|
NATIONAL ASSEMBLY OF VIETNAM
-------
|
SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
---------------
|
|
Law No. 16/2023/QH15
|
Hanoi, June 19, 2023
|
LAW ON PRICES
Pursuant to the
Constitution of the Socialist Republic of Vietnam;
The National Assembly
of Vietnam hereby promulgates the Law on Prices.
Chapter I
GENERAL PROVISIONS
Article 1. Scope
This Law provides for the
rights and obligations of agencies, organizations, individuals, and consumers
concerning prices and valuation; price management and regulation of the State;
price summary, analysis, and forecast; databases on prices; valuation;
specialized price inspectorate, inspection of compliance with laws on prices
and valuation.
Article 2. Regulated
entities
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
Article 3. Application
of the Law on Prices and relevant laws
1. In case of different
regulations between the Law on Prices and other laws promulgated before the
effective date of the Law on Prices, the Law on Prices shall prevail, except
for cases prescribed in Clause 4 of this Article.
2. In case of other laws
promulgated after the effective date of the Law on Prices that require
particular regulations on the management and regulation of prices different
from the ones prescribed in the Law on Prices, it is obligatory to determine
the specific content that is implemented under or not under the Law on Prices
and the content that is implemented under that such laws.
3. In case other laws
promulgated after the effective date of the Law on Prices stipulate additional
regulations on goods and services priced by the State, it is obligatory to
conduct a policy impact assessment; such goods and services must meet at least
one of the criteria prescribed in Clause 1 Article 21 of this Law. At the same
time, it is obligatory to elaborate on the competence and responsibility for
pricing, pricing forms for the mentioned goods and services, and determine the
grounds and methods of pricing and the promulgation of pricing documents that
are implemented under or not under the Law on Prices and contents that are
implemented under such other laws.
4. Certain goods shall be
priced by the State in compliance with relevant laws as follows:
a) The determination of
land prices shall comply with land laws;
b) The determination of
housing prices shall comply with housing laws;
c) The determination of
electricity prices and electric services shall comply with electricity laws;
d) The determination of
medical service prices shall comply with medical examination and treatment
laws;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
e) The determination of
royalty for the utilization and use of published works, audios, or videos in
case of limitation of copyrights or relevant rights, compensation for rights to
use transferred inventions under compulsory decisions in case of disagreement
between the persons granted the right to use such inventions and the right
holders, and compensation for the right to use transferred plant varieties
under compulsory decisions shall be implemented under laws on intellectual
property.
Article 4.
Interpretation of terms
For the purpose of this
Law, the following terms shall be construed as follows:
1. Goods refer to products
that may be exchanged, purchased, and sold on the market.
2. Services refer
to invisible products with their production inseparable from consumption.
3. Essential goods and services refer
to the goods and services required to meet the basic demand of humans, such as
primary ingredients, fuels, materials, and services for production and
circulation in conformity with the socio-economic context of each period.
4. Market prices refer
to the prices of goods and services established based on supply and demand and
decided by market factors within a certain period of space.
5. Market price refers
to the average of general prices of goods and services on the market in a
certain period of space, measured by the consumer price index (CPI) or
production price index (PPI) (in any).
6. Aggregate cost of
goods and services include:
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
b) Circulation costs of
goods and services.
7. Price determinants refer
to the actual aggregate cost; profits (if any) or losses (if any); financial
obligations as prescribed by laws.
8. Price regulation refers
to when competent state agencies apply measures under this Law to limit the
inadequacies of the market economy to protect legitimate rights and benefits of
consumers, suppliers of goods and services, and the State and implement
objectives for inflation control and socio-economic development.
9. Price stabilization
refers to when competent state agencies perform solutions or measures under
this Law to stabilize the prices of goods and services when there are abnormal
fluctuations in prices within a certain period.
10. Abnormal
fluctuations in prices refer to the phenomenon where the market prices of
goods and services increased too high or too low compared to the market prices
of a previous period.
11. Pricing means
the process of determining the prices of goods and services performed by
competent state agencies or suppliers of goods and services.
12. Price schemes refer
to the presentation of grounds for pricing or adjusting prices or determinants
of prices of goods and services.
13. Price negotiation refers
to the agreement among organizations providing goods and services on purchase
prices and sale prices of goods and services that are intermediaries of state
agencies as prescribed by this Law.
14. Price declaration means
notifications of prices after pricing or adjustment provided by organizations
providing goods and services subject to price declaration according to Clause 2
Article 28 of this Law for competent state agencies for market price summary,
analysis, and forecast.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
16. Valuation means
advisory operations of evaluating assets at a certain location and period for
specific purposes performed by valuation enterprises or valuation councils
under the Valuation Standards of Vietnam.
17. Assets subject to
valuation include assets, goods, and services subject to valuation upon
requests from agencies, organizations, or individuals or due to other cases.
18. Valuation
certificates are documents issued by valuation enterprises or their
branches after the valuation to notify customers and relevant organizations or
individuals (if any) prescribed in valuation contracts of the value of the
valuation assets and the main contents of valuation reports.
19. Valuation reports means
documents presenting the valuation process used as the basis for preparing
valuation certificates of valuation enterprises or issuing notifications of
results of the valuation of valuation councils. To be specific:
a) Regarding the
provision of valuation services, valuation reports are prepared by a valuer
specifying his/her opinions on prices and are considered and approved by legal
representatives of the valuation enterprise or heads of such enterprise’s
branches;
b) Regarding valuation
operations of the State, valuation reports are prepared by valuation councils,
specifying the opinions of council members and unanimous suggestions of the
councils.
20. Notifications of
valuation results are documents issued by valuation councils after the
valuation operation to notify agencies, organizations, and individuals
competent to establish valuation councils of the values of valuation assets and
the main contents of valuation reports.
21. Collusion of
prices and valuation refers to acts of agreeing on the falsification of
prices of goods and services or values of assets subject to valuation for
self-seeking purposes of agencies, organizations, or individuals.
Article 5. State's
principles of price management and regulation
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
2. Protect legitimate
rights and benefits of consumers, suppliers of goods and services, and the
State.
3. Contribute to macro-economic
stability, ensure social security and sustainable development; promote private
investment in the provision of public services; adopt policies appropriate to
areas with disadvantaged or extremely disadvantaged socio-economic conditions,
and other cases as prescribed by laws.
Article 6. Disclosure
of information on prices and valuation
1. State agencies and
state affiliates shall disclose:
a) Guidelines, schemes,
and reports on measures to manage and regulate prices approved by competent
state agencies; legislative documents on prices;
b) Documents on pricing
of goods and services included in the list of goods and services priced by the
State, except for state reserves;
c) Lists of eligible
valuation enterprises and valuers; lists of valuation enterprises that are
suspended or have their certificates of eligibility for valuation services
revoked; lists of persons with revoked valuer cards.
2. Suppliers of goods and
services shall disclose:
a) Specific prices of
goods and services they determined within the price brackets, maximum prices,
and minimum prices promulgated by competent state agencies;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
c) Prices of goods and
prices subject to price listing
3. Valuation enterprises
shall disclose:
a) Lists of their
valuers;
b) Basic information on
their operations, including certificates of eligibility for valuation services
and the number of certificates issued annually;
c) Price lists of
valuation services.
4. Agencies, units,
organizations, and individuals responsible for disclosing information
prescribed in this Article shall ensure accuracy, truthfulness, and punctuality
and take responsibility for the disclosed contents. The disclosure of
information does not apply to information included in the list of state secrets
and cases where disclosure is forbidden as prescribed by laws.
Information and
communications about policies of laws on prices and price management and
regulation mechanisms shall ensure objectivity and truthfulness as prescribed
by laws.
5. The disclosure of
information prescribed in this Article shall be posted on the websites (if any)
of agencies, units, organizations, and individuals or be disclosed under other
appropriate forms. For cases prescribed in Point b Clause 1 of this
Article, the information shall be disclosed by sending written documents to
relevant agencies, units, organizations, and individuals and updated to
databases on prices. Regarding contents prescribed in Point a and Point b
Clause 2 of this Article, the information shall be disclosed via updates to
databases on prices.
Article 7. Forbidden
acts concerning prices and valuation
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
a) Interfering in the
implementation of rights and obligations of suppliers of goods and services or
consumers concerning prices and organizations or individuals engaging in
valuation operations contrary to their functions, tasks, and entitlements as
prescribed by laws.
b) Deliberately
disclosing or using information on prices provided by suppliers of goods and
services contrary to regulations of competent state agencies;
c) Conducting bribery,
collusion, or agreements to falsify the prices of goods and services or vales
of assets subject to valuation for self-seeking purposes; colluding in prices
and valuation.
2. Regarding
organizations and individuals:
a) Spreading or
disseminating false and inaccurate information on socio-economic situations
causing disturbances in the market information and prices of goods and
services;
b) Conducting fraudulent
pricing by deliberately changing contents committed in transactions without
informing customers in advance regarding the time, location, and conditions for
purchase and sale, methods of transport and payment, quality, quantity,
features, functions, goods, and services at the time of delivering goods or
providing services;
c) Taking advantage of
emergencies, incidents, tragedies, natural disasters, or epidemics to increase
the sale prices of goods or services contrary to the fluctuation of aggregate
cost compared to normal conditions for self-seeking purposes;
d) Obstructing the price
management, regulation, or valuation operations of competent state agencies;
dd) Forging or providing
forged certificates of valuation or using forged certificates of valuation for
purposes prescribed in Clause 4 Article 55 of this Law;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
g) Conducting bribery,
collusion, or agreements to falsify the prices of goods and services or values
of assets subject to valuation for self-seeking purposes; colluding in prices
and valuation.
3. Regarding valuation
enterprises:
a) Conducting acts of
unhealthy competition as prescribed by laws on competition; providing
inaccurate information on the qualifications, experience, and capacity of
service provision of valuers or valuation enterprises;
b) Providing valuation
services for persons related to valuation enterprises according to laws on
enterprises;
c) Providing inaccurate
or false declarations, forging applications for issuance or re-issuance of certificates
of eligibility for valuation services, applications for valuer practicing
certificates;
d) Issuing false
certificates of valuation;
dd) Conducting bribery,
collusion, or agreements to falsify the prices of goods and services or values
of assets subject to valuation for self-seeking purposes; colluding in prices
and valuation.
4. Regarding valuers:
a) Providing inaccurate
information on the qualifications, experience, and capacity of service
provision of valuers or valuation enterprises;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
c) Independently
preparing certificates of valuation or reports on valuation;
d) Signing certificates
of valuation or reports on valuation contrary to specialty or notifications of
state agencies on permitted practicing fields; signing certificates of
valuation or reports on valuation when not meeting conditions for valuation
practice according to Clause 1 Article 45 of this Law;
dd) Performing valuation
for persons related to valuation enterprises according to laws on enterprises;
e) Preparing false
reports on valuation or documents related to valuation operations according to
Valuation Standards of Vietnam;
g) Conducting bribery,
collusion, or agreements to falsify the prices of goods and services or values
of assets subject to valuation for self-seeking purposes; colluding in prices
and valuation.
