What are fines for for setting the prices outside the price bracket set by the State in Vietnam?

What are fines for for setting the prices outside the price bracket set by the State in Vietnam?

According to point b, clause 1, Article 10 of Decree 87/2024/ND-CP, individuals setting the prices outside the price bracket set by the State will be subjected to administrative penalties as follows:

Penalties for violations of regulations on pricing and selling goods and services not in accordance with regulations of competent state agencies

1. Fines ranging from 10,000,000 VND to 20,000,000 VND for any of the following acts:

a) Selling goods and services at prices not set by the State;

b) Selling goods at prices higher than the maximum limit set by the State;

c) Selling goods at prices lower than the minimum limit set by the State;

d) Selling goods at prices higher than the maximum set price by the State;

dd) Selling goods at prices lower than the minimum set price by the State.

2. Remedial measures: Compelling the return of the entire price difference to customers due to selling above the regulated prices as a result of the violations specified in points a, b, and d, clause 1 of this Article.

Business organizations and individuals must publicly announce the remedial measures mentioned above in the mass media within 30 days if the customers cannot be identified or refuse to accept the reimbursement. In such cases, the entire price difference collected due to selling above the regulated price must be submitted to the state budget.

Thus, individuals setting the prices outside the price bracket set by the State will be subjected to the following administrative penalties:

- Fines ranging from 10,000,000 VND to 20,000,000 VND;

- Compelling the return of the entire price difference to the customer due to selling above the regulated price.

Note: The above fine levels are applicable to individuals. The fine levels for organizations are twice those of individuals (According to clause 4, Article 3 of Decree 87/2024/ND-CP).

What are fines for for setting the prices outside the price bracket set by the State in Vietnam? (Image from the Internet)

What are the remedial measures for this act in Vietnam according to Decree 87?

According to clause 7, Article 3 of Decree 87/2024/ND-CP, depending on the nature and severity of the violation, the following remedial measures may be applied:

- Compel correct compliance and adherence to price stabilization measures set by competent authorities; require full public disclosure of information about the Price Stabilization Fund as regulated; compel full reporting about the Price Stabilization Fund as regulated or upon request from competent state agencies; compel submission to the Price Stabilization Fund of amounts derived from improper deducations or usage or regulatory documents issued by competent state agencies;

- Compel cessation of the pricing level established by organizations or individuals;

- Compel resubmission of the price declaration document, compel compliance with price declaration or listing as regulated;

- Compel the return to customers of the price difference due to selling above the regulated price, any gains derived from administrative violations;

- Compel submission of illicit gains obtained due to administrative violations;

- Compel submission of reports, provision of information, documents; compel submission of supplementary reports, information, documents; compel updating of price information into the price database as regulated;

- Compel public disclosure of information as regulated by price appraisal laws;

- Compel compliance with reporting regulations stipulated by price appraisal laws;

- Compel the purchase of professional liability insurance or the establishment of professional risk reserves as required by price appraisal laws;

- Compel updating of price appraisal certificates into the National Price Database as stipulated by price appraisal laws;

- Compel proper storage, maintenance, and exploitation of price appraisal records as required by price appraisal laws;

- Compel explanation of price appraisal reports conducted by price appraisers to competent state agencies;

- Compel re-application for the certificate of eligibility for business in price appraisal services;

- Compel the accurate and truthful disclosure of qualifications, experience, and service provision capabilities of price appraisers, price appraisal enterprises;

- Compel the quality control of price appraisal reports;

- Compel the re-issuance of training certificates for trainees attending courses;

- Compel the revocation of training certificates or acknowledgement of updated knowledge on price appraisal, and simultaneous submission to the state budget of any gains derived from the violation;

- Compel the revocation of training certificates or acknowledgment of updated knowledge on price appraisal, and simultaneous compensation of training, improvement, or updating knowledge costs to trainees;

- Compel correction of information due to the violation.

What criteria must goods and services priced by the State meet in Vietnam?

According to clause 1, Article 21 of the Price Law 2023, goods and services priced by the State must meet one of the following criteria:

- Goods and services in fields where the State holds a production and business monopoly according to regulations of commercial laws and other relevant legal provisions;

- Important resources as stipulated by resource laws;

- National reserves; public utility products and services using state budget; essential goods and services that exhibit a monopoly nature in buying and selling or limited competition in the market and impacting socio-economic conditions, people's livelihoods, and production and business activities.

See the latest updated articles: >> Has Decree 77 amended regulations on allowances, subsidies, and other policies for people with contributions to the revolution?
Issuance of Decree 75 on adjusting pensions, social insurance allowances, and monthly subsidies most recently in 2024?
Has Circular 06/2024/TT-BTNMT regulated standards and criteria for rank promotion of public employees in the TNMT sector as of 2024?
Issuing Circular 21 of the State Bank regulating credit letter business and other business activities related to credit letters most recently in 2024?
Has Circular 18 of the State Bank regulated banking card activities most recently in 2024?