The Ministry of Health of Vietnam regulates two types of milk for children under 6 years old subject to price stabilization and price declaration from 2025

On November 15, 2024, the Minister of Health of Vietnam issued Circular 33/2024/TT-BYT stipulating economic-technical norms for milk and functional foods for children under 6 years old categorized under price stabilization and price declaration.

Circular 33/2024/TT-BYT will take effect from January 1, 2025.

The Ministry of Health of Vietnam regulates two types of milk for children under 6 years old subject to price stabilization and price declaration from 2025

According to Article 2 of Circular 33/2024/TT-BYT, the 02 types of milk for children under 6 years old under price stabilization and price declaration from 2025 include:

- Nutritional formula products for children up to 36 months old according to national technical standards issued by the Ministry of Health;

- Milk and nutritional products containing animal milk in powder or liquid form declared for use by children under 6 years old but not according to national technical standards issued by the Ministry of Health or the relevant managing ministry.

Thus, from January 1, 2025, the above-mentioned milk products for children under 6 years old are categorized as products under price stabilization and price declaration.

Additionally, the Ministry of Health of Vietnam also regulates 04 types of functional foods for children under 6 years old under price declaration from 2025, including:

- Health protection foods;

- Medical nutritional foods (also known as nutritional foods for special medical purposes);

- Supplementary foods;

- Foods for special dietary policies (non-dairy).

Regulations on price stabilization principles and circumstances in Vietnam

Based on Article 18 of Vietnam Price Law 2023, the principles of price stabilization are regulated as follows:

- Public, transparent; balancing interests between business organizations, individuals dealing with goods and services, and consumers;

- Conformity with treaties that the Socialist Republic of Vietnam is a member of;

- Suitability with socio-economic context, inflation control goals;

- Clear determination of time limit and scope of implementation nationwide or locally.

Regarding price stabilization circumstances, competent state agencies consider and stabilize prices in the following cases:

- Abnormal fluctuations in the market prices of goods, services in the Price Stabilization List causing significant impacts on socio-economic aspects, production, business, and people's lives;

- When competent authorities declare a state of emergency, incidents, disasters, natural calamities, epidemics and the market prices of goods, services undergo abnormal fluctuations.

Price stabilization measures according to the Price Law 2023 in Vietnam

Price stabilization measures per Vietnam Price Law 2023 include:

- Balancing supply and demand, including balancing domestic goods production, export-import goods; balancing goods between regions, localities nationally through organizing goods circulation; buying into or selling from national reserves, circulating reserves;

- Financial and monetary measures appropriate to legal regulations;

- Specific pricing, maximum pricing, minimum pricing, or pricing framework suitable to the nature of each type of goods, services; goods, services pricing is implemented per the principles, bases, methods stipulated in Section 2, Chapter IV of Vietnam Price Law 2023;

- Applying price support measures in accordance with legal regulations and international treaties that the Socialist Republic of Vietnam is a member of;

- Using the price stabilization fund in cases where goods, services have already established a price stabilization fund.

The price stabilization fund is a financial fund not included in the state budget balance, set up from the price of goods, services, and other legitimate financial sources, and is used solely for price stabilization purposes. The Government of Vietnam decides on the establishment of a price stabilization fund for goods, services in the Price Stabilization List; regulates management, establishment, and disbursement of the price stabilization fund and is responsible for ensuring transparency and openness in fund management and usage.

The period for applying the above-mentioned price stabilization measures is determined by the competent authority responsible for the price stabilization measures based on determining the cause of price fluctuations; depending on the actual implementation, price developments of goods, services, the stabilization measures may conclude before deadline or extend.

Please Login to be able to download