Duties and powers of the Price Management Department in Vietnam

Duties and powers of the Price Management Department in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. Position and functions of the Price Management Department

The Price Management Department is a unit under the Ministry of Finance, helping the Minister of Finance perform the function of state management of prices and price appraisal nationwide in accordance with the provisions of law.

The Price Management Department is a unit with legal status, its own seal, and is allowed to open accounts at the State Treasury and banks according to the provisions of law.

(Article 1 of Decision 2386/QD-BTC 2017)

2. Duties and powers of the Price Management Department

The duties and powers of the Price Management Department are specified in Article 1 of Decision 2386/QD-BTC of 2017, including:

(1) Submit to the Minister of Finance for promulgation according to authority or submit to competent authority for promulgation:

- Projects and draft legal documents on prices and price appraisal.

- Annual, 5-year, 10-year price management orientation; Strategy and plan for developing valuation services.

(2) Regarding price stabilization

* Preside and coordinate with relevant agencies to submit to the Minister of Finance competent authorities:

- Decide on the list of goods and services for price stabilization; policies and measures to stabilize prices; guide the implementation conditions; and organize the implementation of price stabilization measures under the authority of the Ministry of Finance.

- Adjust the list of goods and services to stabilize prices; list of products for which the Price Stabilization Fund is established.

* Submit to the Minister of Finance:

- Provide guidance on the mechanism for forming, managing, and using the Price Stabilization Fund for goods and services to establish a Price Stabilization Fund according to the provisions of the law.

- Announce the list of organizations and individuals performing price registration at the Ministry of Finance; guide and supervise the implementation of price registration according to the provisions of law.

* Preside and coordinate with relevant units to develop and submit to the Minister of Finance and to the Government for decision policies and measures to stabilize prices; Guide and organize the implementation of price stabilization measures according to the provisions of law.

* Coordinate with units under the Ministry and relevant ministries and branches to submit specific price management measures to the Minister of Finance, the Prime Minister and the Government for a number of important and essential goods and services suitable for each period.

(3) Regarding valuation

- Preside and coordinate with relevant agencies to submit to the Minister of Finance competent authorities:

+ Regulations on price management decentralization and price management mechanisms for goods and services priced by the State.

+ Decision on the list of goods and services priced by the State.

- Submit to the Minister of Finance:

+ Regulating general pricing methods for goods and services.

+ Decide prices of assets, goods, and services under the pricing authority of the Minister of Finance; provide guidance on setting specific prices for goods and services after competent State agencies stipulate minimum prices, maximum prices, and price frames according to the provisions of law.

+ Appraisal of price plans for goods and services (including price frames for land types) developed by ministries, branches, agencies, and state-owned enterprises under the pricing authority of the Government and Prime Minister.

- Act as the focal point to advise and assist the Minister of Finance in determining prices for goods and services:

+ Specific prices for: Vehicle inspection services (including inspection services for transportation equipment and marine oil and gas exploitation and transportation works);

+ Price range for: Domestic water; services for testing drugs used for animals and plants; vaccination, disinfection, and disinfection services for animals; veterinary diagnostics;

+ Maximum prices for: Public irrigation service products; medical quarantine and preventive medicine services at public medical facilities; Maximum purchase price of products, public services, and public service services in the list issued by competent authorities and ordered, assigned plans, and assigned tasks according to regulations; goods and services ordered and planned by the Prime Minister;

+ Maximum purchase price and minimum selling price of national reserve goods (except for reserve goods in the field of defense and security); norms of import costs, export costs at the door of the national reserve warehouse, and maximum export costs outside the warehouse door; costs of preserving national reserve goods; Minimum selling price for domestically consumed cigarette products;

+ Maximum price or minimum price for rental prices of state assets that are infrastructure works serving national and public interests;

+ Price bracket, maximum price, or specific price for services in the field of securities according to the provisions of securities law.

- Contribute opinions on price plans for goods and services under the price-determining authority of ministries and branches upon request.

- Monitor, supervise, and coordinate the pricing of goods and services under the pricing authority of ministries and branches.

- Coordinate with ministries and branches to develop estimates and finalize expenditures from the state budget for goods and services under the pricing authority of the Minister of Finance (including costs of export, import, and preservation of national reserve goods without norms).

