What is price declaration in Vietnam? Which goods and services are required price declaration in Vietnam?
What is price declaration in Vietnam?
Pursuant to Article 4 of the Price Law 2023:
Article 4. Interpretation of Terms
In this Law, the following terms are understood as follows:
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- Price negotiation is a negotiation method between organizations that trade in goods and services regarding the purchase and sale prices of goods and services, involving the role of a state agency as an intermediary according to the provisions of this Law.
- Price declaration is when an organization trading in goods or services required to declare prices as regulated in Clause 2, Article 28 of this Law sends a notification of the pricing after determining or adjusting the price to the competent state agency to serve the compilation, analysis, and forecasting of market prices.
- Price listing is a form of publicly announcing the purchase and sale prices of goods and services by organizations and individuals trading in goods and services to ensure convenience for observation and identification by customers and competent state agencies.
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Thus, price declaration is when an organization trading in goods or services required to declare prices sends a notification of the pricing after determining or adjusting the price to the competent state agency to serve the compilation, analysis, and forecasting of market prices.
What is price declaration in Vietnam? Which goods and services are required price declaration in Vietnam? (Image from the Internet)
Who is obligated to declare prices in Vietnam?
Pursuant to Article 9 of the Price Law 2023 on the obligations of organizations and individuals trading in goods and services:
Article 9. Obligations of Organizations and Individuals Trading in Goods and Services
- Develop a pricing plan or provide a detailed assessment report on the factors forming the price of goods and services or provide promptly, accurately, and adequately relevant data and documents as required by the competent state agency to serve the pricing or implement and apply other price management and regulation measures according to the provisions of this Law.
- Comply with pricing documents, and price stabilization measures issued by the competent state agency.
- Declare the prices of goods and services according to legal regulations.
- List the prices of goods and services according to legal regulations.
- Reduce the prices of goods and services produced and traded by oneself in line with tax and fee exemption and reduction policies to support consumers.
- Publicly announce information related to the prices of goods and services according to legal regulations.
- Promptly resolve complaints about the prices of goods and services they produce and trade; compensate for damages caused by violations of the law on pricing as stipulated by law.
According to the above regulations, organizations and individuals trading in goods and services are obligated to declare the prices of goods and services according to legal regulations.
Which goods and services are required price declaration in Vietnam?
Pursuant to Article 28 of the Price Law 2023 regulating price declaration:
Article 28. Price Declaration
- The declared price is the price level of goods and services determined by the business organization itself and notified to the competent authority receiving the declaration.
- Goods and services subject to price declaration include:
a) Goods and services listed under price stabilization;
b) Goods and services for which the State sets the pricing framework, maximum price, and minimum price for organizations to determine specific prices for consumer sales;
c) Goods and services determined by enterprises based on reference prices;
d) Other essential goods and services issued by the Government of Vietnam.
Ministries, ministerial-level agencies, and provincial People's Committees determine the economic-technical characteristics of goods and services subject to price declarations.
- The content of price declarations includes the price level associated with the name, type, origin (if any), quality indicators (if any), and reasons for price adjustments between declaration periods.
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Thus, goods and services subject to price declaration include:
- Goods and services listed under price stabilization
- Goods and services for which the State sets the pricing framework, maximum price, and minimum price for organizations to determine specific prices for consumer sales
- Goods and services determined by enterprises based on reference prices
- Other essential goods and services issued by the Government of Vietnam
Note: Ministries, ministerial-level agencies, and provincial People's Committees determine the economic-technical characteristics of the goods and services subject to price declarations.
