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MEKONG COUNSEL

Law on Prices

On June 20th, 2012, the XIIIth National Assembly passed the Law No. 11/2012/QH13 on Prices. Accordingly, some new regulations relating to enterprises shall be as follows:

 

- Publishing information about prices: organizations, individuals producing, trading in commodities, services must publish information about basic economic parameters and specifications of such commodities, services by posting their prices. For commodities, services under the List of commodities, services being subject to price stabilization, List of commodities, services valued by the State, production and trading organizations, individuals may choose one of the forms as press conference, posting on public media or other suitable forms.

 

- Prohibited acts of production and trading organizations, individuals in price domain shall include: Fabrication, spread, notice of untrue news about the market status, prices of commodities and services; price fraud; Inappropriate determination of selling and purchasing prices of commodities, services; Price transfer...

 

- Regulation on prohibited acts for appraisal enterprises, branches of appraisal enterprises; price appraisers; organizations, individuals who have assets being appraised and organizations, individuals related to use of appraisal results shall be detailed.

 

- Detailed regulations on rights and obligations of production and trading organizations, individuals. Accordingly, in addition to rights for the commodities, such organizations, individuals shall have the right to file petitions for price adjustment of commodities, services under the List of commodities, services valued by the State that are produced or traded by them.

 

- Regulation on commodities, services being subject to price stabilization. Accordingly, prices of commodities, services being essential ones for production, daily activities shall be stabilized in accordance with the List of commodities, services being subject to price stabilization of the State.

 

This Law shall be effective from January 1st, 2013. Ordinance No. 40/2002/PL-UBTVQH10 shall be invalid from the effective date of this Law.