Proposal to supplement the rules on Price negotiation in Vietnam

The Ministry of Finance is drafting the revised Law on Price project in which it is proposed to supplement the regulations on the principle of price bargaining in Vietnam.

Proposal to supplement the rules on Price negotiation in Vietnam (illustration)

Specifically, the principle of price negotiation in Vietnam under the revised Law on Price project is as follows:

- Those who request trade associations in Vietnam must be enterprises that buy or sell goods and/or services that meet the provisions of Article 26 of the Law on Prices 2012.

- The receipt and organization of a treaty shall be conducted on a voluntary basis and on an equal basis in terms of rights and obligations; both parties shall make written requests for negotiation.

- The process of trade agreements in Vietnam must be objective, public and transparent.

In addition, the revised Law on Price project also revised the concept of price agreements in Vietnam as follows:

"Price negotiation agreements are the method of agreement between enterprises on the purchase and sale of goods and/or services and are mediated by competent state agencies to assist the parties in making agreements in accordance with this Law."

Currently, the Price negotiation in Vietnam is defined as follows:

"Price negotiation in Vietnam means that a competent state agency organizes and mediates the buyer and seller to negotiate the purchase price, selling price of goods and services to satisfy the price negotiation conditions at the request of either or both parties or at the request of the Prime Minister, the Minister, the Head of the ministerial-level agency, the Head of the government-attached agency, the Chairman of the provincial-level People's Committee (hereinafter collectively referred to as the provincial-level People's Committee)."

See details at the revised Law on Price project.


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