Regulations on publicity of price information in Vietnam

Regulations on publicity of price information in Vietnam (Internet image)

1. The principle of price management in Vietnam

The principle of price management under Article 5 of the Law on Prices 2012 are as follows:

- The State manages prices under the market mechanism; respects right of self-determination of prices, competition of prices of production or business organizations and individuals as prescribed by law.

- The State regulates prices as prescribed in this Law to stabilize prices, protect legitimate rights and interests of production or business organizations and individuals, consumers and interest of the State.

- The State has policies on prices aiming to support areas with difficulty social and economical conditions, areas with special difficulty social and economical conditions.

- The State stipulates principles, methods of price determination for goods or services being defined prices by the State complying with principle of market economy.

2. Regulations on publicity of price information in Vietnam

Publicity of price information in Vietnam under Article 6 of the Law on Prices 2012 is as follows:

- The state agencies implement publicity of guidelines, policies, methods of management, regulation, decision on prices of the State under one or some forms such as press conference, posting on mass media means or other appropriate forms.

- Organizations and individuals that product, business goods or services shall implement publicity of price information of goods or services attaching to basic technical – economical parameter of such goods or services under form of posting up prices. For goods or services under the List of goods or services implementing price stabilization, the List of goods or services being defined prices by the State, the production or business organizations and individuals shall select for additional one or some forms such as press conference, posting on mass media means or other appropriate forms.

- Agencies of communication and information shall be responsible for publishing news on prices exactly, objectively, honestly and take responsibility for publishing news as prescribed by law.

- The publicity of price information stipulated in this article shall not apply to the information that not permitted to publish as prescribed by law.

3. Prohibited acts in price field in Vietnam

Prohibited acts in price field under Article 10 of the Law on Prices 2012 are as follows:

- For agencies having state management competence on prices; cadres, civil servants under agencies having state management competence on prices:

+ Interfering wrongly functions, duties, powers as prescribed by law in rights and obligations of organizations, individuals manufacturing and business in price field.

+ Promulgating documents that is not duly authorized; not duly order, procedures;

+ Revealing, using information supplied by production or business organizations and individuals which is not right provisions of competent State agencies.

+ Misusing functions, powers, duties for self-seeking interests.

- For business or production organizations, individuals:

+ Fabricating and/or spreading, publishing untrue news on market situation, prices of goods or services.

+ Defrauding on prices by intentional changing the committed content of time, place, condition of purchase, quality of goods or services at the time of delivery of goods, supplying service without advance notice to customer.

+ Taking advantage of economic crisis, natural disasters, enemy sabotage, fires, epidemics and/or other abnormal circumstances; taking advantage of State policy to define buy prices, sale prices of goods or services unreasonably;

+ Acts of transfer pricing, collusion on prices under all forms for profiteering.

- For price-appraising enterprise, branch of price-appraising enterprise:

+ Scrambling customers under forms as inhibitory, threaten, enticement, bribery, collusion with customers and other unfair competitive acts; giving inexact information on comprehension, experiences and capacity of supplying service of price appraiser; price-appraising enterprise, branch of price-appraising enterprise;

+ Collusion with price-appraising customers, relevant persons upon appraising prices to falsify result of price appraisal;

+ Receiving or requiring any amount of money or other interest from price-appraising customers outside rice level of service agreed in contract;

+ Forging, leasing, lending; using card of price appraiser contrary to laws on prices;

+ Revealing information of dossier, price-appraising customers and assets being appraised, except being agreed by price-appraising customers or being permitted by law;

+ Causing obstacle or interfering in work manage of organizations, individuals having demand of price appraisal upon they have performed right functions, duties as prescribed by law.

- For appraisers on price practising, in addition to provisions in clause 3 of this article, they do not permit to perform the following acts:

+ Practising of price appraisal with individual status;

+ Registering for price-appraising practising for two or more price-appraising enterprises at the same time:

+ Performing price appraisal for units in which the price appraisers has relation of capital contribution, buying shares/bond or their parents, spouses, children, blood siblings are members in the Leader Board or chief accountant thereof.

- For organizations, individuals having assets for price appraisal and organizations, individuals relating to using result of price appraisal:

+ Selecting organizations, individuals who are not eligible of practising price appraisal to sign price-appraising contract;

+ Inexact, dishonest, incomplete, untimely upon supplying information, documents relating to assets need price appraisal;

+ Bribery, collusion with price appraisers, price-appraising enterprises to falsify result of price appraisal.

Quoc Dat

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