Vietnam: Cases of adjustment of price evaluated by the State

When the price formation elements in the country and the price in the world fluctuate and have effect on production and life, the state authority having the authority of evaluation as specified in Article 8 of Decree No. 177/2013/ND-CP of Vietnam’s Government shall review and adjust the price in a timely manner.

Moreover, organizations and individuals have the right to propose the state authority having the authority of evaluation as specified in Article 8 of this Decree to adjust the price as prescribed by law. The organizations and individuals producing and trading goods and services evaluated by the State must state the reasons and grounds to determine the price to be adjusted when proposing the competent state authority to adjust the price.

The order and the time for adjustment of price shall comply with the provisions in Article 9 of this Decree. Where the proposal for adjustment of price is not reasonable, the agency having the authority of evaluation must reply in writing to the producing and trading organizations and individuals. Otherwise, adjustment of price of national reserve shall comply with regulations of law on national reserve.

Besides, Decree No. 177/2013/ND-CP stipulates the time limit for appraisal of price plan and for price decision as follows:

- The agency and unit having authority to appraise price plan specified in Clause 1 of this Article must have a written appraisal opinion on the content of price plan within 15 working days after fully receiving dossier of price plan as prescribed;

- After receiving the price plan with the opinion of the agencies concerned and appraisal document of the competent authority, the time limit for price decision of the levels is regulated as follows:

+ No later than 15 working days for goods and services decided by the Government and Prime Minister;

+ No later than 10 working days for goods and services decided by the Ministries and provincial People’s Committee.

Where it is necessary to extend the appraisal of price plan and price decision, the agencies and units having the authority to appraise the price plan or decide on price must inform in writing stating the reason for the extension to the agency submitting the price plan; the extension shall not exceed 15 working days.

View relevant provisions at Decree No. 177/2013/ND-CP of Vietnam’s Government, effective from January 01, 2014.

Thu Ba

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