Regulations on sanctioning violations of regulations on the management and use of the Price Stabilization Fund in Vietnam

Regulations on sanctioning violations of regulations on the management and use of the Price Stabilization Fund in Vietnam (Image from the internet)

On July 12, 2024, Hanoi issued Decree 87/2024/ND-CP stipulating administrative sanctions in price management in Vietnam.

Regulations on sanctioning violations of regulations on the management and use of the Price Stabilization Fund in Vietnam

According to Article 7 of Decree 87/2024/ND-CP, the following sanctions are imposed for violations of regulations on the management and use of the Price Stabilization Fund:

- For the act of incomplete disclosure, untimely disclosure, or no disclosure of information about the Price Stabilization Fund according to legal regulations:

+ A fine ranging from 20,000,000 VND to 30,000,000 VND for incomplete disclosure of information about the Price Stabilization Fund according to legal regulations;

+ A fine ranging from 30,000,000 VND to 50,000,000 VND for disclosing information about the Price Stabilization Fund according to legal regulations after 1 to 5 working days from the date of required disclosure;

+ A fine ranging from 50,000,000 VND to 70,000,000 VND for nondisclosure of information about the Price Stabilization Fund according to legal regulations after 5 working days from the date of required disclosure.

- For the act of not reporting, inaccurately reporting, incompletely reporting, or untimely reporting on the Price Stabilization Fund according to legal regulations or as required by the competent state authority:

+ A fine ranging from 20,000,000 VND to 40,000,000 VND for incomplete reporting of the Price Stabilization Fund according to legal regulations or as required by the competent state authority;

+ A fine ranging from 10,000,000 VND to 20,000,000 VND for reporting on the Price Stabilization Fund according to legal regulations or as required by the competent state authority within 3 working days from the date of required reporting;

+ A fine ranging from 30,000,000 VND to 50,000,000 VND for reporting on the Price Stabilization Fund within 4 to 5 working days from the date of required reporting according to legal regulations or as required by the competent state authority;

+ A fine ranging from 50,000,000 VND to 70,000,000 VND for not reporting on the Price Stabilization Fund according to legal regulations or as required by the competent state authority after 5 working days from the date of required reporting or inaccurately reporting on the Price Stabilization Fund.

- A fine ranging from 60,000,000 VND to 80,000,000 VND for not fully allocating the Price Stabilization Fund according to legal regulations.

- A fine ranging from 80,000,000 VND to 100,000,000 VND for not allocating the Price Stabilization Fund according to legal regulations.

- A fine ranging from 120,000,000 VND to 150,000,000 VND for using the Price Stabilization Fund not in compliance with the law.

- Measures for remediation of consequences:

+ Complete disclosure of information about the Price Stabilization Fund according to regulations for violations as stated in points a, c clause 1 Article 7 of Decree 87/2024/ND-CP;

+ Complete reporting on the Price Stabilization Fund according to regulations or as required by the competent state authority for violations as stated in point a clause 2 of this Article;

+ Reporting on the Price Stabilization Fund according to regulations or as required by the competent state authority for violations as stated in point d clause 2 Article 7 of Decree 87/2024/ND-CP;

+ Submit to the Price Stabilization Fund the full amount of money that was not allocated or was incompletely allocated to the Price Stabilization Fund (if any) for violations as stated in clauses 3 and 4 Article 7 of Decree 87/2024/ND-CP;

+ Submit to the Price Stabilization Fund the full amount of money that was used improperly from the Price Stabilization Fund for violations as stated in clause 5 Article 7 of Decree 87/2024/ND-CP;

+ Submit to the state budget the full amount of illegal profits (if any) for the amount of the Price Stabilization Fund when it was incompletely allocated, not allocated, or used improperly according to legal regulations on the Price Stabilization Fund as stated in clauses 3, 4, and 5 Article 7 of Decree 87/2024/ND-CP.

Authority to make records on administrative violation in price management in Vietnam

- Persons authorized to make records as stipulated in Article 26 of Decree 87/2024/ND-CP have the right to make administrative records for administrative violations within their scope of duties assigned, following the prescribed template, and are responsible for their record-making.

- The following individuals have the authority to make administrative violation records:

+ Persons with the authority to sanction administrative violations as stipulated in this Decree;

+ Public officials, public employees, and persons in the People's Public Security force performing their assigned duties.

(Article 26 of Decree 87/2024/ND-CP)

Le Nguyen Anh Hao

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