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| Counter of confectionery products in a Co-op Mart Hanoi__Photo: Vu Sinh/VNA |
The Government on July 12 issued Decree 87/2024/ND-CP, imposing heftier fines for violators in the field of price management.
Accordingly, a fine of between VND 10 million and VND 20 million will be imposed on acts of selling goods or services not at prices set by the State; selling goods or services at prices higher than the maximum price bracket set by the State; and selling goods or services below the minimum level in the price bracket set by the State.
For acts of violating regulations on declaration of prices of goods and services, the Decree specifies a fine of VND 3-5 million for acts of failing to fully or properly fill in price declaration forms.
Those that incorrectly declare selling prices or failing to declare prices of between one and 10 specific goods and services subject to price declaration will be fined up to VND 15 million. Acts of failing to declare prices of between 11 and 20 specific goods and services will be fined VND 15-20 million. The fine will be VND 20-25 million for those failing to declare pries of 21 or more specific goods and services subject to price declaration.
As for administrative fines on violations related to the price valorization fund, a fine of between VND 50 million and VND 70 million will be imposed for those failing to report, or incorrectly, insufficiently or untimely reporting prices to the Fund in accordance with law or as requested by state competent agencies. Meanwhile, those failing to fully set aside a valorization fund under regulations will be fined between VND 60 million and VND 80 million. The highest fine of between VND 120 million and150 million will be levied on those using the price valorization fund in contravention of law.
Under the Decree, depending on the nature and severity of his/her/its violation, a violator will be subject to one or more remedial measures.- (VLLF)