(4) Submit to the Minister of Finance for guidance on organizing price negotiations. Organize price negotiations according to the provisions of the law.

(5) Preside and coordinate with relevant ministries and branches to submit to the Prime Minister a decision to adjust the list of goods and services with price declaration according to the provisions of law; preside over and submit to the Minister of Finance to notify the list of organizations and individuals conducting price declaration at the central level; Guidance on price declaration within authority according to the provisions of the law; supervision of price declaration implementation.

(6) Develop and issue reports on the market price situation and forecast fluctuations in domestic and international market prices of some price-stabilized items according to regulations or unexpectedly at the request of competent authorities.

(7) Coordinate with competent state management agencies in the process of investigating acts that restrict price competition, such as acts of dumping goods imported into Vietnam, according to the provisions of the law.

(8) Direct, guide, and inspect the Department of Finance of provinces and cities to implement price policies and measures, price decisions, and measures to stabilize prices of goods and services under the authority of the Government, Prime Minister, and Ministry of Finance; Report on the market prices of major goods and services; Organize an investigation into the factors that form prices, purchase prices, selling prices, and production costs of important goods and services under the local pricing authority.

(9) Regarding the field of valuation

- Develop and submit to the Minister of Finance a system of Vietnamese valuation standards; regulations on inspection, supervision, assessment, and ranking of valuation enterprises; stipulate conditions for participating in competitions, organizing competitions, and granting price appraiser cards.

- Develop and submit to the Minister of Finance regulations on training, fostering, and granting training certificates in valuation operations; a certificate of professional training in valuation; and a certificate of professional knowledge training in valuation.

- Develop and submit to the Minister of Finance the form, issuance, and revocation of Certificate of eligibility for business of price appraisal services, suspension of business of price appraisal services; regulations on Registration and Management of valuation practice; Publicize the list of practicing price appraisers and the list of valuation enterprises and branches of valuation enterprises throughout the country.

- Carry out state management in the field of price appraisal for price appraisal enterprises and professional price appraisal organizations according to the provisions of law; summarize and evaluate valuation activities; Inspect and supervise compliance with State regulations on price appraisal, and evaluate and classify price appraisal enterprises.

- Preside and coordinate with relevant agencies to carry out the appraisal of state asset prices decided by the Government and Prime Minister; preside and coordinate with relevant agencies to perform price appraisals for State assets under the deciding authority of the Minister of Finance as assigned by the Minister of Finance.

(10) Regarding specialized inspection and testing of prices

- Coordinate with the Inspectorate of the Ministry of Finance to develop and organize the implementation of the annual inspection plan.

- Inspect and inspect organizations and individuals in compliance with legal regulations on prices (including price formation factors) and price appraisal.

- Inspect according to plan; inspect cases showing signs of violating the law in the field of prices under the authority of the Price Management Department or at the request of the Chief Inspector of the Ministry of Finance; Inspect other cases assigned by the Minister of Finance.

- Check the implementation of price decisions by the Government, the Minister of Finance and other ministries and branches.

- Handle according to authority or request competent authorities to handle according to the provisions of the law for violations of the law on prices and price appraisal; Resolve complaints and denunciations, and prevent and combat corruption within the scope of management.

(12) Build, manage, operate, and exploit the national price database according to the provisions of the Price Law; organize the provision of information, price consultation, and price appraisal for organizations and individuals in need.

(13) Request relevant agencies and organizations to report and provide necessary information and documents on prices and price appraisals to serve the Department's tasks; Issue price notices, guide documents, and explain policies and regimes on price management and price appraisal according to the decentralization or authorization of the Minister of Finance.

(14) Chair or participate in councils related to operations in the field of prices as assigned by the Minister of Finance; is a member of the World and Regional Valuation Association.

(15) Coordinate with units and organizations to carry out international cooperation tasks; receive and organize the implementation of international cooperation projects and programs; provide technical support for research and policy development in the field of price management and price appraisal as assigned by the Minister of Finance.

(16) Organize scientific research or cooperate in scientific research with units inside and outside the industry according to plans and content approved by competent authorities.

(17) Preside and coordinate to organize the propaganda of policies and legal documents on price management and price appraisal; publish publications; Review, check, and propose the completion of legal documents on prices and price appraisals.

(18) Perform other tasks and powers assigned by the Minister of Finance.

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