Regulations on collecting information about prices for goods and services priced by the State in Vietnam

Regulations on collecting information about prices for goods and services priced by the State in Vietnam (Internet image)

On July 1, 2024, the Minister of Finance (Hanoi, Vietnam) issued Circular 45/2024/TT-BTC on common pricing methods for goods and services priced by the State in Vietnam

Regulations on collecting information about prices for goods and services priced by the State in Vietnam

Article 13 of Circular 45/2024/TT-BTC stipulates the collection of pricing information for goods and services priced by the State in Vietnam as follows:

- Agencies, units, organizations, and individuals preparing the pricing plan are fully responsible for the veracity of the process of collecting information about prices of goods and services; the agency or organization appraising the pricing plan is responsible for checking the appropriateness of using the collected information in the pricing plan.

- Comparable goods and services

1. Comparable goods and services are those identical in characteristics to the goods and services that need to be priced;

2. In case information on identical goods and services prescribed in point (1) cannot be collected, comparable goods and services will be those with the most similar characteristics to the goods and services needing pricing, such as specifications, quality, features, uses, production time, economic and technical characteristics, appearance, size, construction principles, main technical parameters, origin, production technology, legal characteristics, transportation, circulation, distribution, and other factors;

3. Goods and services in the defense and security areas do not apply the provisions at point (2).

- Pricing information of comparable goods and services must be collected at the time of pricing determination or the nearest time within 24 months from the time of pricing determination based on the principle of prioritizing information at the closest time and location (domestic or international) to the goods and services needing pricing determined, based on at least one of the following documents:

+ Prices decided, appraised, announced, or provided by the competent state authority;

+ Actual transaction prices of organizations and individuals recorded on sales invoices as prescribed, prices recorded on sales contracts;

+ Winning bid prices, auction prices; import prices according to customs declarations or provided by the customs authorities;

+ Prices on quotations or offers from production or business units of goods and services that have full information about name, address, tax code (if any) and stamp of the unit, time of providing information, validity of the quotation or offer (if any);

+ Prices collected from the Internet or mass media or reports from associations or through Vietnamese representative offices abroad or through email;

+ Prices surveyed and collected by individuals or organizations on the market recorded in information survey forms, which include details about name, brand, location, collected prices, basic technical parameters, and other relevant information (if any) with signatures of individuals or members of the information-collecting organization.

Individuals and organizations conducting surveys and collecting information are fully responsible for the veracity of the information collection process and result;

+ Prices in pricing databases or prices of goods and services collected from other information sources as prescribed by law.

- In case the collected prices are in foreign currencies, they must be converted into Vietnamese Dong according to the selling exchange rate of the Joint Stock Commercial Bank for Foreign Trade of Vietnam announced at the time of pricing determination.

Nguyen Ngoc Que Anh

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