Vietnam: New guidance on the order of organization of price negotiation

According to Vietnam’s regulations, participants in negotiation of price of goods and services include: agency organizing price negotiation as specified in Article 24 of the Law on Prices of Vietnam; representative of the buyer and seller and of specialized management agencies and related agencies at the request of the agency organizing the price negotiation.

According to Decree No. 177/2013/ND-CP of Vietnam’s Government, the order of organization of price negotiation is implemented as follows:

- The buyer or the seller or both seller and buyer shall submit dossier of price negotiation as prescribed by law;

- The agency organizing the price negotiation shall inform in writing to the parties involved in price negotiation of the time of negotiation; where the dossier of price negotiation is improperly, the agency organizing the price negotiation shall inform in writing to the parties involved in price negotiation for completion as prescribed;

- Where the buyer and the seller or both buyer and seller request the price negotiation, both parties have the right to withdraw their dossiers of price negotiation for reaching an agreement themselves upon the selling and buying price of goods and services before the competent agency organizes the price negotiation and must report on the price agreed upon and the time taken for that price to the agency having the authority to organize the price negotiation;

Moreover, the Ministry of Finance shall specifically guide the implementation of price negotiation.

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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