5. Regarding valuation
councils:
a) Directing or
interfering in valuation operations affecting the professional independence of
council members for self-seeking purposes;
b) Issuing false
notifications of results of the valuation or reports on valuation;
c) Conducting bribery,
collusion, or agreements to falsify the prices of goods and services or values
of assets subject to valuation for self-seeking purposes; colluding in prices
and valuation.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
a) Preparing false
documents related to valuation operations according to Valuation Standards of
Vietnam;
b) Conducting bribery, collusion,
or agreements to falsify the prices of goods and services or values of assets
subject to valuation for self-seeking purposes; colluding in prices and
valuation.
7. Regarding customers
and third parties in valuation contracts:
a) Deliberately providing
false information on assets subject to valuation;
b) Using expired
certificates of valuation; using certificates of valuation contrary to
valuation purposes in association with assets subject to valuation and the
number of such assets prescribed in valuation contracts;
c) Conducting bribery,
collusion, or agreements to falsify the prices of goods and services or values
of assets subject to valuation for self-seeking purposes; colluding in prices
and valuation.
8. Regarding agencies,
organizations, and individuals: issuing documents with forms and methods
limiting the operations of valuation enterprises and valuers contrary to this
Law.
Chapter II
RIGHTS AND OBLIGATIONS OF SUPPLIERS OF
GOODS AND SERVICES AND CONSUMERS CONCERNING PRICES
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
1. Determine and adjust
prices of goods and services produced and traded by themselves (hereinafter
referred to as “goods”), except for goods and services specifically priced by
the State. Consider applying principles, grounds, and measures to price goods
and services as prescribed by the State.
2. Determine the purchase
and sale prices of their goods and services following the price brackets and
maximum and minimum prices promulgated by competent state agencies in
conformity with the grounds, principles, and measures to price goods and
services prescribed in this Law.
3. Participate in the
development, connection, and sharing of information to databases on prices.
4. Lower the sale prices
of goods and services without being considered violating laws on competition
and laws on anti-dumping of imported goods. Old prices, new prices, and
discount periods must be publicly listed for:
a) Fresh goods;
b) Inventory goods;
c) Seasonal goods and
services;
dd) Goods and services
for promotion as prescribed by laws;
dd) Goods and services of
enterprises in cases of business suspension, bankruptcy, dissolution, or
changes to business locations or professions;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
5. Request competent
state agencies of pricing to consider adjusting prices of their goods and
services included in the list of goods and services priced by the State.
6. Access information on
policies on prices and measures to manage and regulate prices of the State.
7. File complaints,
denunciations, or lawsuits against acts with signs of violations against laws
on prices; request organizations and individuals to compensate for damage
caused by violations of laws on prices as prescribed by laws.
Article 9. Suppliers
of goods and services shall:
1. Prepare price schemes
or detailed assessment reports on determinants of prices of goods and services
or promptly, accurately, and adequately provide relevant data and documents
upon requests of competent state agencies for pricing or application of other
measures to manage and regulate prices according to this Law.
2. Comply with documents
on pricing and price stabilization measures of competent state agencies.
3. Declare prices of
goods and services as prescribed by laws.
4. List prices of goods
and services as prescribed by laws.
5. Lower prices of their
goods and services in conformity with policies on reduction or exemption from
tax and/or fees to support consumers.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
7. Promptly settle
complaints about their goods and services; compensate damage caused by
violations against laws on prices as prescribed by laws.
Article 10. Consumers
may:
1. Select and make
agreements on prices when purchasing goods and services, except for goods and
services specifically priced by the State.
2. Access information on
policies on prices and measures to manage and regulate prices of the State.
3. Request suppliers of
goods and services to provide information on prices, quality, and origin of
goods and services and invoices as prescribed by laws.
4. Request competent
state agencies to consider adjusting prices of goods and services priced by the
State when there are changes to price determinants.
5. File complaints, issue
denunciation, file a lawsuit, or request social organizations to file a lawsuit
according to this Law, laws on protection of consumer rights, and relevant
laws.
Article 11. Consumers
shall:
1. Pay the agreed prices
or prices of the State when purchasing goods and/or services.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
Chapter III
TASKS AND ENTITLEMENTS OF PRICE AND
VALUATION AUTHORITIES
Article 12. State
management of prices and valuation
1. Promulgation and
implementation of legislative documents on prices and valuation.
2. Price management and
regulation of the State.
3. Market price summary,
analysis, and forecast; development and operation of databases on prices.
4. Management of
valuation operations; organization of valuation operations of the State.
5. Management of training
and advanced training in prices and valuation.
6. Inspection of
compliance with laws and handling of violations against laws on prices and
valuation.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
8. International
cooperation in prices and valuation.
Article 13. Tasks and
entitlements of the Government of Vietnam
1. Ensure the uniformity
of state management of prices and valuation.
2. Promulgate legislative
documents on prices and valuation under its jurisdiction.
3. Submit reports to the
Standing Committee of the National Assembly of Vietnam for consideration and
adjustments to the list of goods and services subject to price stabilization
and the list of goods and services priced by the State.
4. Stipulate and adjust
regulations on essential goods and services subject to price declarations
prescribed in Point d Clause 2 Article 28 of this Law.
5. Decide and organize
the implementation of measures to management and regulate prices according to
this Law. Assign and authorize the implementation of state management of
prices and valuation and other tasks under its jurisdiction.
Article 14. Tasks and
entitlements of the Ministry of Finance of Vietnam
1. Act as the focal
agency assisting the Government of Vietnam in ensuring the uniformity of state
management of prices and valuation.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
3. Submit reports to the
Government of Vietnam for presentation to the Standing Committee of the
National Assembly of Vietnam for consideration and adjustments to the list of
goods and services subject to price stabilization and the list of goods and
services priced by the State based on the proposals of Ministries, ministerial
agencies in charge of specific fields and sectors, and People's Committees of
provinces.
4. Submit reports to the
Government of Vietnam for promulgation or adjustments to regulations on
essential goods and services subject to price declarations according to Point d
Clause 2 Article 28 of this Law based on proposals of Ministries, ministerial
agencies in charge of specific fields and sectors, and People's Committees of
provinces.
5. Submit reports to the
Government of Vietnam for consideration and decisions on price stabilization
guidelines based on proposals of Ministries, ministerial agencies in charge of
specific fields and sectors, and People's Committees of provinces; organize the
implementation of price stabilization as assigned by the Government of Vietnam.
6. Price goods and
services under its jurisdiction as prescribed in the list of goods and services
priced by the State; stipulate general pricing methods for goods and services
priced by the State and implementation guidelines according to Clause 2 Article
23 of this Law.
7. Receive declarations
of prices of goods and services under its jurisdiction.
8. Organize negotiations over
prices of goods and services in fields and sectors under its management.
9. Implement the market
price summary, analysis, and forecast; apply information technology to the
development and operation of the National Database on Prices.
10. Perform the state
management of valuation, including:
a) Promulgation of
Valuation Standards of Vietnam;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
c) Regulations on exams,
issuance, management, term-based expropriation, and revocation of valuer cards;
d) Issuance, re-issuance,
and revocation of certificates of eligibility for valuation services;
suspension of valuation services;
dd) Management of
practicing activities of valuers;
e) Management of
operations of valuation enterprises; state management in valuation for
occupational associations for valuation according to laws; regulations on the
assessment of operations of valuation enterprises.
11. Organize valuation
operations of the State in fields within its management scope as prescribed by
laws.
12. Implement
international cooperation in prices and valuation.
13. Implement
professional inspection of prices and valuation according to laws on
inspection.
14. Inspect compliance
with laws and handle violations against laws on prices and valuation under its
functions, fields, and state management scope of prices and valuation.
15. Settle complaints and
denunciations concerning prices and valuation in fields within its scope of
management according to laws on complaints and denunciations.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
Article 15. Tasks and
entitlements of Ministries and ministerial agencies
1. Perform the state
management of prices in fields within their scope of management as prescribed
by laws.
2. Promulgate legislative
documents on prices in fields under their management within their jurisdiction
or request competent agencies or persons to perform such promulgation;
cooperate with Ministries, ministerial agencies, and People’s Committees of
provinces in developing legislative documents on prices.
3. Propose and cooperate
with the Ministry of Finance of Vietnam in submitting reports to the Government
of Vietnam for presentation to the Standing Committee of the National Assembly
of Vietnam for consideration and adjustments to the list of goods and services
subject to price stabilization and the list of goods and services priced by the
State.
4. Propose and cooperate
with the Ministry of Finance of Vietnam in requesting the Government of Vietnam
to promulgate and adjust regulations on essential goods and services subject to
price declarations according to Point d Clause 2 Article 28 of this Law.
5. Propose and cooperate
with the Ministry of Finance of Vietnam in presenting price stabilization
guidelines to the Government of Vietnam; implement the price stabilization for
goods and services under their state management of specific fields and sectors.
6. Price goods and
services under their jurisdiction as prescribed in the list of goods and
services priced by the State; take charge and cooperate with the Ministry of
Finance of Vietnam in development, promulgating, or requesting competent
authorities to promulgate particular pricing measures for goods and services in
fields within their scope of management as prescribed by laws.
7. Receiving price
declarations as assigned by the Government of Vietnam.
8. Organize negotiations
over prices of goods and services in fields and sectors under its management.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
10. Organize valuation
operations of the State in fields within their management scope as prescribed
by laws.
11. Inspect compliance
with laws and handle violations against laws on prices and valuation operations
of the State under their functions, fields, and state management scope of
prices and valuation.
12. Settle complaints and
denunciations of the State concerning prices and valuation in fields within
their scope of management according to laws on complaints and denunciations.
13. Excise other tasks
and entitlements to state management of prices according to this Law, relevant
laws, and assignments of the Government of Vietnam.
Article 16. Tasks and
entitlements of People’s Committees of provinces
1. Perform the local state
management of prices as prescribed by laws and are entitled to decide and
assign tasks to each of their affiliated professional agencies based on fields
and sectors and to their inferior administrative agencies to consult and assist
them in performing tasks and entitlements of state management of prices and
valuation prescribed in this Article.
2. Promulgate legislative
documents on prices under their management scope within their jurisdiction or
request competent agencies to perform such promulgation; cooperate with
Ministries and ministerial agencies in developing legislative documents on
prices.
