Has the latest Law on Prices 2023 been issued by the National Assembly? What is the List of goods and services with price stabilization in Vietnam according to the Law on Prices 2023?
Has the latest Law on Prices 2023 been issued by the National Assembly of Vietnam?
The National Assembly has just issued the latest Law on Prices, the Law on Prices 2023
Accordingly, Article 2 of the Law on Prices 2023 stipulates as follows:
Regulated entities
This Law applies to organizations and individuals engaging in the business of goods and services (hereinafter referred to as “suppliers of goods and services”); consumers; state agencies; other organizations and individuals relevant to prices and valuation in Vietnam’s territory..
According to the above regulations, the Law on Prices 2023 applies to:
- Organizations and individuals engaging in the business of goods and services;
- Consumers;
- State agencies;
- Other organizations and individuals relevant to prices and valuation in Vietnam’s territory
At the same time, based on Article 74 of the Law on Prices 2023, it is stipulated as follows:
Entry into force
1. This Law comes into force as of July 1, 2024, except for the case prescribed in Clause 2 of this Article.
2. Clause 2 Article 60 of this Law comes into force as of January 1, 2026.
According to the above regulations, the Law on Prices 2023 will take effect from July 1, 2024, replacing the Law on Prices 2012.
However, the provisions in Clause 2, Article 60 of the Law on Prices 2023 take effect from January 1, 2026.
Accordingly, the latest Law on Prices 2023 has the following new changes:
- Amending and supplementing prohibited acts in the field of price and price appraisal
- Specific regulations on price declaration, price posting, and price reference
- Specific regulations on price appraisal enterprises.
Has the latest Law on Prices 2023 been issued by the National Assembly? What is the List of goods and services with price stabilization in Vietnam according to the Law on Prices 2023?
What are the criteria of goods and services priced by the State in Vietnam?
Pursuant to Article 21 of the Law on Prices 2023 stipulates as follows:
Goods and services priced by the State
1. Goods and services priced by the State must meet one of the following criteria:
a) Being goods and services of fields exclusive to production and business by the State according to laws on commerce and relevant laws;
b) Being important resources according to laws on resources;
c) Being national reserves; public-interest products and services and public services funded by the state;
d) Being essential goods and services that are exclusive regarding their purchase and sale or subject to a limited competitive market with influences on socio-economic situations, life of the people, production, and business.
Accordingly, goods and services priced by the State must meet the criteria prescribed above.
What is the List of goods and services with price stabilization in Vietnam according to the Law on Prices 2023?
Pursuant to the regulations in Appendix 1 issued with the Law on Prices 2023, it clearly states that the list of goods and services with price stabilization includes:
- Processed petroleum.
- Liquefied petroleum gas (LPG).
- Milk for children under 6 years old.
- Plain rice.
- Nitrogen fertilizers; DAP fertilizer; NPK fertilizer.
- Animal feed and aquatic feed.
- Husbandry and poultry vaccines.
- Plant protection drugs.
- Drugs included in the list of essential drugs used at medical service facilities.
Compared to Article 15 of the Law on Prices 2012, it is stipulated as follows:
Goods or services implement price stabilization
1. Goods or services implementing price stabilization are essential goods or services for production, life being stipulated under the following criterions:
a) Raw materials, fuel, materials and main service for production and circulation;
b) Goods or services satisfying basic demands of human.
2. The List of goods or services implementing price stabilization includes:
a) Finished petrol, oil;
b) Electricity;
c) Liquefied petroleum gas;
d) Nitrogenous fertilizer, NPK fertilizer;
dd) Pesticide as prescribed by law;
e) Prevention vaccine for cattle, poultry;
g) Edible salt;
h) Milk for children under 06 years old;
i) Edible sugar, including white sugar and affinated sugar;
k) Paddy, ordinary rice;
l) Drugs for human disease prevention and treatment in the List of essential medicines using at establishments of medical examination and treatment as prescribed by law.
3. If neccessary, the List of goods or services implementing price stabilization stipulated in clause 2 of this article may be adjusted, the Government shall submit to the Standing Committee of National Assembly for consideration and decision.
4. Basing on the List of goods or services implementing price stabilization stipulated in clause 2 of this article, competent State agencies as prescribed in article 18 of this Law shall decide particular types of goods or services to apply suitable measure of price stabilization in each period.
Accordingly, the list of goods or services implementing price stabilization has amended animal feed items and removed from the list electrical items, salt and sugar.
The Law on Prices 2023 takes effect from July 1, 2024 and replaces the Law on Prices 2012.
However, the provisions in Clause 2, Article 60 of the Law on Prices 2023 take effect from January 1, 2026.
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