Forbidden acts concerning prices and valuation for organizations and individuals in Vietnam

Forbidden acts concerning prices and valuation for organizations and individuals in Vietnam (Internet image)

1. Forbidden acts concerning prices and valuation for organizations and individuals in Vietnam

According to Clause 2, Article 7 of the Law on Price 2023, the forbidden acts concerning prices and valuation for organizations and individuals in Vietnam include:

- Spreading or publishing untrue, inaccurate information about the socio-economic situation causing market information disruption, commodity, and service prices;

- Price fraud by deliberately changing the contents committed in transactions without prior notice to customers about the time, location, purchasing and selling conditions, transportation method, payment, quality, quantity, features, functionality, goods, services at the time of delivery, and provision of services;

- Exploiting emergency situations, incidents, disasters, natural disasters, epidemics to increase the price of goods and services inappropriately compared to the fluctuations of the full cost price under normal conditions for profiteering purposes;

- Obstructing the price management and price appraisal activities of the competent state authority;

- Creating, providing fake price appraisal certificates or using fake price appraisal certificates for the purposes stated in Clause 4, Article 55 of the Law on Price 2023;

- Creating, providing price appraisal certificates without meeting the conditions for conducting price appraisal service business or using these certificates for the purposes stated in Clause 4, Article 55 of the Law on Price 2023; signing price appraisal certificates, price appraisal reports without being a price appraiser;

- Bribing, colluding, and making agreements to distort commodity, service prices or asset appraisal values for gain and profiteering purposes; colluding on price and price appraisal.

2. Regulations on disclosure of information on prices and valuation in Vietnam

Specific regulations on disclosure of information on prices and valuation in Vietnam are stipulated in Article 6 of the Law on Price 2023 as follows:

- State agencies, units under state agencies publicly disclose the following:

+ Policies, projects, reports on price management and regulation measures approved by competent state agencies; legal documents on price;

+ Pricing documents of commodities and services on the List of commodities and services priced by the State, excluding national reserves;

+ List of price appraisal enterprises qualified for price appraisal service business, price appraisers; list of price appraisal enterprises suspended from price appraisal service business, revoked certificates for price appraisal service business; list of people whose price appraiser cards have been revoked.

- Organizations, individuals doing business in goods and services publicly disclose the following:

+ Specific prices of goods and services determined by organizations, individuals within the price range, maximum prices, minimum prices issued by the competent state authority;

+ Prices of goods and services subject to price declaration as stipulated in Clause 2, Article 28 of the Law on Price 2023;

+ Prices of goods and services listed.

- Price appraisal enterprises publicly disclose the following:

+ List of price appraisers in the enterprise, branches of the enterprise;

+ Basic information about the enterprise's activities including certificates of qualification for price appraisal service business, number of certificates issued annually;

+ Price appraisal service price list of the price appraisal enterprise.

- Agencies, units, organizations, and individuals responsible for publicly disclosing information stipulated in Article 6 of the Law on Price 2023 must ensure accuracy, truthfulness, promptness, and take responsibility for the disclosed content. The disclosure does not apply to information classified as state secrets and cases not permitted for disclosure by law.

The information and communication about price law policies, management, and price regulation mechanisms must ensure objectivity, and truthfulness as stipulated by law.

- The disclosure of information stipulated in Article 6 of the Law on Price 2023 is done by posting on the website (if available) of the agency, unit, organization, individual, or other appropriate forms.

For cases stipulated in point b, Clause 1, Article 6 of the Law on Price 2023, it is disclosed by sending documents to relevant agencies, units, organizations, individuals, and updating into the price database; for contents stipulated in points a and b, Clause 2, Article 6 of the Law on Price 2023, it is disclosed by updating into the price database.

Vo Tan Dai

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