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Official Gazette

Sunday, June 11, 2023

Govt. empowered to decide on goods and services subject to price valorization

Updated: 14:04’ - 10/07/2022
The Ministry of Finance has revealed a draft amended Law on Price for public comments, proposing several new regulations on price valorization, price declaration and price listing.

Accordingly, the Government would be vested with the authority to provide goods and services subject to price valorization, instead of National Assembly Standing Committee as at present. The Prime Minister would be in charge of shaping price valorization policies and taking price valorization measures on a national or regional scale. Meanwhile, provincial-level People’s Committees would decide on price valorization policies to be applied in their localities.

A customer picks vegetables at a supermarket in Ho Chi Minh City__Photo: My Phuong/VNA

Instead of providing a fixed list of goods and services subject to price valorization as currently, the 76-article draft law only provides principles to determine cases in which price valorization is required and sets out price valorization measures applicable to each commodity item.

In case prices of goods or services not subject to valorization rise or fall abnormally, thus adversely impacting socio-economic situation or upon occurrence of epidemics, disasters or other emergency circumstances as declared by competent state agencies, the Government would decide on the application of temporary price valorization measures.

Price valorization measures to be applied for a definite time period include: (i) regulating and controlling supply and demand of domestically produced as well as imported and exported goods; regulating goods among regions and localities; and selling or purchasing national reserves goods; (ii) financial and monetary measures; and (iii) setting specific price, maximum and minimum prices or price brackets in conformity with characteristics of each type of goods or services.

Noteworthily, the draft proposes abolishing regulations on setting up and using price valorization funds and at the same time revising regulations on price declaration and price listing.

Accordingly, price declaration would be carried out regularly to help competent agencies timely capture price fluctuations and propose price valorization policies when necessary. The Government would draw up a list of goods and services subject to price declaration, including goods and services subject to price valorization and goods and services of which price brackets, maximum, minimum or reference prices are set by the State, and some other essential goods and services.

To better protect consumers, the draft requires all producers and traders, including also those conducting business at traditional marketplaces, to list prices of their goods and services and sell goods or services at listed prices. Those selling goods or services the price of which set by the State may reach price agreements with consumers/customers but the agreed prices must not be higher than listed ones.- (VLLF) 

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