Fines for violations regarding the compliance with decisions on inspection in price management in Vietnam

Fines for violations regarding the compliance with decisions on inspection in price management in Vietnam (Internet image)

On July 12, 2024, Hanoi issued Decree 87/2024/ND-CP regulating administrative sanctions in price management in Vietnam.

1. Fines for violations regarding the compliance with decisions on inspection in price management in Vietnam

According to Article 14 of Decree 87/2024/ND-CP, the fines for violations on compliance with inspection and audit decisions in price management are as follows:

- A fine ranging from VND 2,000,000 to VND 5,000,000 for any of the following acts:

+ Refusing to accept the inspection or audit decision in price management when delivered or sent by a competent authority as per regulations;

+ Not complying with the inspection or audit decision in price management as notified by a state authority;

+ Failing to provide documents and materials as required by the authority or the competent individual during the inspection or audit at the inspection site;

+ Not providing full, accurate information and documents as required by the authority or the competent individual during the inspection or audit at the inspection site;

+ Failing to sign the inspection or audit record within 5 working days from the date of creation or public announcement of the record.

- A fine ranging from VND 5,000,000 to VND 10,000,000 for repeat offenses as specified in Clause 1, Article 14 of Decree 87/2024/ND-CP.

- Remedial measures: Mandatory provision of related information and materials for the act specified in point c, Clause 1, Article 14 of Decree 87/2024/ND-CP; mandatory provision of complete, accurate information and materials for the act specified in point d, Clause 1, Article 14 of Decree 87/2024/ND-CP.

Note: According to Clause 4, Article 3 of Decree 87/2024/ND-CP, the fines and authority to impose fines specified in Decree 87/2024/ND-CP apply to individuals. The fines and authority to impose fines for organizations are double the fines for individuals.

2. Authority to impose administrative sanctions of inspectors in Vietnam

The authority to impose administrative sanctions of inspectors in price management in Vietnam is specifically stipulated in Article 27 of Decree 87/2024/ND-CP as follows:

- Chief inspectors of ministries, ministerial-level agencies; Chief of Price Management Department are authorized to:

+ Impose fines up to VND 150,000,000 for violations as per the provisions of Decree 87/2024/ND-CP;

+ Apply supplementary penalties as stipulated in point b, Clause 1, Article 3, and remedial measures stipulated in Clause 7, Article 3 of Decree 87/2024/ND-CP.

- Chief inspectors of provincial departments, and heads of specialized inspection teams in agencies tasked with specialized inspection functions in price management have the authority to:

+ Impose fines up to VND 50,000,000 for violations as per the provisions of Decree 87/2024/ND-CP;

+ Apply supplementary penalties as stipulated in point b, Clause 1, Article 3, and remedial measures stipulated in Clause 7, Article 3 of Decree 87/2024/ND-CP.

Refer to Decree 87/2024/ND-CP which comes into force in Vietnam from July 12, 2024.

Vo Tan Dai

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