Strengthening price stabilization during the Tet Holiday in 2023 in Vietnam

Strengthening price stabilization during the Tet Holiday in 2023 in Vietnam (Image from the internet)

Regarding this issue, LAWNET provides the following guidance:

The Ministry of Finance of Vietnam issued Directive 03/CT-BTC in 2022 to strengthen management, administration, and price stabilization efforts during the Lunar New Year 2023.

The Minister of Finance requests the implementation of the following key points:

1. Strengthening Price Stabilization during Lunar New Year 2023 in Vietnam

* The Price Management Department is responsible:

- To take the lead and cooperate with relevant units of the Ministry, functional units of ministries and central authorities to gather information, closely monitor supply and demand trends, the market, and prices; especially for essential consumer goods, important production materials with significant price fluctuations; advise the Ministry promptly on appropriate price management measures to stabilize market price levels and control inflation.

- Proactively implement the directives of the Government of Vietnam, the Prime Minister of the Government of Vietnam, the Deputy Prime Minister of the Government of Vietnam - Head of the Price Management Committee;

- Enhance the synthesis of information, market price trend analysis, forecast the market price movements; proactively develop a price management scenario for 2023 and advise, propose appropriate price management measures based on this scenario.

* The Departments of Finance are responsible: To take the lead, cooperate with departments, committees, and sectors to proactively advise the Provincial People's Committees to enhance price management and stabilization efforts in the area; specifically:

- Proactively closely monitor the supply-demand situation, market prices before, during, and after Tet, especially for essential goods and services that directly serve local people's needs, particularly food, fresh food, tourism services, passenger transport services, and other essential goods related to production to promptly advise the Provincial People's Committees on price stabilization measures according to the law, have reasonable plans for regulating and supporting the circulation of goods, and promptly propose the issuance of national reserve goods as per regulations.

- Coordinate with departments, sectors, and relevant units to strongly implement price listing, price declaration in the area; increase inspection and examination of compliance with price, tax, fee, and charge regulations; strictly handle violations according to laws.

- Coordinate with functional units to strictly and effectively implement the fight against smuggling, counterfeit goods, and commercial fraud; prevent tax loss, tax fraud, reduce tax arrears; focus on state budget expenditure management to ensure tight, efficient, and economical policies.

- Coordinate with the Department of Industry and Trade and related units, based on actual conditions in the locality, to promptly advise the Provincial People's Committees on implementing suitable market stabilization programs. Seriously implement policies for market price reporting before, during, and after Tet.

2. Tasks of the units under the Ministry of Finance of Vietnam in strengthening price stabilization during Lunar New Year 2023

Units under the Ministry, based on their assigned functions and tasks, take the lead or cooperate with units inside and outside the Ministry of Finance of Vietnam to effectively perform the following tasks:

- Finance Inspectorate: Take the lead in implementing inspection and compliance with financial, accounting, price, tax, fee laws according to the planned schedule.

- General Department of State Reserves: Strictly control prices and costs related to the import, issuance, and storage of national reserve goods under direct management; promptly propose and direct the issuance of national reserve goods for localities affected by natural disasters, storms, floods, epidemics, and during lean months...

- General Department of Customs: Focus forces to effectively carry out customs clearance, not letting congestion occur at border gates during Tet; closely coordinate with the Border Guard, Coast Guard in patrolling and controlling land and sea borders, enhance the fight against smuggling, commercial fraud, and counterfeit goods; tighten control areas including land border gates, seaports, river ports, civil international airports, international postal services, and other areas under Customs control; develop and implement special plans to combat key goods smuggling.

- General Department of Taxation: Direct professional units, Tax Departments of provinces and central cities to intensify inspection and check for tax loss prevention for high-risk tax businesses; enhance management of invoices to prevent the sale and use of illegal invoices for importing smuggled goods and tax evasion; promptly exchange information, cooperate with functional forces in investigating, verifying, and handling smuggling and fraud cases related to tax management.

- State Treasury: Manage and operate state funds to meet fully and promptly the expenditure needs of state budget levels and units transacting with the State Treasury; manage state budget expenditures according to the allocated budget, ensuring effectiveness, thrift, correct policies, and current laws.

- 389 Steering Committee of the Ministry of Finance of Vietnam: Enhance direction, inspection, and supervision of units under the Ministry of Finance of Vietnam in combating smuggling, commercial fraud, and counterfeit goods according to the national 389 Steering Committee's anti-smuggling, commercial fraud, and counterfeit goods plan before, during, and after Lunar New Year 2023.

More details can be found in Directive 03/CT-BTC in 2022.

Diem My

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