Cases implement price stabilization in Vietnam under the Law on Price

Cases implement price stabilization in Vietnam under the Law on Price (Internet image)

1.  Criteria of goods or services implement price stabilization in Vietnam

Pursuant to Article 15 of the Law on Price 2012, which stipulates that goods or services implementing price stabilization are essential goods or services for production, life being stipulated under the following criterions:

- Raw materials, fuel, materials and main service for production and circulation;

- Goods or services satisfying basic demands of human.

2. List of goods or services implementing price stabilization in Vietnam

In Clause 2, Article 15 of the Law on Price 2012, the list of goods or services implementing price stabilization includes:

- Finished petrol, oil;

- Electricity;

- Liquefied petroleum gas;

- Nitrogenous fertilizer, NPK fertilizer;

- Pesticide as prescribed by law;

- Prevention vaccine for cattle, poultry;

- Edible salt;

- Milk for children under 06 years old;

- Edible sugar, including white sugar and affinated sugar;

- Paddy, ordinary rice;

- Drugs for human disease prevention and treatment in the List of essential medicines using at establishments of medical examination and treatment as prescribed by law.

Note: if neccessary, the List of goods or services implementing price stabilization stipulated in clause 2 of Article 15 of the Law on Price 2012 may be adjusted, the Government shall submit to the Standing Committee of National Assembly for consideration and decision.

Basing on the List of goods or services implementing price stabilization stipulated in clause 2 of this article, competent State agencies as prescribed in article 18 of the Law on Price 2012 shall decide particular types of goods or services to apply suitable measure of price stabilization in each period.

3. Cases implement price stabilization in Vietnam

The cases implement price stabilization  is specified in Article 16 of the Law on Price 2012 as follows:

- Price stabilization is implemented in the following cases:

= Upon prices of goods or services in the List prescribed in clause 2, article 15 of the Law on Price 2012 irregular changes;

= Upon price level changes affecting socio-economic stabilization.

4. Measures for price stabilization in Vietnam

In Article 17 of the Law on Price 2012, the price stabilization measures are as follows:

Applying in limit time a or a number of the following measures to implement price stabilization conformable to cases prescribed in article 16 of this Law:

- Making the supply and demand equable of goods produced in domestic and import – export goods; goods in regions, localities in the national through operation of goods circulation; buy or sale out the national reserve goods, circulating reserve goods;

- Measures of finance, monetary conformable to provisions of laws;

- In neccessary cases, establishing fund of price stabilization for items need be stabilized on price in the List of goods or services implementing price stabilization aiming to support for price stabilization; using fund of price stabilization upon prices of such goods or services changes abnormally or badly affecting to economy and life.

Fund of price stabilization is established from the following sources:

= Deducting from price of goods or services;

= Voluntary contribution by organizations, individuals;

= Aid of foreign countries;

= Other legitimate financial sources.

The Government shall stipulate in details in regarding to items being established fund of price stabilization, establishment, management and use of fund of price stabilization;

- Price registration for goods or services subject to price stabilization. The production or business organizations, individuals implement price registration only for goods or services subject to price stabilization in the time the State applies methods of price stabilization.

- Examining elements forming prices; controlling inventory goods; examining quantity, volume of available goods;

- Applying supporting measures of price conformable to provisions of laws and international commitments;

- Determining the particular prices, maximum prices, minimum prices or price frame conformable to nature of goods or services under principles, grounds, methods prescribed in this Law.

Ngoc Nhi

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