Remedial measures for administrative violations in price management in Vietnam

Remedial measures for administrative violations in price management in Vietnam (Image from the internet)

Remedial measures for administrative violations in price management in Vietnam

On July 12, 2024, Hanoi issued Decree No. 87/2024/ND-CP stipulating sanctions for administrative violations in price management in Vietnam.

In addition to monetary fines, temporary revocation of price appraiser cards, temporary suspension of price appraisal service business activities, temporary suspension of training, professional development, and knowledge updating activities in price appraisal, the decree also stipulates remedial measures such as:

- Forced compliance with price stabilization measures prescribed by competent authorities; forced full disclosure of information on the Price Stabilization Fund as per regulations; forced full reporting on the Price Stabilization Fund as per regulations or at the request of competent state authorities; forced submission to the Price Stabilization Fund of amounts improperly extracted or used according to decisions of competent state authorities;

- Forced cessation of the sale prices of goods and services set by the organization or individual;

- Forced resubmission of price declarations, forced compliance with price declaration or listing regulations;

- Forced return to customers of the overcharged amount due to selling above the regulated price, and the amount earned from administrative violations;

- Forced submission of illegal profits obtained from administrative violations;

- Forced submission of reports, provision of information and documents; forced submission of additional reports, information, and documents; forced provision and updating of price information in the price database as per regulations;

- Forced public disclosure of information as per the price appraisal law;

- Forced compliance with reporting regulations under the price appraisal law;

- Forced purchase of professional liability insurance or establishment of professional risk reserves as per the price appraisal law;

- Forced updating of appraisal certificates in the National Price Database as per the price appraisal law;

- Forced storage, preservation, and exploitation of appraisal records as per the price appraisal law;

- Forced explanation of appraisal reports conducted by price appraisers to competent state authorities;

- Forced compliance with re-certification procedures for business eligibility in price appraisal services;

- Forced provision of accurate, truthful information on qualifications, experience, and service capabilities of price appraisers and price appraisal firms;

- Forced compliance with quality control for appraisal reports;

- Forced reissuance of training and development certificates to students attending classes;

- Forced revocation of training and development certificates or knowledge update confirmations in price appraisal alongside forced submission of profit obtained from violations to the state budget;

- Forced revocation of training and development certificates or knowledge update confirmations in price appraisal alongside forced reimbursement of training, development, or knowledge update costs to students attending classes;

- Forced rectification of information due to violation conduct.

More details can be found in Decree No. 87/2024/ND-CP, which comes into force in Vietnam from the date of issuance.

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