3. Implement the price
stabilization in their areas as prescribed by this Law; cooperate with other
provinces in implementing the price stabilization.
4. Price goods and
services under their jurisdiction as prescribed in the list of goods and
services priced by the State.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
6. Submit proposals to
the Ministry of Finance of Vietnam, Ministries, and ministerial agencies in
charge of specific fields and sectors to submit reports to the Government of
Vietnam for presentation to the Standing Committee of the National Assembly of
Vietnam for consideration and adjustments to the list of goods and services
subject to price stabilization and the list of goods and services priced by the
State.
7. Submit proposals to
the Ministry of Finance of Vietnam to request the Government of Vietnam to
promulgate and adjust regulations on essential goods and services subject to
price declarations according to Point d Clause 2 Article 28 of this Law.
8. Organize negotiations
over prices of goods and services according to this Law.
9. Organize valuation
operations of the State within their management scope as prescribed by laws.
10. Inspect compliance
with laws and handle violations against laws on prices and valuation under
their functions, fields, and state management scope of prices and valuation.
11. Settle complaints and
denunciations of local authorities concerning prices and valuation in fields
within their scope of management according to laws on complaints and
denunciations.
12. Decide on the
development and implementation of organizations and plans for the
implementation of appropriate measures to stabilize the market price in their
areas based on the actual local situations in each stage.
13. Excise other tasks
and entitlements to state management of prices according to this Law, relevant
laws, and assignments of the Government of Vietnam.
Chapter IV
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
Section 1. PRICE
STABILIZATION
Article 17. Goods and
services subject to price stabilization
1. Goods and services
included in the list of goods and services subject to price stabilization must:
a) Be essential goods and
services;
b) Have a great influence
on socio-economic development, production, business, and life of the people.
2. The list of goods and services
subject to price stabilization is prescribed in Appendix No. 01 enclosed
hereof. Ministries and ministerial agencies in charge of specific fields
and sectors on goods and services shall stipulate the economic-technical
characteristics of goods and services included in the list of goods and
services subject to price stabilization.
3. In cases where it is necessary to adjust the list of goods
and services subject to price stabilization, Ministries, ministerial agencies
in charge of specific fields and sectors, and People's Committees of provinces
shall prepare documents requesting adjustments and submit them to the Ministry
of Finance of Vietnam for summary and reports to the Government of Vietnam for
presentation to the Standing Committee of Vietnam for consideration and
decisions.
4. The Government of
Vietnam shall elaborate on the procedure for providing presentations for the
Standing Committee of the National Assembly of Vietnam for adjustments to the
list of goods and services subject to price stabilization prescribed in Clause
3 of this Article.
Article 18. Principles
and cases of price stabilization
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
a) Assurance of
publicity, transparency, and beneficial balance between suppliers of goods and services
and consumers;
b) Assurance of
conformity with international treaties to which the Socialist Republic of
Vietnam is a signatory;
c) Assurance of
conformity with socio-economic situations and objectives of controlling
inflation;
d) Clear determination of
the local and national implementation time and scale.
2. Competent state
agencies shall consider performing the price stabilization in the following
cases:
a) Market prices of goods
and services included in the list of goods and services subject to price
stabilization have abnormal fluctuations, greatly impacting socio-economic
situations, production, business, and life of the people;
b) Competent agencies
declare emergencies, incidents, tragedies, natural disasters, and epidemics;
market prices of goods and services have abnormal fluctuations.
Article 19. Price
stabilization measures
1. Price stabilization
measures include:
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
b) Financial and monetary
measures in conformity with laws;
c) Determination of
specific prices, maximum prices, or price brackets in conformity with the
nature of each kind of goods and service, such a procedure shall be implemented
under principles, grounds, and methods prescribed in Section 2 of this Chapter;
d) Application of price
support measures in conformity with laws and international treaties to which
the Socialist Republic of Vietnam is a signatory;
dd) Use of price
stabilization funds (if any).
A price stabilization
fund is a financial fund outside the state budget balance, extracted from
prices of goods and services and other legal-financial sources that shall only
be used for price stabilization. The Government of Vietnam shall decide on the
establishment of price stabilization funds for goods and services included in
the list of goods and services subject to price stabilization; regulations on
the management, deduction, and expenditures on the use of price stabilization
funds and be responsible for ensuring the publicity and transparency during the
management and use of funds.
2. The application period
of price stabilization measures shall be determined by competent agencies on
the basis of determining the reasons for price fluctuations. The actual
development of prices of goods and services may end the price stabilization
period early or extend the application period depending on the performance of
applied price stabilization measures.
Article 20. Price
stabilization implementation
1. The price
stabilization in the case prescribed in Point a Clause 2 Article 18 of this Law
shall be carried out as follows:
a) Ministries,
ministerial agencies in charge of specific fields and sectors shall assess the
fluctuation of the market prices of goods and services, the level of impacts on
socio-economic situations, production, business, and life of the people; submit
documents to the Ministry of Finance of Vietnam for summary and presentation to
the Government of Vietnam for consideration and decision on price stabilization
guidelines;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
c) Ministries and
ministerial agencies in charge of specific fields and sectors shall promulgate
decisions on application of one or several price stabilization measures and the
application period and scale; organize and instruct the implementation of price
stabilization measures and report on the results of such implementation to the
Government of Vietnam while sending such report to the Ministry of Finance of
Vietnam for inclusion in the summarized price market report, analysis, and
forecast; People's Committees of provinces shall implement price stabilization
measures and report on the results to Ministries and ministerial agencies in
charge of the implementation;
d) Suppliers of goods and
services shall comply with the disclosed price stabilization measures and
perform the first-time declaration or re-declaration of prices following
Article 28 of this Law with competent state agencies.
2. The implementation in
the case prescribed in Point b Clause 2 Article 18 of this Law shall be as
follows:
a) Regarding the
nationwide price stabilization, Ministries and ministerial agencies in charge
of specific fields and sectors shall assess the actual development and level of
market prices of goods and services; submit documents to the Ministry of
Finance of Vietnam for summary and presentation to the Government of Vietnam
for decisions on appropriate price stabilization guidelines, measures, and
periods. In case of goods and services requiring immediate price
stabilization that are not included in the list of goods and services subject
to price stabilization, the Ministry of Finance of Vietnam shall, based on requests
from Ministries and ministerial agencies in charge of specific fields and
sectors, submit reports to the Government of Vietnam for presentation to the
Standing Committee of the National Assembly of Vietnam for consideration and
decisions on price stabilization guidelines, measures, and periods for such
goods and services. Ministries, ministerial agencies in charge of
specific fields and sectors, and People’s Committees of provinces shall
organize the implementation as assigned by the Government of Vietnam;
b) Regarding local price
stabilization, departments in charge of specific fields and sectors shall
assess the actual development and level of market prices of goods and services
in their areas; submit documents to Departments of Finance for summary and
presentation to People’s Committees of provinces for consideration and
decisions on appropriate price stabilization guidelines, measures, and periods.
Departments, divisions, and People’s Committees of districts shall
organize the implementation as assigned by the People’s Committee of provinces.
People’s Committees of provinces shall report on the results of the price
stabilization to the government of Vietnam while submitting reports to the
Ministry of Finance of Vietnam for inclusion in the summarized market price
report, analysis, and forecast;
c) Suppliers of goods and
services shall comply with the disclosed price stabilization measures and
perform the first-time declaration or re-declaration of prices following
Article 28 of this Law with competent state agencies;
d) In case competent
agencies declare emergencies or stipulate other regulations on price
stabilization implementation, comply with laws on emergencies.
3. The Government of
Vietnam shall elaborate on this Article.
Section 2. PRICING
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
1. Goods and services
priced by the State must meet one of the following criteria:
a) Being goods and
services of fields exclusive to production and business by the State according to
laws on commerce and relevant laws;
b) Being important
resources according to laws on resources;
c) Being national
reserves; public-interest products and services and public services funded by
the state;
d) Being essential goods
and services that are exclusive regarding their purchase and sale or subject to
a limited competitive market with influences on socio-economic situations, life
of the people, production, and business.
2. Competent state
agencies shall perform the pricing under the following forms:
a) Specific price means
the price that agencies, organizations, and individuals must comply with during
purchase and sale;
b) Minimum price means
the lowest price agencies, organizations, and individuals must comply with
during pricing, purchase, and sale;
c) Maximum price means
the highest price that agencies, organizations, and individuals must comply
with during pricing, purchase, and sale;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
3. Regulations on
competence and responsibility for pricing:
a) The Prime Minister of
Vietnam shall price extremely essential goods and services, greatly influencing
the economy and life of the people;
b) The Ministry of
Finance of Vietnam shall price goods and services in fields under its
management; goods and services in many fields under its management that affect
the state budget;
c) Ministries and ministerial
agencies shall price goods and services in fields within their professional
management scope as prescribed by laws;
d) People’s Committees of
provinces shall price goods and services under their management scope in their
areas.
4. The list of goods and
services priced by the State, pricing forms, competence, and responsibilities
are prescribed in Appendix No. 02 enclosed hereof. Economic-technical
characteristics of goods and services included in the list of goods and
services priced by the State must comply with regulations of relevant laws; in
case of no regulations, Ministries, ministerial agencies, and People's
Committees of provinces shall promulgate regulations under their jurisdiction.
5. In cases where it is
necessary to adjust the list of goods and services priced by the State,
Ministries, ministerial agencies, and People's Committees of provinces shall
prepare documents requesting adjustments and submit them to the Ministry of
Finance of Vietnam for summary and reports to the Government of Vietnam for
presentation to the Standing Committee of Vietnam for consideration and
decisions.
6. The Government of
Vietnam shall elaborate on the procedure for providing presentations for the
Standing Committee of the National Assembly of Vietnam for adjustments to the
list of goods and services priced by the State prescribed in Clause 5 of this
Article.
Article 22. State's
pricing principles and grounds
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
a) Ensure that the
coverage of business and production costs is reasonable and valid and profits
(if any) and accumulation according to laws (if any) are in conformity with the
market level; ensure conformity with the supply and demand for goods and
services, market conditions at the time of pricing, and guidelines and policies
on socio-economic development of the State in each period;
b) Ensure legitimate
rights and benefits of the State, suppliers of goods and services, and
consumers;
c) Consider adjusting
prices upon changes to price determinants. In case of adjustments to
prices of goods and services in public-private partnership investment projects,
the adjustments shall be carried out by each period specified in the contracts.
2. State's pricing
grounds:
a) Price determinants of
goods and services at the time of pricing or the time for identifying price
determinants in price schemes in conformity with the characteristics and nature
of goods and services;
b) The relationship
between supply and demand of goods and services, market demand, purchasing
power of the currency, and solvency of consumers;
c) Domestic and
international market prices and competitiveness of goods and services.
