued price range.
For violations of price declaration regulations, the decree prescribes fines of VND3-5 million ($118-197) for failing to declare all required information or declare them in the wrong format compared to the formal price declaration form.
The fines for failing to declare the price to state agencies or declaring an incorrect selling price range as follows:
- VND10-15 million ($393-590) for 1-10 specific goods or services subject to price declaration;
- VND15-20 million ($590-786) for 11-20 specific goods or services subject to price declaration;
- VND20-25 million ($786-984) for 21 or more specific goods or services subject to price declaration.
For violations of price display regulations, the decree prescribes fines of VND500,000-1 million (19.7-39.3) for each of the following acts:
- failing to display the price of goods or services in one of the forms prescribed by law;
- displaying the price of goods or services in a way that is unclear and misleading to customers;
- displaying the price of goods or services that is not in accordance with the specific price set by the competent state agency or organization or individual.
The decree prescribes fines of VND20-30 million ($786-1,180) for selling at a price higher than the displayed price for goods and services included in the Price Stabilization List, or for goods and services during the period when the state is implementing price stabilization measures.