Guidelines for adjusting the list of goods and services subject to price stabilization in Vietnam

Guidelines for adjusting the list of goods and services subject to price stabilization in Vietnam (Image from the internet)

On July 10, 2024, the Government of Vietnam issued Decree 85/2024/ND-CP guiding the Price Law 2023, which includes the listing of goods and services that implement price declaration.

Guidelines for adjusting the list of goods and services subject to price stabilization in Vietnam

According to Article 4 of Decree 85/2024/ND-CP, the process and procedures for requesting adjustments to the list of goods and services subject to price stabilization are as follows:

- Ministries, ministerial-level agencies managing sectors, fields, and provincial People's Committees evaluate the necessity of adjusting the list of goods and services subject to price stabilization based on the criteria for goods and services subject to price stabilization stipulated in Clause 1 Article of the Price Law 2023 and the following bases:

+ Policies and guidelines of the Communist Party and State in socio-economic development;

+ Requirements in state management of the prices of goods and services to ensure socio-economic development, the livelihood of people, business operations of enterprises, or to suit changes in the market supply and demand of those goods and services;

+ Research outcomes, summaries, evaluations of the current status of price management measures for necessary goods and services.

- Based on the bases stipulated in Clause 1 Article 4 of Decree 85/2024/ND-CP, when proposing to adjust the list of goods and services subject to price stabilization, ministries, ministerial-level agencies managing sectors, fields, and provincial People's Committees perform the following:

+ For proposals to add goods or services to the list: summarizing, evaluating the supply, demand, market price trends, and current price management measures of the goods or services to be added; assessing the necessity to adjust the list of goods and services subject to price stabilization as stipulated in Clause 1 Article 4 of Decree 85/2024/ND-CP; evaluating the impact of the policy of adding goods or services to the list of goods and services subject to price stabilization; consulting relevant agencies, organizations, and individuals; organizing conferences, seminars to gather opinions, and studying and referencing foreign experiences (if necessary);

+ For proposals to remove goods or services from the list: summarizing, evaluating the implementation of price stabilization for those goods or services; assessing the supply, demand, market price trends of the goods or services; evaluating the necessity to adjust the list of goods and services subject to price stabilization as stipulated in Clause 1 Article 4 of Decree 85/2024/ND-CP and proposing alternative price management measures for those goods or services after removal; evaluating the impact of the policy of removing goods or services from the list of goods and services subject to price stabilization; consulting relevant agencies, organizations, and individuals; organizing conferences, seminars to gather opinions, and studying and referencing foreign experiences (if necessary);

+ In case a provincial People's Committee proposes adjustments to the list of goods and services subject to price stabilization, the provincial People's Committee shall consult relevant agencies, organizations, individuals, and ministries, ministerial-level agencies managing sectors, and fields for those goods and services before sending them to the Ministry of Finance for compilation.

- Ministries, ministerial-level agencies managing sectors, fields, and provincial People's Committees shall send one original set of dossiers requesting adjustments to the list of goods and services subject to price stabilization to the Ministry of Finance for compilation. The dossier includes the following documents:

+ Document proposing adjustments to the list of goods and services subject to price stabilization:

In  case  of  proposing  to  add  goods  or  services  to  the  list,  the  document  shall  clearly  state  the  name  of  the  goods  or  services,  the  expected  technical-economic  characteristics  of  the  goods  or  services;  propose  ministries,  ministerial-level  agencies  managing  sectors,  fields  to  stipulate  the  technical-economic  characteristics  of  the  goods  or  services  and  take  charge  of  implementing  price  stabilization  measures;In  case  of  proposing  to  remove  goods  or  services  from  the  list,  the  document  shall  clearly  state  the  name  of  the  goods  or  services  and  alternative  price  management  measures  for  those  goods  or  services;

+ Summary report and evaluation of the contents as stipulated in Points a and b Clause 2 Article 4 Decree 85/2024/ND-CP;

+ Impact assessment report of the policy of adding or removing goods or services from the list of goods and services subject to price stabilization;

+ Aggregate, explain, and absorb feedback;

+ Other relevant documents (if any).

- Based on the proposals of the ministries, ministerial-level agencies managing sectors, fields, and provincial People's Committees, the Ministry of Finance shall take the lead, cooperate with relevant agencies, and submit to the Government of Vietnam to present to the Standing Committee of the National Assembly to consider issuing a resolution to adjust the list of goods and services subject to price stabilization according to the Law on Promulgation of Legal Documents.

Le Nguyen Anh Hao

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