Article 23. Pricing
methods
1. Pricing methods mean
ways to price goods and services priced by the State following the forms prescribed
in Clause 2 Article 21 of this Law.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
3. Ministers and heads of
ministerial agencies in charge of specific fields and sectors shall take charge
and cooperate with the Minister of Finance of Vietnam and relevant Ministries
and agencies in promulgating pricing methods or request competent authorities
to conduct the promulgation of pricing methods for the following goods and
services:
a) Goods and services
prescribed in Clause 4 Article 3 of this Law;
b) Goods and services
subject to independent pricing methods as prescribed by laws.
Article 24.
Promulgation of documents on pricing or adjustments; documents on regulations
and policies on prices
1. Documents on pricing
and adjustments promulgated by competent state agencies are the main documents.
The promulgation of documents shall be performed as follows:
a) Prepare price schemes;
b) Appraise price
schemes;
c) Present and promulgate
documents on pricing and/or adjustments.
2. Documents on
regulations and policies on prices promulgated by competent state agencies are
legislative documents.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
Section 3. PRICE
NEGOTIATION
Article 25. Criteria
for goods and services subject to price negotiations
1. Not being included in
the list of goods and services priced by the state; not falling into cases subject
to bidding or auction according to laws on procurement and auction.
2. Being exclusive in
purchase or sale, in which sellers and buyers must be irreplaceably dependent
on each other.
Article 26. Price
negotiation principles, competence, and responsibilities
1. Price negotiation
principles:
a) Those that request
price negotiations must be organizations that provide goods and services
purchasing or selling goods and services meeting the criteria prescribed in
Article 25 of this Law;
b) The receipt and
organization of price negotiations must be performed voluntarily and equally in
terms of rights and obligations; sellers and buyers must have written requests
for price negotiations;
c) The price negotiation
process must ensure objectivity, publicity, transparency, and respect for the
rights to pricing of parties requesting the price negotiation.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
a) Ministries and
ministerial agencies shall take charge of price negotiations over the prices of
goods and services under fields within their management scope in which the
sellers, buyers, or both parties are 100% state-owned enterprises prescribed by
laws on management and use of state capital for investment in production and
business at enterprises;
b) Departments shall take
charge of price negotiations over the prices of goods and services under fields
within their management scope in which the sellers and buyers do not fall into
the case prescribed in Point a of this Clause.
If the seller and buyer
are headquartered in 2 different provinces or centrally affiliated cities, they
shall make an agreement on requesting either of the provinces or centrally
affiliated cities to organize the price negotiation.
If the seller and buyer
cannot agree on the host of the price negotiation, the department of specific
fields and sectors in areas where the seller registered for business shall take
charge of the price negotiation. If the seller is a branch of an enterprise,
the department in charge of specific fields and sectors in areas where such
branch is registered for operations shall take charge of the price negotiation.
Article 27. Price
negotiation organization
1. Upon written requests
for a price negotiation of the seller and buyer of goods and services, the price
negotiation agency shall review and assess the fulfillment of criteria of goods
and services following Article 25 of this Law. In case of necessity, the
price negotiation agency shall request related parties to provide additional
information on goods and services in writing.
2. The price negotiation
agency shall organize a price negotiation conference for the seller and buyer
to negotiate over the price based on the cooperation and beneficial balance
between parties. The seller and buyer shall appoint representatives to
participate in the conference in writing.
3. At the price
negotiation conference, the price negotiation agency shall be the intermediary
between the buyer and seller for them to negotiate over the price and not
interfere in the negotiated price.
4. At the price
negotiation conference, if the seller and buyer agree on the price, the
conference ends, and the price negotiation agency shall prepare a minute on the
negotiation result for related parties to sign. The negotiated price shall only
be applied to the purchase, sale, and quantity of goods and services as agreed
by parties in the written request for the price negotiation; the negotiated
price does not hold any value for other cases. The seller and buyer shall take
responsibility for their negotiated price.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
6. The Government of Vietnam shall elaborate on this Article.
Section 4, PRICE
DECLARATION, LISTING, AND REFERENCE
Article 28. Price
declaration
1. A declared price means
the price of goods and services decided by the organization providing goods and
services and is not notified to agencies competent to receive
declarations.
2. Goods and services
subject to price declarations include:
a) Goods and services
included in the list of goods and services subject to price stabilization;
b) Goods and services
whose price brackets and maximum and minimum prices are determined by the State
for organizations to determine specific prices for sale to consumers;
c) Goods and services
priced by enterprises based on reference prices;
d) Other essential goods
and services promulgated by the Government of Vietnam.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
3. Declaration contents
include prices attached with names, types, origins (if any), quality targets
(if any), and reasons for sale price adjustments between each declaration.
4. Declarants are
organizations providing goods and services with business registration according
to laws on enterprises that are entitled to decide prices and included in the
list of agencies competent to receive declarations prescribed in Clause 5 of
this Article.
5. The development and
notification of lists of organizations providing goods and services subject to
price declarations are as follows:
a) Ministries and
ministerial agencies competent to receive declarations shall review and
promulgate the lists of organizations providing goods and services subject to price
declarations at Ministries and ministerial agencies;
b) People’s Committees of
provinces shall review and promulgate lists of organizations providing goods
and services subject to price declarations in their areas that are not included
in lists promulgated by Ministries and ministerial agencies.
6. Organizations
providing goods and services subject to price declarations that price their
goods and services shall perform the first-time declaration or re-declaration
of prices under regulations and take responsibility for their declared prices
and contents.
7. Agencies receiving
declarations shall update information on declared prices to databases on
prices; may use the declared price in the market price summary, analysis, and
forecast as per regulation.
8. The Government of
Vietnam shall elaborate on this Article.
Article 29. Price
listing
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
2. Suppliers of goods and
services shall list prices while ensuring clarity and not confusing customers
regarding purchase and sale prices of goods and services via printing, pasting,
writing information on boards, papers, or printing directly on the packaging of
goods or other forms suitable for actual conditions at the place of sale of
goods or provision of services or posting prices on websites for the
convenience of observing and acknowledging of customers and competent state
agencies.
3. Suppliers shall not
make sales with prices higher than the listed ones; for goods and services
priced by the State, suppliers of goods and services shall list the prices and
strictly comply with such prices when making sales; for goods and services
whose price brackets and minimum and maximum prices are determined by competent
state agencies, suppliers of goods and services shall list the prices and
strictly comply with such prices when making sales. Suppliers of goods and
services shall adjust the listed prices immediately after there are changes to
the prices of goods and services.
Article 30. Reference
prices
1. Reference prices are
the prices of goods and services in the domestic and international markets
disclosed by competent organizations or agencies for agencies and suppliers of
goods and services to use them for agreements and decisions on prices of goods
and services.
2. The Government of
Vietnam shall decide on goods and services that apply reference prices and
stipulate the disclosure and use of such prices.
Section 5. INSPECTION
OF PRICE DETERMINANTS
Article 31. Purposes
and requirements for the inspection of price determinants
1. The inspection of price
determinants shall be performed by competent state agencies to review and
assess the rationality and validity of price determinants, supply and demand
for goods and services to identify factors impacting the prices of goods and
services for consideration and decisions on the implementation of appropriate
measures to manage and regulate prices.
2. The inspection of
price determinants shall be performed in the following cases:
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
b) Prices of other goods
and services have abnormal fluctuations during emergencies, incidents,
tragedies, natural disasters, epidemics, or under directives of the Prime
Minister of Vietnam, Ministers, Heads of ministerial agencies, or Chairpersons
of People's Committees of Vietnam serving price management and regulation.
Article 32. Competence
and responsibility for price-determinant inspection
1. Ministries and
ministerial agencies in charge of specific fields and sectors shall inspect
price determinants for goods and services in fields within their scope of
professional management and assign inspection tasks to professional agencies and
their affiliates for implementation.
2. People’s Committees of
provinces shall inspect price determinants for goods and services within their
management scope by areas and assign inspection tasks to professional agencies
and their affiliates for implementation.
Article 33.
Implementation of inspection of price determinants
1. The inspection of
price determinants shall ensure publicity and transparency while limiting
impacts on the production and business of organizations and individuals;
identify inspection subjects and time. At the end of the inspection, inspection
agencies shall report to competent authorities on the results of the inspection
of price determinants.
2. Regulations on the
implementation of price-determinant inspection are as follows:
a) State agencies
competent to perform price-determinant inspection shall send written
notifications of the inspection to suppliers of goods and services;
b) Organizations and
individuals subject to price-determinant inspection shall adequately provide
information, documents, and certificates related to price determinants;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
d) At the end of the
inspection, inspection agencies shall prepare reports on the results of the
price-determinant inspection and propose appropriate measures. The preparation
of reports on inspection results shall be performed within 10 days after the
end of the inspection. Reports on price-determinant inspection results
shall include purposes, requirements, inspection subjects, and inspection
results and reasons.
3. During the inspection,
if violations are detected, inspection agencies shall handle of transfer the issue
to competent agencies for handling as prescribed by laws.
Chapter V
MARKET PRICE SUMMARY, ANALYSIS, FORECAST
AND DATABASES ON PRICES
Article 34. Market
price summary, analysis, and forecast
1. Market price
summary, analysis, and forecast mean the collection and summary of information
and data on prices of assets, goods, and services in a period of the stage for
analysis, assessment, and forecast regarding the trend of fluctuations of the
market price to propose directions, solutions, and measures to manage and
regulate prices.
2. Regulations on market
price summary, analysis, and forecast are as follows:
a) Organize the
collection and analysis of prices of assets, goods, and services on the market;
b) Develop reports on price
market summary, analysis, and forecast in each stage and period in association
with the objective for inflation control;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
Article 35. Market
price summary, analysis, and forecast principles
1. Being performed
regularly, continuously, and promptly.
2. Ensuring adequacy and
accuracy based on the application of information technology regarding the
summary and analysis of data.
3. Being performed
scientifically in association with the application of information technology
and requirements for price management and regulation regarding the market price
forecast.
Article 36. Reports on
market price summary, analysis, and forecast
1. Reports on market
price summary, analysis, and forecast include:
a) Summary of market
prices and the development of domestic and international market prices of goods
and services serving the requirement for state management of prices; analysis
of reasons for market price fluctuations; assessment of impacts on domestic and
international socio-economic situations and the price management and
regulation;
b) Price management and
regulation operations of the State;
c) Forecasts for the
trend of fluctuations of market prices of essential goods and services;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
dd) Solutions and
measures to manage and regulate prices.
2. The Minister of Finance of Vietnam shall stipulate price
market summary, analysis, and forecast operations.
Article 37.
