Methods of implementing and receiving price declarations of goods and services in Vietnam

Methods of implementing and receiving price declarations of goods and services in Vietnam (Image from the Internet)

Methods of implementing and receiving price declarations of goods and services in Vietnam

Price declaration is the act of business organizations dealing in goods and services that fall under the mandatory price declaration category as stipulated in Clause 2, Article 28 of the Law on Prices 2023 sending a notice of price levels after pricing or price adjustments to the competent state authority to serve in the aggregation, analysis, and forecasting of market prices. The implementation of price declarations is regulated under Article 17 of Decree 85/2024/ND-CP as follows:

(1) Business organizations dealing in goods and services subject to price declaration are responsible for sending a written price declaration to the price declaration receiving authority as stipulated in Article 16 of Decree 85/2024/ND-CP within a maximum period of 5 working days from the pricing decision date. Specifically as follows:

- In cases where the business organization only engages in wholesale, it declares wholesale prices; in cases where the business organization only engages in retail, it declares retail prices;

- In cases where the business organization engages in both wholesale and retail, it declares both wholesale and retail prices;

- In cases where the business organization is an import unit and also an exclusive distributor, it declares both wholesale and retail prices (if applicable);

- In cases where the business organization is an exclusive distributor, it declares both wholesale and retail prices; general agents with the authority to decide and adjust prices declare both wholesale and retail prices; agents with the authority to decide and adjust prices declare retail prices.

(2) Forms of receiving price declarations:

- Receiving via online platforms through software via one of the following methods: receiving via online public service; receiving via the price database software; other online receiving forms approved by the competent authority as per the law;

- Receiving by other forms: direct receipt at the price declaration receiving authority; receipt via postal service (submission time is based on the official postal receipt stamp); receipt of electronic documents via email;

(3) The price declaration receiving authority selects the form of reception from the options in item (2) suitable to actual conditions, ensuring convenience for the organization or individual declaring prices.

In cases where there is an existing form of reception via online platforms through software, this should be prioritized; if there are issues preventing online submission, business organizations can use other forms of reception as stipulated in item (2) and must switch back to online submission once conditions are assured.

(4) The price declaration receiving authority is responsible for connecting, updating the information, and data regarding the goods and services price declarations received via the online platform through the software into the national price database.

Goods and services subject to price declaration in Vietnam

According to Clause 2, Article 28 of the Law on Prices 2023, goods and services subject to price declaration include:

- Goods and services on the price stabilization list;

- Goods and services for which the State sets price frames, maximum prices, or minimum prices for organizations to set specific sales prices for consumers;

- Goods and services priced by enterprises based on reference prices;

- Other essential goods and services issued by the Government of Vietnam.

Tran Trong Tin

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