From July 12, 2024, what is the highest fine for administrative violations in price management for individuals and organizations in Vietnam?
From July 12, 2024, what is the highest fine for administrative violations in price management for individuals and organizations in Vietnam?
Based on Clause 4, Article 3 of Decree 87/2024/ND-CP stipulating forms of penalties, principles of application, and remedial measures as follows:
Forms of penalties, principles of application, and remedial measures
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4. The monetary penalty level, penalty authority stipulated in this Decree is the level applicable to individuals. The monetary penalty level, penalty authority for organizations is 02 times the monetary penalty level for individuals.
The monetary penalty for administrative violations in price management for organizations is 02 times the monetary penalty for individuals.
Based on Clause 3, Article 3 of Decree 87/2024/ND-CP stipulating forms of penalties, principles of application, and remedial measures as follows:
Forms of penalties, principles of application, and remedial measures
...
3. The maximum monetary penalty for individuals stipulated by this Decree is 150,000,000 VND, and for organizations is 300,000,000 VND.
Therefore, from July 12, 2024, the highest monetary penalty for administrative violations in price management is 150,000,000 VND for individuals and 300,000,000 VND for organizations.
From July 12, 2024, what is the highest fine for administrative violations in price management for individuals and organizations in Vietnam? (Internet image)
What are the remedial measures for price management violations in Vietnam?
Based on Clause 8, Article 3 of Decree 87/2024/ND-CP stipulating the implementation of remedial measures as follows:
- The implementation of remedial measures will be conducted in accordance with the provisions of Law on Handling of Administrative Violations 2012, and the Decree detailing several articles and measures to implement the Law on Handling of Administrative Violations 2012.
- Regarding the remedial measures at Clause 2, Article 10, Point b, Clause 4, Article 13, Point b, Clause 5, Article 15 of Decree 87/2024/ND-CP, violating individuals, organizations have the responsibility to cooperate with related organizations, individuals (if any) to implement the remedial measures stated in the Decision according to the provisions of law and must bear all costs for the implementation of those remedial measures.
Upon the deadline for publicly announcing the implementation of remedial measures in the media as prescribed, violating individuals, organizations must report the implementation results of the remedial measures to the authority who issued the penalty decision within 07 working days.
How many remedial measures are there for administrative violations in price management in Vietnam?
According to Clause 7, Article 3 of Decree 87/2024/ND-CP stipulating the remedial measures as follows:
Apart from the penalty forms for violations stipulated at Clause 1, Article 3 of Decree 87/2024/ND-CP, depending on the nature, level of violation, the violating entities may additionally be subject to one or several remedial measures as follows:
(1) Enforced compliance, enforced measures to stabilize prices as prescribed by the competent authority;
Enforced full disclosure of information about the Price Stabilization Fund according to regulations; enforced complete reporting on the Price Stabilization Fund as prescribed or upon request of the competent state authority;
Enforced payment into the Price Stabilization Fund for sums established, utilized not conformable with regulations or documents issued by the competent state authority;
(2) Enforced cessation of price levels determined by the organization, individual for goods and services;
(3) Enforced submission of price declaration documents, enforced price declaration or price listing as per regulations;
(4) Enforced return to customers the excess amount collected due to selling higher than the stipulated price, the amount benefited from the administrative violation;
(5) Enforced surrender of unlawful gains obtained from administrative violations;
(6) Enforced submission of reports, provision of information, documents; enforced additional reporting, provision of information, documents; enforced provision, update of price information into the price database according to regulations;
(7) Enforced disclosure of information as per regulations of the law on price appraisal;
(8) Enforced report submission according to the regulations of the law on price appraisal;
(9) Enforced procurement of professional liability insurance or setting up professional risk provisions according to the regulations of the law on price appraisal;
(10) Enforced updating of appraisal certificates into the National Price Database according to the regulations of the law on price appraisal;
(11) Enforced storage, preservation, and utilization of price appraisal records according to the regulations of the law on price appraisal;
(12) Enforced explanation of price appraisal reports conducted by price appraisers to the competent state authority;
(13) Enforced re-procedures for re-issuance of certificates of eligibility for conducting price appraisal services;
(14) Enforced accurate, truthful information about the qualifications, experience, and service-providing capacity of price appraisers, price appraisal enterprises;
(15) Enforced quality control over price appraisal reports;
(16) Enforced re-issuance of training certificates to participants of the course;
(17) Enforced retrieval of training certificates or recognition of knowledge update about price appraisal and enforced payment into the state budget of the amount benefited from the violation;
(18) Enforced retrieval of training certificates or recognition of knowledge update about price appraisal and enforced refund of training, retraining, or knowledge updating costs to the participants;
(19) Enforced correction of information due to the violation.
Thus, in addition to monetary penalties for administrative violations in price management, one or several remedial measures as stated above may be applied.
Therefore, there are 19 remedial measures for administrative violations in price management.
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