Responsibilities of agencies and units performing market price summary,
analysis, and forecast
1. The Ministry of
Finance of Vietnam shall take charge and cooperate with Ministries, central
authorities, and People's Committees of provinces in implementing price market
summary, analysis, and forecast operations for research and counseling for the
Government of Vietnam regarding solutions to price regulation according to
their functions and assigned tasks.
2. Ministries and central
authorities shall cooperate with the Ministry of Finance of Vietnam in
implementing market price summary, analysis, and forecast operations in fields
under their management according to the regulations of the Government of Vietnam.
3. People’s Committees of
provinces shall implement market price summary, analysis, and forecast
operations in their areas under the guidance of the Ministry of Finance of
Vietnam.
Article 38. Databases
on prices
1. Databases on prices
include the National Database on Prices and local databases on prices.
2.
The National Database on Prices, uniformly managed by the Ministry of Finance
of Vietnam, is developed to serve the state management of prices, valuation,
and other social needs. Information provided from the National Database on
Prices is one of the sources of information serving the state management and
social needs. Organizations and
individuals that wish for information from the National Database on Prices
shall pay the prices for services according to the regulations of the Ministry
of Finance of Vietnam.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
4. Ministries,
ministerial agencies, People's Committees of provinces, and valuation
enterprises shall update information and data on prices to the National
Database on Prices. The collection, archive, handling, protection, utilization,
and use of databases on prices shall be in association with the application of
information technology. Organizations and individuals are encouraged to
participate in the development of databases on prices.
5. The Government of
Vietnam shall elaborate on the development, management, update, and utilization
of databases on prices.
Article 39. Funding
for market price summary, analysis, and forecast and databases on prices
1. Funding for market
price summary, analysis, forecast operations, and price management and
regulation is allocated in the state budget estimates of agencies and units
assigned to perform the tasks.
2. Funding for investment
in the development, maintenance, upgrade, management, and operation of databases
on prices is covered by the state budget according to decentralization and
other legal funding sources as prescribed by laws.
Agencies assigned to
manage databases on prices shall prepare budget estimates for the development,
maintenance, upgrade, management, and operation for presentation to competent
authorities for approval according to laws on the state budget.
3. The Ministry of
Finance of Vietnam shall elaborate on this Article.
Chapter VI
VALUATION
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
Article 40. Valuation
operations
1. Valuation operations
include the provision of valuation services and valuation operations of the
State.
2. The provision of
valuation services shall be performed by valuation enterprises and concluded
under civil contracts; valuation operations of the State shall be performed by
valuation councils according to decisions of competent agencies, organizations,
and persons prescribed in Article 59 of this Law.
Article 41. Valuation
principles
1. Complying with laws and
Valuation Standards of Vietnam.
2. Ensuring objectivity,
honesty, publicity, and efficiency.
3. Taking
responsibilities for valuation operations as prescribed by laws.
Article 42. Valuation
Standards of Vietnam
1. Valuation Standards of
Vietnam are regulations and guidelines on specialties and professional ethics
in valuation operations.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
Article 43. Valuation
occupational associations
1. Valuation occupational
associations are established and operated under laws on associations and shall
comply with the Law on Prices and relevant laws.
2. Valuation occupational
associations may provide professional training in valuation and advanced
training in professional knowledge of valuation, issue certificates of course completion,
and perform operations related to valuation according to the regulations of the
Minister of Finance of Vietnam.
Section 2. VALUATION
SERVICES
Article 44. Valuer
cards
1. Valuer cards are
professional certificates in asset or enterprise valuation issued to qualified
persons at the exam for valuer cards.
2. Participants of the
exam for valuer cards shall:
a) Have full legal
capacity;
b) Have at least a
bachelor’s degree;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
3. The Minister of Finance of Vietnam shall stipulate the exam,
issuance, management, and revocation of valuer cards.
Article 45. Valuation
practice registration
1. Persons with valuer
cards registering valuation practice shall:
a) Have full legal
capacity;
b) Have valid labor
contracts as prescribed by laws on labor with enterprises that they are
registering valuation practice, except for cases where persons with valuer
cards are legal representatives of enterprises;
c) Have a total actual
working time at valuation enterprises or price and valuation authorities at the
university level or higher of at least 36 months. In case of working at the
university level or higher concerning prices or valuation under the program on
orientation and application according to laws, the total actual working time at
valuation enterprises or price and valuation authorities shall be at least 24
months.
dd) Have updated
knowledge of valuation according to regulations of the Ministry of Finance of
Vietnam, except for cases where valuer cards are issued for less than 1 year at
the time of practice registration;
dd) Not be specified in
Clause 2 of this Article.
2. Persons banned from
valuation practice:
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
b) Persons currently
banned from valuation practice under effective judgments of decisions of
Courts; persons currently under prosecution or trial according to laws on
criminal procedures; persons with unspent convictions for crimes against
regulations on the economy or positions related to finance, prices, or
valuation; persons currently under administrative education measures in
communes, wards, or commune-level towns; persons currently subject to mandatory
transfer to rehabilitation or education centers;
c) Persons currently
subject to revocation of valuer cards according to decisions on penalties for
administrative violations of competent persons according to laws on handling of
administrative violations.
3. Persons with valuer cards
eligible for valuation registration according to Clause 1 of this Article shall
register valuation practice with the Ministry of Finance of Vietnam via
valuation enterprises to be announced as valuers of such valuation enterprises.
Persons with valuer cards in enterprise valuation may register their
practice in 2 fields specified in Clause 1 Article 44 of this Law.
Persons with valuer cards shall not register their practice at 2 or more
enterprises at the same time.
4. The Government of Vietnam shall stipulate the procedure and
application for valuation practice registration.
Article 46. Valuers
1. Valuers are persons
with valuer cards who have registered for valuation practice and are announced
as valuers by the Ministry of Finance of Vietnam.
2. During valuation
practice, valuers shall maintain the requirements for valuation practice
registration prescribed in Clause 1 Article 45 of this Law. Valuation
enterprises shall promptly submit reports to the Ministry of Finance of Vietnam
in cases of fluctuations in valuers because such valuers fail to maintain the
requirements for valuation practice registration or due to changes to practice
registration locations.
3. Regulations on lists
of valuers:
a) Lists of valuers shall
be announced annually before January 1 of the announcement year;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
c) Lists of valuers shall
be announced when enterprises are issued or re-issued with certificates of
eligibility for valuation services;
Article 47. Rights and
obligations of valuers
1. Valuers may:
a) Practice valuation
according to this Law; sign certificates of valuations and reports on valuation
by their professional field; practice without having to meet requirements for
additional certificates or professional requirements other than those
prescribed in this Law;
b) Provide independent
viewpoints on professional expertise;
c) Request customers to
cooperate in providing documents related to assets subject to valuation and
facilitating the valuation; not be responsible for the accuracy of information
on assets subject to valuation provided by customers;
d) Refuse to perform
valuation in case of improper professional field for practice or inadequate or
unreliable documents for valuation performance;
dd) Participate in
domestic or foreign occupational organizations for valuation as prescribed by
laws;
e) Exercise other rights
as prescribed by laws.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
a) Comply with this Law
and relevant laws;
b) Ensure the
independence of their professional expertise, honesty, objectivity, and
accuracy during asset valuation; take professional responsibility during the
implementation and ensure that reports on valuation comply with the Valuation
Standards of Vietnam;
c) Provide explanations
or protection of contents of their valuation reports for their customers or
third parties permitted to use such reports under valuation contracts upon
requests; provide explanations for their valuation reports for competent state
agencies upon requests as prescribed by laws;
d) Participate in
programs on updates on knowledge of valuation as per regulation;
dd) Prepare valuation
documentation as prescribed by laws;
e) Perform other
obligations as prescribed by laws.
Article 48. Valuation
enterprises
1. Valuation enterprises
are enterprises established and registered for valuation service provision
according to laws on enterprises with certificates of eligibility for valuation
services issued by the Ministry of Finance of Vietnam under this Law.
2. Persons who resigned
from positions and entitlements in the state management of prices shall not
establish or hold positions or titles of managers or operators at valuation
enterprises during the period prescribed by laws on prevention and combat
against corruption.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
1. An enterprise applying
for a certificate of eligibility for valuation services shall have at least 5
persons with valuer cards meeting the requirements prescribed in Clause 1
Article 45 of this Law registering valuation practice at that enterprise and meet
the following conditions:
a) Regarding private
enterprises, single-member limited liability companies, and partnerships,
owners, directors, or general directors of private enterprises; legal representatives,
directors, or general directors of single-member limited liability companies
and partnerships shall meet the requirements prescribed in Article 51 of this
Law. Owners of single-member limited liability companies that are individuals
and members of partnerships shall be persons with valuer cards registering
their practice at such enterprises;
b) Regarding limited
liability companies with 2 or more members and joint stock companies, legal
representatives, directors, or general directors of such enterprises shall meet
the requirements prescribed in Article 51 of this Law. At the same time, such
enterprises shall have at least 2 capital contributors or 2 shareholders that
are persons with valuer cards registering their practice at such enterprises.
If the capital
contributors or shareholders are organizations, the authorized representatives
of capital contribution organizations shall be persons with valuer cards
registering their practice at the enterprises; the total capital contribution
of members that are organizations shall not exceed 35% of the charter capital.
The total capital contrition of members or shareholders that are persons
with valuer cards registering their practice at the enterprises shall account
for at least 50% of the charter capital of enterprises.
2. If certificates of
eligibility for valuation services are lost, damaged, or have their information
altered compared to the information displayed on such certificates, valuation
enterprises shall perform the procedure for re-issuance of certificates of
eligibility for valuation services.
3. The Government of
Vietnam shall stipulate regulations on applications and procedures for issuance
and re-issuance of certificates of eligibility for valuation services.
Article 50. Branches of
valuation enterprises
1. Branches of valuation
enterprises are dependent units of such enterprises, established under laws on
enterprises satisfying requirements prescribed in Clause 2 of this Article and
written on certificates of eligibility for valuation services.
2. Branches of valuation
enterprises shall meet the following requirements:
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
b) Heads of branches must
be persons with valuer cards who meet the requirements for practice
registration according to Clause 1 Article 45 of this Law registering their
practice at such branches.
3. Branches of valuation
enterprises may perform valuation according to written documents of valuation
enterprises and issue valuation certificates and reports for valuation
contracts they concluded with the customers.
4. Valuation enterprises
shall take responsibility for the provision of valuation services of their
branches.
