Is petroleum a stable commodity in Vietnam?
Are regulations on prize stabilization applied to oil and gas in Vietnam? Is the act of keeping petroleum goods waiting to be priced for profit penalized in Vietnam?
Recently, the price of petroleum has risen several times due to the impact of the world price of petroleum. So let me ask, is petrol considered to be a stable commodity? Taking advantage of the rising price of gasoline, many petrol stores hang signs that are out of stock to put waiting goods on the price to profit. So to what extent will the violation be prosecuted for criminal liability?
Please advise. Thankyou
Are regulations on prize stabilization applied to oil and gas in Vietnam?
Pursuant to Clause 2, Article 15 of the 2012 Law on Price of Goods and Services, price stability is as follows:
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.
According to the above provisions, the items of gasoline and oil on the list of goods and services are implemented to stabilize prices in Vietnam.
Is the act of keeping petroleum goods waiting to be priced for profit penalized in Vietnam?
In Clause 1, Clause 5, Article 196 of the Criminal Code 2015 is amended and supplemented by Article 2 of the Law amending the Criminal Code 2017 on speculative crimes, specifically as follows:
1. Any person who takes advantage of the scarcity or fakes scarcity during a natural disaster, epidemic, war or financial hardship to buy in large quantities and stockpile goods from a price stabilization program or goods priced by the State in order to earn illegal profit in any of the following circumstances shall be liable to a fine of from VND 30,000,000 to VND 300,000,000 or face a penalty of 06 - 36 months' imprisonment:
a) The goods are assessed at from VND 500,000,000 to under VND 1,500,000,000;
b) The illegal profit reaped is from VND 100,000,000 to under VND 500,000,000.
5. Punishments incurred by a corporate legal entity that commits any of the offences specified in this Article:
a) A corporate legal entity that commits this offence in any of the circumstances specified in Clause 1 of this Article shall be liable to a fine of from VND 300,000,000 to VND 1,000,000,000;
b) A corporate legal entity that commits this offence in any of the circumstances specified in Clause 2 of this Article shall be liable to fine of from VND 1,000,000,000 to VND 4,000,000,000;
c) A corporate legal entity that commits this offence in any of the circumstances specified in Clause 3 of this Article shall be liable to a fine of from VND 4,000,000,000 to VND 9,000,000,000;
d) The violating corporate legal entity might also be liable to a fine of from VND 100,000,000 to VND 300,000,000, be banned from operating in certain fields or raising capital for 01 - 03 years.
Thus, when the violating individual may be subject to a fine of from VND 30,000,000 to VND 300,000,000 or a prison term of from 06 months to 03 years, the legal entity shall be subject to a fine of from VND 300,000,000 to VND 1,000,000,000 or may be prohibited from operating in certain fields or raising capital for 01 to 03 years in Vietnam.
Best Regards!
