Vietnam: Procedures for inspecting compliance with laws on prices and valuation from July 1, 2024

Procedures for inspecting compliance with laws on prices and valuation in Vietnam from July 1, 2024

Specifically, Article 8 Circular No. 28/2024/TT-BTC stipulates the procedures for inspecting compliance with laws on prices and valuation in Vietnam as follows:

- The inspection team leader shall prepare an inspection plan and report the assigned inspection agency to notify the inspected entity of the inspection plan and the inspection decision in writing at least 05 days before the inspection decision is announced (except in cases of inspection under the direction of a competent authority or when detecting violations or signs of violations). The notice must include the following basic contents:

+ Time and place of announcement of the inspection decision;

+ Meeting attendants;

+ Report content and list of reports, records, and documents for inspection;

+ Other contents (if any).

- At the announcement session, the inspection team leader announces or authorizes the inspection team members in writing to announce the full contents of the inspection decision and clearly state the purpose, requirements, and inspection conduct plan, contents, working methods and records, documents, reports that the inspected entity must provide for the inspection team.

In case the inspected entity does not comply with the inspection team's request after being notified in writing by the inspection team leader, the inspection team leader shall make a record and report to the competent authority for further actions according to regulations.

- The inspection team conducts the inspection on the basis of records, documents, and reports provided by the inspected entity at the request of the inspection team.

- During the inspection process, the inspection team leader prepares a draft inspection record based on the inspection team members' reports.

The inspection record includes the characteristics and general situation of the inspected entity, inspection matters, conclusions, recommendations, and requirements of the inspection team and is made using the form specified in Appendix IV attached to Circular No. 28/2024/TT-BTC. The inspection record must be made within the time limit specified in Clause 2, Article 69 of the Pricing Law 2023.

The inspection record must contain opinions from the inspected entity. In case the inspected entity is absent or intentionally evades or refuses to sign the inspection record, a representative of the local authority where the inspection is conducted or a witness must sign and confirm the preparation of the inspection record and clearly state that the inspected entity did not sign the inspection record. In case there are no signatures of these people, a record will still be made and the reason will be clearly stated.

- During the inspection process, when detecting that the inspected entity has committed an administrative violation in the field of prices and valuation, the inspection team leader or inspection team member will make a record of the administrative violation for further actions as per the law.

More details may be found in Circular No. 28/2024/TT-BTC, effective from July 1, 2024.

The inspection regulations in Circular No. 28/2024/TT-BTC replace the inspection regulations in Article 4, Article 11, Article 12, Article 13, Article 14, Article 19 Chapter III, Circular No. 323/2016/TT-BTC dated November 16. December 2016 of the Minister of Finance and Article 1 of Circular No. 25/2019/TT-BTC dated April 22, 2019 of the Minister of Finance on amendments to Circular No. 323/2016/TT-BTC dated December 16, 2016 of the Minister of Finance.

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