Article 51. Legal
representatives, directors or general directors of valuation enterprises, and
heads of branches of valuation enterprises
1. Legal representatives,
directors, or general directors of valuation enterprises shall:
a) Be the legal
representatives, directors, or general directors written on certificates of enterprise
registration;
b) Be valuers at their
enterprises;
c) Have at least 36
months of working time as valuers;
d) Maintain the
requirements prescribed in Points a, b, d, and dd Clause 1 Article 45 of this
Law;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
2. Names of legal
representatives, directors or general directors of valuation enterprises, and
heads of branches of valuation enterprises shall be written on certificates of
eligibility for valuation services issued to valuation enterprises.
Article 52. Operational
requirements for valuation enterprises and their branches
1. Valuation enterprises
shall have certificates of eligibility for valuation services while ensuring
the maintenance of requirements prescribed in Article 49 and Article 50 of this
Law.
2. Within 10 days after
failing to meet one of the requirements prescribed in Article 49 and Article 50
of this Law, valuation enterprises shall submit reports to the Ministry of
Finance of Vietnam while remedying such matter within 3 months from the date of
failure.
3. During the remedial
period, as prescribed in Clause 2 of this Article, the provision of valuation
services of valuation enterprises and their branches shall be performed as
follows:
a) In case legal
representatives of enterprises are no longer valuers at such enterprises or no
longer meet the requirements prescribed in Points a, b, d, and dd Clause 1
Article 45 of this Law, valuation enterprises and their branches shall not
issue valuation certificates and/or reports. In case heads of branches of
valuation enterprises are no longer valuers at such enterprises or no longer
meet the requirements prescribed in Points a, b, d, and dd Clause 1 Article 45
of this Law, valuation enterprises and their branches shall not issue valuation
certificates and/or reports.
b) In case of having an
insufficient number of valuers but not falling into cases prescribed in Point a
of this Clause, valuation enterprises and their branches may issue valuation
certificates and/or reports for valuation contracts concluded when they are
sufficient in terms of the number of valuers, but shall not conclude new
valuation contracts.
4. After 3 months from
the date of failure to meet the requirements prescribed in Article 49 and
Article 50 of this Law, valuation enterprises that fail to remedy the
operational requirements for valuation services shall be suspended from
providing such services or have their certificates of eligibility for valuation
services revoked under Article 54 of this Law. Branches of valuation
enterprises that fail to remedy the operational requirements for valuation
services shall be removed from the certificates of eligibility for valuation
services.
Article 53. Rights and
duties of valuation enterprises
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
a) Provide valuation services
under this Law;
b) Participate in
domestic and foreign occupational associations or organizations for valuation
as prescribed by laws;
c) Request customers to
provide documents and data related to assets subject to valuation and
facilitate the implementation of the valuation;
d) Refuse to provide
valuation services;
dd) Exercise other rights
as prescribed by laws.
2. Valuation enterprises
shall:
a) Comply with
regulations on valuation operations of this Law;
b) Perform valuation by
the correct valuation contracts and permitted fields of expertise; allocate
valuers or persons with sufficient expertise to perform valuation by concluded
contracts; facilitate valuers to perform valuation independently and
objectively;
c) Develop and organize
the quality control of valuation reports to issue and provide valuation
certificates to their customers;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
dd) Compensate for damage
as prescribed by laws due to violations of agreements in valuation contracts or
in cases where the valuation operations harm the benefits of agencies,
organizations, and individuals due to incompliance with regulations on
valuation;
e) Purchase occupational
responsibility insurance for valuation operations or extract and establish
provision for occupational risks according to regulations of the Minister of
Finance of Vietnam;
g) Manage and supervise
valuation operations of valuers at enterprises;
h) Adequately implement
regulations on reports on valuation operations as per regulation of the
Minister of Finance of Vietnam
i) Preserve and archive
documentation on valuation safely, sufficiently, and legally, ensuring its
confidentiality according to laws on archives;
k) Perform other
obligation as prescribed by laws.
Article 54. Suspension
of valuation service provision and revocation of certificates of eligibility
for valuation services
1. Valuation enterprises
shall be suspended from providing valuation services when they fall into one of
the following cases:
a) Failing to meet one of
the requirements prescribed in Clause 1 Article 49 of this Law in 3 consecutive
months;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
c) Other cases of
operational suspension according to laws on enterprises and handling of
administrative and criminal violations.
2. Valuation enterprises
shall be suspended from providing valuation services when they fall into one of
the following cases:
a) Providing false
declarations or forging applications for issuance or re-issuance of
certificates of eligibility for valuation services;
b) Failing to issue
valuation certificates and reports in 12 consecutive months;
c) Failing to remedy
violations against regulations prescribed in Point a Clause 1 of this Article
within 60 days after being suspended from providing valuation services;
d) Self-terminating their
provision of valuation services;
dd) Having their
certificates of business registration or certificates of enterprise
registration revoked.
3. During the suspension
period of valuation service provision, valuation enterprises shall not conclude
any valuation contract and shall not issue any valuation certificate. Valuation
enterprises that have their certificates of eligibility for valuation services
revoked shall terminate the provision of such services from the effective date
of revocation decisions.
Legal representatives of
valuation enterprises shall, during the revocation of certificates of
eligibility for valuation services, continue to archive the documentation on
valuation of such enterprises as prescribed in Point i Clause 2 Article 53 of
this Law.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
Article 55. Valuation
certificates and reports
1. Valuation certificates
shall be signed by valuers who perform the valuation, signed and sealed by
legal representatives of valuation enterprises or heads of branches of such
enterprises.
2. Valuation reports
shall be signed by valuers who perform the valuation, approved by legal
representatives of valuation enterprises or heads of branches of such
enterprises, and inseparable from valuation certificates.
3. Legal representatives
of valuation enterprises may authorize managers of such enterprises under laws
on enterprises to sign valuation certificates and consider approving valuation
reports. Authorized persons shall be valuers at enterprises.
4. Valuation certificates
and reports are used as one of the grounds for customers, relevant
organizations, and individuals written in valuation contracts to consider
deciding or approving prices of assets. Valuation certificates and reports may
only be used in their validity period for the intended purposes in association
with the information on assets and the number of assets prescribed in valuation
contracts.
5. Valuation certificates
shall be updated to the National Database on Prices according to regulations of
the Ministry of Finance of Vietnam, except for cases subject to the list of
state secrets.
Article 56. Rights and
obligations of customers, relevant organizations, and individuals written in
valuation contracts
1. Organizations and
individuals may select valuation enterprises eligible for practice as
prescribed by laws to conclude valuation contracts.
2. Customers, relevant
organizations, and individuals (if any) written in valuation contracts may:
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
b) Refuse to provide
information and documents unrelated to valuation or assets subject to
valuation;
c) Request the
replacement of valuers when there are grounds suggesting that such valuers
violate the Valuation Standards of Vietnam and the honest, independent,
objective operational principles during their performance;
d) Request valuation
enterprises to provide valuation certificates and reports; compensation in case
such enterprises cause damage due to violations;
dd) Consider deciding on
the use of valuation certificates and reports;
e) Exercise other rights
as prescribed by laws.
3. Customers, relevant
organizations, and individuals (if any) written in valuation contracts shall:
a) Adequately,
accurately, honestly, promptly, and objectively provide information and
documents related to assets subject to valuation upon requests from valuation
enterprises and take legal responsibility for the provided information and
documents;
b) Cooperate and
facilitate valuers to perform the valuation;
c) Promptly, adequately,
and accurately notify competent state agencies of law violations and contract
violations during the performance of valuers and of valuation enterprises;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
dd) Take responsibility
for the use of valuation certificates and reports in deciding and approving
prices of assets. Valuation certificates and reports shall be used in their
validity period for the intended purposes of valuation in association with the
assets and number of assets prescribed in valuation contracts;
e) Perform other
obligations as prescribed by laws.
Article 57. Valuation
service pricing
Prices for valuation
services shall be written in valuation contracts and implemented as civil
transactions between valuation enterprises with their customers, ensuring
principles of offsetting actual costs reasonably for the adequate
implementation of operations within the scope of work prescribed in the
Valuation Standards of Vietnam.
Article 58. Methods of
settling disputes over valuation contracts
1. Negotiating and
mediating based on commitments written in valuation contracts.
2. Settling via
commercial arbitration.
3. Filing lawsuits at
Courts under civil procedure laws.
Section 3. STATE
VALUATION
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
1. State valuation is
selected for implementation in cases prescribed by laws where the use of such a
method is one of the bases for competent agencies, organizations, and persons
to consider deciding or approving the prices when selling, liquidating,
leasing, joint venturing, associating, and transferring public assets or
purchasing and renting goods, services, and assets with funding from the state.
2. Competent agencies,
organizations, and persons prescribed in Clause 1 of this Article, when
selecting the method of State valuation, shall establish valuation councils to
implement the mentioned method.
3. Valuation operations
of the State are not applicable to goods and services included in the list of
goods and services priced by the State.
Article
60. Valuation councils
1. A valuation council
shall have at least 3 members who are officials, public employees, or employees
under the management and utilization of the person establishing the council,
including the chairperson of such valuation council. In case of necessity, it
is possible to hire persons with professional certificates prescribed in Clause
2 of this Article as members of the valuation council.
2. At least 50% of the
members, including the chairperson, of a valuation council shall have one of
the following professional certificates:
a) College diplomas or higher
concerning prices and/or valuation;
b) Valuer cards;
c) Certificates of
professional training in valuation;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
3. Operational principles
of a valuation council:
a) The valuation council
shall operate under principles of collective and decision by majority.
Valuation meeting sessions may only be held when at least 2/3 or more of the
members of the valuation council participate, and such meeting sessions shall
be administrated by the chairperson. Before the organization of any meeting
session, absent members shall have written documents sent to the chairperson of
the valuation council specifying the reason for their absence enclosed with
their independent opinions on issues related to prices of assets subject to
valuation. If the valuation council only has 3 members, its meeting session
shall have such 3 members;
b) The valuation council
shall prepare meeting minutes and valuation reports and provide notifications
of the valuation results based on the majority votes of its members at the
meeting sessions. In case of equal votes, the chairperson shall have the
casting vote on the value of assets subject to valuation. Members of the
valuation council may reserve their opinions if they disagree with the value of
assets decided by the council, such opinions shall be written in meeting
minutes;
c) The valuation council,
established under Clause 1 of this Article, shall self-dissolute after
completing the tasks prescribed in the decision on council establishment. In
cases of issues arising after the dissolution, competent agencies shall
establish other councils to take charge of the handling;
d) The valuation council
may use the seal of the agency that decides on its establishment or the agency
where its chairperson works.
Article 61. Rights and
obligations of competent agencies, organizations, and persons establishing
valuation councils
1. Competent agencies,
organizations, and persons establishing valuation councils may:
a) Select individuals
meeting the requirements prescribed in Clause 1 and Clause 2 Article 60 of this
Law to participate in valuation councils;
b) Hire persons meeting
the requirements prescribed in Clause 2 Article 60 of this Law to participate
in valuation councils;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
d) Request valuation
councils to explain contents in valuation councils and provide notifications of
valuation results.
