Circular No. 29/2024/TT-BTC on regulations for the compilation, analysis, and market price forecasting work and the budget assurance for such tasks.
Circular 29/2024/TT-BTC stipulates the work of summarizing, analyzing, forecasting market prices, and the budget assurance for these tasks—how are they regulated?
On May 16, 2024, the Minister of Finance issued Circular 29/2024/TT-BTC stipulating the work of summarizing, analyzing, forecasting market prices, and the budget assurance for summarizing, analyzing, and forecasting market prices.
Circular 29/2024/TT-BTC stipulates the principles and content of activities related to information collection, summary, analysis, forecasting market prices, report policies, and preparation of summary reports, analysis, and market price forecasts (hereinafter referred to as market price reports) for certain goods and services as per the reporting category by competent authorities at both central and local levels for the purpose of advising, managing, and regulating prices to control inflation and stabilize the macroeconomy; budget assurance for the activities of summarizing, analyzing, and forecasting market prices.
According to Article 2 of Circular 29/2024/TT-BTC, the application subjects are stipulated as follows:
- Central and local state management agencies on pricing.
- Organizations and individuals assigned to summarize, analyze, and forecast market prices and other related organizations and individuals.
Circular 29/2024/TT-BTC stipulates the work of summarizing, analyzing, forecasting market prices, and the budget assurance for these tasks—how are they regulated?
Which entities perform the summarizing, analyzing, and forecasting of market prices, and what are the report policies for market prices?
According to Article 3 of Circular 29/2024/TT-BTC, entities performing summarizing, analyzing, and forecasting market prices and report policies for market prices include:
- Entities performing the summarizing, analyzing, and forecasting of market prices:
+ Ministry of Finance (Price Management Department); Ministries, ministerial-level agencies (hereinafter referred to as Ministries);
+ Provincial People's Committees; based on actual local situations, Provincial People's Committees assign the task of summarizing, analyzing, and forecasting market prices to specialized agencies under the Provincial People's Committees, District People's Committees, and related units (if necessary);
+ Organizations and individuals assigned by competent authorities to summarize, analyze, and forecast market prices.
- Market price report policies:
+ The Ministry of Finance presides, cooperates with Ministries, and Provincial People's Committees to summarize, analyze, and forecast market prices and prepare periodic comprehensive local market price reports, and submit unexpected market price reports to the Government of Vietnam, the Prime Minister of Vietnam; prepare periodic and unexpected comprehensive reports serving the Price Steering Committee's meetings of the Prime Minister of Vietnam, submit to the Head of the Price Steering Committee for price management, regulation, and inflation control;
+ Ministries preside, cooperate with Provincial People's Committees and related agencies to summarize, analyze, and forecast market prices and prepare specialized market price reports in their management fields, submit directly to the Government of Vietnam, the Prime Minister of Vietnam upon request; submit periodic and unexpected reports to the Ministry of Finance as stipulated in Circular 29/2024/TT-BTC;
+ Provincial People's Committees summarize, analyze, and forecast market prices, prepare local market price reports under their management, submit directly to the Government of Vietnam, the Prime Minister of Vietnam upon request; submit periodic and unexpected reports to the Ministry of Finance as stipulated in Circular 29/2024/TT-BTC;
+ Other agencies, organizations, and individuals as stipulated in Clause 1, Article 3 of Circular 29/2024/TT-BTC summarize, analyze, and forecast market prices, prepare market price reports and submit to competent authorities as assigned.
How is market price forecasting regulated?
According to Article 6 of Circular 29/2024/TT-BTC, market price forecasting is regulated as follows:
- Market price forecasting involves making predictions and estimated figures about the price trends of goods and services or the trend of market price levels at a future point or period based on analyzing and evaluating factors likely to impact the prices of goods and services to aid in policy formulation and decision-making in price management and regulation by competent authorities to contribute to inflation control and macroeconomic stability.
- The principles of price forecasting for goods and services are implemented according to the provisions of Article 35 of the Price Law 2023.
- Requirements for price forecasting for goods and services:
+ Based on reliable information sources;
+ Complete, meeting the requirements and purposes of the report to serve price management and regulation.
- Market price forecasting includes forecasting prices for each specific type of goods and services and evaluating the expected impact of the price trends of those goods and services on the Consumer Price Index (hereinafter referred to as the CPI) to forecast CPI fluctuations and propose solutions for price management and regulation to contribute to inflation control and macroeconomic stability.
Note: Circular 29/2024/TT-BTC takes effect from July 1, 2024.
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