Rights and obligations of suppliers of goods and services in Vietnam as of July 1, 2024

Rights and obligations of suppliers of goods and services in Vietnam as of July 1, 2024 (Internet image)

Regarding this matter, LawNet would like to answer as follows:

Rights of suppliers of goods and services in Vietnam

Suppliers of goods and services have the following rights:

- Determine the purchase and sale prices of their goods and services following the price brackets and maximum and minimum prices promulgated by competent state agencies in conformity with the grounds, principles, and measures to price goods and services prescribed in this Law.

- Participate in the development, connection, and sharing of information to databases on prices.

- Lower the sale prices of goods and services without being considered violating laws on competition and laws on anti-dumping of imported goods. Old prices, new prices, and discount periods must be publicly listed for:

+ Fresh goods;

+ Inventory goods;

+ Seasonal goods and services;

+ Goods and services for promotion as prescribed by laws;

+ Goods and services of enterprises in cases of business suspension, bankruptcy, dissolution, or changes to business locations or professions;

+ Goods and services upon the implementation of price stabilization policies of the State.

- Request competent state agencies of pricing to consider adjusting prices of their goods and services included in the list of goods and services priced by the State.

- Access information on policies on prices and measures to manage and regulate prices of the State.

- File complaints, denunciations, or lawsuits against acts with signs of violations against laws on prices; request organizations and individuals to compensate for damage caused by violations of laws on prices as prescribed by laws.

(Article 8 of Price Law 2023)

Obligations of suppliers of goods and services in Vietnam

Suppliers of goods and services have the following obligations:

- Prepare price schemes or detailed assessment reports on determinants of prices of goods and services or promptly, accurately, and adequately provide relevant data and documents upon requests of competent state agencies for pricing or application of other measures to manage and regulate prices according to this Law.

- Comply with documents on pricing and price stabilization measures of competent state agencies. 

- Declare prices of goods and services as prescribed by laws.

- List prices of goods and services as prescribed by laws.

- Lower prices of their goods and services in conformity with policies on reduction or exemption from tax and/or fees to support consumers.

- Disclose information on goods and services as prescribed by laws.

- Promptly settle complaints about their goods and services; compensate damage caused by violations against laws on prices as prescribed by laws.

(Article 9 of Price Law 2023)

The Price Law 2023 will take effect on July 1, 2024. This Law provides for the rights and obligations of agencies, organizations, individuals, and consumers concerning prices and valuation; price management and regulation of the State; price summary, analysis, and forecast; databases on prices; valuation; specialized price inspectorate, inspection of compliance with laws on prices and valuation.

Price Law 2023 applies to organizations and individuals engaging in the business of goods and services (hereinafter referred to as “suppliers of goods and services”); consumers; state agencies; other organizations and individuals relevant to prices and valuation in Vietnam’s territory.

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