2. Competent agencies,
organizations, and persons establishing valuation councils shall:
a) Arrange locations and
time and budget for valuation councils and their assisting teams (if any) to
perform valuation;
b) Preserve and archive
valuation documentation as prescribed by laws;
c) Update notifications
of valuation results to databases on prices, except for cases subject to the
list of state secrets;
d) Create favorable
conditions for participants of valuation councils to update their knowledge
about state valuation.
Article 62. Rights and
obligations of valuation councils
1. Valuation councils
may:
a) Request the provision
of necessary information, documents, and resources for the valuation;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
c) Consider deciding on
the use of the results of counseling units and/or valuation enterprises;
d) Report on the shortage
of information and documents for valuation implementation to competent
authorities;
dd) Exercise other rights
as prescribed by laws.
2. Valuation councils
shall:
a) Ensure the
independence of their professional expertise, honesty, objectivity, and
accuracy during asset valuation and take responsibility to ensure that
valuation operations comply with the Valuation Standards of Vietnam;
b) Review and assess
compliance with regulations on collection and analysis of information,
selection of valuation methods, and preparation of valuation certificates and
reports in case of hiring other parties to perform the valuation partly or
wholly;
c) Ensure information
confidentiality as prescribed by laws;
d) Perform other
obligation as prescribed by laws.
Article 63. Rights and
obligations of members of valuation councils
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
a) Access relevant
information and documents for valuation;
b) Provide comments and
assessments during the valuation process;
c) Cast votes to
determine the value of assets subject to valuation; in case of different
opinions, reserve their opinions for inclusion in meeting minutes of
valuations;
d) Enjoy benefits and
policies according to laws on valuation and relevant laws;
dd) Exercise other rights
as prescribed by laws.
2. Members of valuation
councils shall:
a) Comply with the
valuation procedure as per regulation;
b) Ensure the
independence of their professional expertise, honesty, objectivity, and
accuracy during asset valuation; take responsibility for the quality and
sufficiency of notifications of valuation results and valuation reports; take
responsibility for their comments and assessments as prescribed in Point b and
Point c Clause 1 of this Article;
c) Update professional
knowledge about valuation;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
dd) Perform other obligation
as prescribed by laws.
Article 64.
Notifications of valuation results and reports on valuation
1. Notifications of
valuation results and reports on valuation may be used as the basis for
counseling for competent agencies, organizations, and persons to consider
deciding or approving the prices according to relevant laws.
2. The validity periods
of notifications of valuation results and reports on valuation are prescribed
in the Valuation Standards of Vietnam. Notifications of valuation results and reports
on valuation may only be used in their validity periods for the intended
purposes of valuation in association with the type of assets and number of
assets prescribed in documents assigning valuation tasks.
Article 65. Valuation
costs
1. The costs of valuation
operations of valuation councils and their assisting teams (if any) shall be
covered by the funding from the state budget of competent agencies establishing
such councils, except for cases prescribed in Clause 2 of this Article. The
Ministry of Finance of Vietnam shall provide specific guidelines for costs for
valuation operations of valuation councils.
2. In case of valuation
during the sale, liquidation, lease, joint venture, association, or transfer of
public assets, the costs for such valuation operations of valuation councils
and their assisting teams (if any) shall comply with relevant laws.
Article 66. Dossiers
on valuation of the State
1. A valuation dossier
includes:
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
b) Information and
documents on assets subject to valuation;
c) Decisions on valuation
council establishment;
d) Documents collected
and analyzed by the valuation council during the valuation process; reports of
experts and certificates of valuation enclosed with reports on valuation of
valuation enterprises (if any);
dd) Meeting minutes of
the valuation council; reports on valuation and notifications of valuation
results of the valuation council;
e) Other documents
related to valuation (if any).
2. Valuation councils
shall hand over documents related to their valuation operations to agencies,
organizations, and persons competent to establish valuation councils for
archives.
Chapter VII
PROFESSIONAL INSPECTION OF PRICES AND
COMPLIANCE WITH LAWS ON PRICES AND VALUATION
Article 67. Inspection
purposes
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
2. Inspection of
compliance with laws on prices and valuation if for the purposes of improving
discipline, creating positive influences on the price management and
regulation; acknowledging existences and limitations to study and request
amendments to legislative documents on prices and valuation; preventing,
detecting, and handling violations against laws on prices and valuation.
Article 68. Inspection
principles
1. The inspection shall
ensure compliance with principles prescribed by laws on inspection.
2. The inspection of
compliance with laws on prices and valuation shall:
a) Be performed under
plans or directives of competent authorities or upon detection of violations or
signs of violations;
b) Not be overlapped in
terms of scope and time regarding inspection, state audit, or examination in
the same field for one unit;
c) Ensure objectivity,
publicity, transparency, and compliance with entitlements and procedures as
prescribed by laws;
d) Prevent obstructions
and effects on the operations of inspection subjects.
Article 69. Inspection
period
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
2. Inspection periods are
determined in inspection decisions and shall not be more than 10 days from the
date of announcing inspection decisions; in case of large inspection scope with
complicated contents, it is possible to extend the inspection periods once, but
it shall not be more than 10 days. Inspection minutes shall be prepared within
5 days after the inspection periods end.
Article 70. Inspection
responsibility
1. Financial inspection
agencies shall perform the professional inspection of prices under laws on
inspection.
2. The Ministry of Finance of Vietnam, Ministries, ministerial
agencies, and People's Committees of provinces shall inspect compliance with
laws on prices and valuation and assign inspection tasks to professional
agencies and affiliates.
The Ministry of Finance
of Vietnam shall stipulate the procedure for inspecting compliance with laws on
prices and valuation.
Article 71. Report on
inspection results and handling responsibility
1. Reports on inspection
results and handling responsibility shall comply with laws on inspection
2. Reports on inspection
results shall specify the results of the inspection; propose contents of
economic, administrative, and legal suggestions (if any) to inspection
subjects; suggest amendments to policies and legislative documents (if any);
request competent agencies to monitor, urge, and supervise the conclusion of
inspections, suggestions, and handling decisions on inspection (if any).
Article 72. Handling
of violations against laws on prices and valuation
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
2. Organizations and/or
individuals violating this Law shall, aside from being handled as prescribed in
Clause 1 of this Article, have their information on violations against laws on
prices and valuation posted on mass media.
3. The Government of Vietnam shall elaborate on regulations on
handling of administrative violations concerning prices and disclosure of
information on violations against laws on prices and valuation on mass media.
Chapter VIII
IMPLEMENTATION PROVISIONS13
Article 73. Amendment,
replacement, and annulment of several clauses and articles of relevant laws
1. Amendments and annulment of several Clauses and Articles of
the Law on Vietnam Civil Aviation No. 66/2006/QH11 amended by Law No. 45/2013/QH13
and Law No. 61/2014/QH13:
a) Amendments to Clause 3
and Clause 4 Article 11 are as follows:
“3. Prices for aviation
services:
a) Prices for takeoff and
landing services; prices for the administration services for arrival and departure
flights; prices for aviation security assurance services; prices for
administration services for flights through flight notification regions managed
by Vietnam; prices for customer services at airports and airfields;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
c) Transfer of rights to
utilize aviation services at airports and airfields, including passenger
terminals; airport terminals, goods warehouses; territorial
technical-commercial services; repair and maintenance of aviation vehicles and
equipment; aviation techniques; provision of aviation meals; provision of
aviation fuel;
d) Other aviation
services.
4. Prices for
non-aviation services:
a) Ground rental
services, essential basic services at airports and airfields;
b) Other non-aviation
services.”;
b) Amendments to Clause 6
Article 11 are as follows:
“6. The pricing of
the State for goods and services prescribed in Points a, b, and c Clause 3 and
Point a Clause 4 of this Article shall comply with laws on prices. Enterprises
shall declare and list the prices of goods and services according to Clause 3
and Clause 4 of this Article under laws on prices.”.
c) Clause 7 and Clause 8
of Article 11 are annulled;
d) Amendments to Clause 2
Article 116 are as follows:
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
2. Amendments to Clause 2 and Clause 3 Article 90 of the
Vietnam Maritime Code No. 95/2015/QH13 amended by Law No. 35/2018/QH14 are as
follows:
“2. Prices for port
services:
a) Prices for container loading
and unloading services; prices for pilotage services; prices for the use of
wharves, terminals, and anchor buoys; prices for vessel towage services;
b) Prices for other port
services.
3. The pricing of
services prescribed in Point a Clause 2 of this Article shall comply with laws
on prices.”.
3. Amendments to several Articles of the Law on Railway
Transport No. 06/2017/QH14 amended by Law No. 35/2018/QH14 are as follows:
a) Amendments to Clause 1
Article 56 are as follows:
“1. Prices for transport of
passengers, luggage, and cargoes on national railways shall be decided by rail
transport enterprises; prices for transport of passengers, luggage, and cargoes
on urban railways shall be decided by People’s Committees of provinces under
laws on prices; prices for transport services on dedicated railways shall be
decided by dedicated railway enterprises.”;
b) Amendments to Point a
Clause 2 Article 67 are as follows:
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
4. Amendments to Clause 3 and Clause 4 Article 90 of the Law
on Forestry No. 16/2017/QH14 are as follows:
“3. The Minister of
Agriculture and Rural Development of Vietnam shall stipulate methods of forest
valuation; price brackets of public production forests, protection forests, and
reserve forests.
4. People’s Committees of
provinces shall decide the forest price brackets in areas under their
management.”.
5. Amendments to Clause 2 and Clause 3 Article 35 of the Law
on Irrigation No. 08/2017/QH14 amended by Law No. 35/2018/QH14, Law No.
59/2020/QH14, and Law No. 72/2020/QH14 are as follows:
“2. Competence to price
irrigation products and services for irrigation works funded by the state:
a) Regarding irrigation
products and public services subject to the order method:
The Ministry of Finance
of Vietnam shall determine the maximum prices for irrigation products and
public services under the management of the Ministry of Agriculture and Rural
Development of Vietnam;
The Ministry of
Agriculture and Rural Development of Vietnam shall determine the specific
prices for irrigation products and public services under its management based
on the maximum prices promulgated by the Ministry of Finance of Vietnam;
People’s Committees of
provinces shall determine the specific prices for irrigation products and
public services under their management.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
The Ministry of Finance
of Vietnam shall decide on the price brackets of other irrigation products and
services under the management of the Ministry of Agriculture and Rural
Development of Vietnam;
The Ministry of
Agriculture and Rural Development of Vietnam shall determine the specific
prices for other irrigation products and services under its management based on
the price brackets promulgated by the Ministry of Finance of Vietnam;
People’s Committees of
provinces shall determine the specific prices for other irrigation products and
services under their management.
