Vietnam: Providing false information about prices of goods traded via the mercantile exchange shall be fined up to VND 30 million

On August 26, 2020, the Government of Vietnam issued the Decree No. 98/2020/NĐ-CP prescribing penalties for administrative violations against regulations on commerce, production and trade in counterfeit and prohibited goods, and protection of consumer rights.

Phạt đến 30 triệu nếu đưa tin sai lệch về giá hàng hóa mua bán qua SGD , Nghị định 98/2020/NĐ-CP

According to Clause 7 Article 77 of Decree No. 98/2020/NĐ-CP of Vietnam’s Government, a fine ranging from VND 10.000.000 to VND 30.000.000 shall be imposed upon the mercantile exchange for committing one of the following violations:

- Failing to announce specific transaction hours as prescribed;

- Failing to publish the operation charter and license for establishment of the mercantile exchange approved, issued or modified by competent authorities;

- Failing to carry out procedures for re-issuance of the license for establishment of the mercantile exchange in case it is lost, torn, burned or otherwise destroyed;

- Failing to carry out procedures for modification of the license for establishment of the mercantile exchange upon occurrence of changes in its contents;

- Failing to publish or delaying the publishing of cases of suspension of transactions as prescribed;

- Failing to publish or inadequately or inaccurately publishing the list of and information about members of the mercantile exchange; information on transactions and orders for trading in goods via the mercantile exchange and other information as prescribed in its operation charter;

- Failing to submit or inaccurately or inadequately submitting periodical and ad hoc reports, at the request of competent authorities, on information concerning trading in goods via the mercantile exchange and its members at the reporting time;

- Providing false information about transactions, market or prices of goods traded via the mercantile exchange.

View more details at the Decree No. 98/2020/NĐ-CP of Vietnam’s Government, issued on August 24, 2020.

Le Vy

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