3. Regarding
public-private partnership-invested irrigation works and irrigation works with
non-state funding, the prices for irrigation products and services are
determined by contracts between parties.”.
6. Amendments to Clause 6 Article 83 of the Law on Road
Traffic No. 23/2008/QH12 amended by Law No. 35/2018/QH14 and Law No.
44/2019/QH14 are as follows:
“6. People’s Committees
of provinces shall price services of motor vehicles entering and existing motor
vehicle stations based on the types of motor vehicle stations under laws on
prices.”.
7. Amendments to Clause 6 Article 79 of the Law on
Environmental Protection No. 72/2020/QH14 amended by Law No. 11/2022/QH15 are
as follows:
“6. People’s Committees
of provinces shall elaborate on the management of domestic solid waste of
households and individuals in their areas; impose specific charges for domestic
solid waste collection, transport, and treatment services based on the weight
or volume of the sorted waste; price domestic waste collection, transport, and
treatment services under laws on prices.”.
8. Amendments to Clause 2 Article 31 of the Law on Electricity
No. 28/2004/QH11 amended by Law No. 24/2012/QH13, Law No. 28/2018/QH14, and Law
No. 03/2022/QH15 are as follows:
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
9. Amendments to the Law on Notarization No. 53/2014/QH14
amended by Law No. 28/2018/QH14 are as follows:
a) Amendments to Article
67 are as follows:
“Article 57. Prices for
on-demand notarization-related services
1. Notarization
requesters shall pay prices for on-demand notarization-related services when
requesting notarial practice organizations to draft contracts or transactions,
typewrite or make copies, translate papers or documents, or perform other
notarial jobs.
2. People’s Committee of
provinces shall determine the maximum prices for on-demand notarization-related
services applicable to local notarial practice organizations. Notarial practice
organizations shall determine specific prices for each job, which must not
exceed the maximum prices promulgated by People’s Committees of provinces, and
shall publicly post up such prices at their headquarters. Notarial practice
organizations that collect payments for prices for on-demand
notarization-related services higher than the maximum and posted prices shall
be handled as prescribed by laws.
3. Notarial practice
organizations shall explain the prices for on-demand notarization-related
services to notarization requesters.”;
b) The Phrase
“remuneration” is replaced with the phrase “prices for on-demand
notarization-related services” in Point dd Clause 1 Article 7, Clause 5 Article
22, Clause 2 Article 32, Clause 4 Article 33, Point dd Clause 1 Article 70, and
the name of Chapter VII.
10.
Amendments and annulment of several
Clauses and Articles of the Law on Property Auction No. 01/2016/QH14:
a) Amendments to the name
and Clause 1 of Article 66 are as follows:
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
1. Auction prices and
property auction expenses shall be agreed upon by the property seller and
property auction organization in the property auction service contract. In case
of auction of property prescribed in Clause 1 Article 4 of this Law, auction
prices shall be in compliance with laws on prices.”;
b) The phrase “auction
remuneration” is replaced with the phrase “auction prices” in Article 1, Point
dd Clause 2 Article 9, Point d Clause 1 Article 24, Point d Clause 4 Article
56, Article 68, and the name of Chapter V;
c) Points dd Clause 2
Article 78 is annulled.
11.
Amendments and annulment of several
Articles of the Law on Technology Transfer No. 07/2017/QH14 are as follows:
a) Amendments to Point b
Clause 2 Article 47 are as follows:
“b) Annually submit
reports on technology assessment and inspection to science and technology
authorities.”;
b) Clause 2 Article 48 is
annulled.
12.
Amendments to Article 22 of the Law on
Vietnamese Guest Workers No. 69/2020/QH14 are as follows:
“Article 22. Broker
agreements and service prices according to broker agreements
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
2. Service prices under a
broker agreement shall be agreed upon by parties and specified in the agreement
without exceeding the ceiling price prescribed in Clause 3 of this
Article.
3. The Ministry of Labor
- War Invalids and Social Affairs of Vietnam shall elaborate on the ceiling
price of service prices under broker agreements for each market, field, and
profession by each period with Vietnamese guest workers.”.
13.
Clause 2 Article 19 of the Law on Tobacco
Harm Prevention amended by Law No. 28/2018/QH14 is annulled.
14.
Point b Clause 6 Article 55 of the Law on
Planning No. 21/2017/QH14 amended by Law No. 15/2023/QH15 is annulled.
15.
Article 24 and Appendix No. 02 on the list
of products and services with fees being converted into price fixed by the
State enclosed with the Law on Fees and Charges No. 97/2015/QH13 amended by Law
No. 09/2017/QH14, Law No. 23/2018/QH14, and Law No. 72/2020/QH14 are annulled.
Article 74. Entry into
force
1. This Law comes into
force as of July 1, 2024, except for the case prescribed in Clause 2 of this
Article.
2. Clause 2 Article 60 of
this Law comes into force as of January 1, 2026. From July 1, 2024 to the end
of December 31, 2025, each valuation council shall have at least 1 member
having one of the following professional certificates:
a) College diplomas or
higher concerning prices and/or valuation;
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
c) Certificates of
professional training in valuation;
d) Certificates of advanced
training in state valuation.
3. The Law on Prices No.
11/2012/QH13, which has been amended by Law No. 61/2014/QH13, Law No.
64/2020/QH14, and Law No. 07/2022/QH15 (hereinafter referred to as “Law on
Prices No. 11/2012/QH13”), expires as of the effective date of this Law, except
for Article 75 of this Law.
Article 75.
Transitional provisions
1. Within 12 months after
this Law comes into force, valuation enterprises with certificates of
eligibility for valuation services issued under the Law on Prices No.
11/2012/QH13 shall ensure the requirements for eligibility for valuation
services under this Law. After the mentioned period, if valuation
enterprises fail to ensure the requirements for eligibility for valuation
services according to this Law, the Ministry of Finance of Vietnam shall revoke
their certificates of eligibility for valuation services.
2. Persons with valuer
cards issued according to the Law on Prices No. 11/2012/QH13 may continue to
register for their practice in asset valuation and valuation at enterprises
under this Law.
This Law was approved
by the XV National Assembly of the Socialist Republic of Vietnam at its 5th
meeting on June 19, 2023.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
APPENDIX NO. 1
LIST OF GOODS AND SERVICES SUBJECT TO PRICE STABILIZATION
(Promulgated together with the Law on Prices No. 16/2023/QH15)
1. Processed petroleum.
2. Liquefied petroleum
gas (LPG).
3. Milk for children
under 6 years old.
4. Plain rice.
5. Nitrogen fertilizers;
DAP fertilizer; NPK fertilizer.
6. Animal feed and
aquatic feed.
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
8. Plant protection
drugs.
9. Drugs included in the
list of essential drugs used at medical service facilities.
APPENDIX NO. 2
LIST OF GOODS AND SERVICES PRICED BY THE STATE
(Promulgated together with the Law on Prices No. 16/2023/QH15)
NO.
Names of goods and services
Competence and pricing forms
1
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
Comply with laws on
electricity
2
Services of
transporting natural gas by pipeline for electricity production
The Ministry of Industry
and Trade of Vietnam shall determine the specific prices
3
Rail transport control
services on state-invested railway infrastructure
The Ministry of
Transport of Vietnam shall determine the maximum prices
4
Road use services of projects
on investment in road construction (except for expressway use services) for
business managed by central authorities
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
Road use services of projects
on investment in road construction (except for expressway use services) for
business managed by local authorities
People’s Committees of
provinces shall determine the maximum prices
5
State-invested ferry
use services managed by central authorities
The Ministry of
Transport of Vietnam shall determine the price brackets
State-invested ferry
use services managed by local authorities
People’s Committees of
provinces shall determine the price brackets
Non-state-invested ferry
use services managed by central authorities
The Ministry of
Transport of Vietnam shall determine the maximum prices
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
People’s Committees of
provinces shall determine the maximum prices
6
Port services
(including services of using wharves, terminals, and anchor buoys, container
loading and unloading services, and vessel towage services)
The Ministry of
Transport of Vietnam shall determine the price brackets
State-invested port and
terminal use services (including ports, inland waterway terminals, and
fishing ports) managed by central authorities
The Ministry of
Transport of Vietnam shall determine the maximum prices
State-invested port and
terminal use services (including ports, inland waterway terminals, and
fishing ports) managed by local authorities
People’s Committees of
provinces shall determine the maximum prices
Pilotage services
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
7
Domestic aviation
passenger transport services
The Ministry of
Transport of Vietnam shall determine the maximum prices
State-invested services
of flights on private or commercial planes for official dignitaries
(including reserve aircraft)
- The Ministry of
Finance of Vietnam shall determine the maximum prices
- The Ministry of
Transport of Vietnam shall determine the specific prices
Aircraft parking lot
rental services; passenger check-in counter rental services; luggage conveyor
belt rental services; plane ladder rental services; all-in-one ground
services and commercial and technical services at airports and airfields;
automatic departure baggage sorting services; aviation fuel refilling
services; underground fuel supply system infrastructure services at airports
and airfields; transfer of rights to utilize aviation services at airports
and airfields, including passenger terminals; airport terminals, goods
warehouses; territorial technical-commercial services; repair and maintenance
of aviation vehicles and equipment; aviation techniques; provision of
aviation meals; provision of aviation fuel
The Ministry of Transport
of Vietnam shall determine the price brackets
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
The Ministry of
Transport of Vietnam shall determine the price brackets
Takeoff and landing services;
administration services for arrival and departure flights; aviation security
assurance services; administration services for flights through flight
notification regions managed by Vietnam; prices for customer services at
airports and airfields;
The Ministry of
Transport of Vietnam shall determine the specific prices
8
Transport vehicle
inspection services: inspection services of motor vehicles, parts, systems of
components, and spare parts of motor vehicles; vehicles and devices for
exploration, extraction, and transportation at sea; specialized vehicles and
devices for loading and unloading and construction; machinery, devices, and
supplies subject to strict regulations on occupational safety and hygiene in
transport, and specialized technical devices and equipment.
The Ministry of
Transport of Vietnam shall determine the maximum prices
Inspection services of
machinery, devices, supplies, and substances subject to strict regulations on
occupational safety
Ministry of Labor – War
Invalids and Social Affairs of Vietnam shall determine the price brackets
Inspection services of
machinery, devices, supplies, and substances subject to strict regulations on
industrial safety
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
9
Telecommunications
connection services
The Ministry of
Information and Communications shall determine the specific prices
10
Public postal services and
public telecommunications services except for ordered state-funded
services
The Ministry of
Information and Communications shall determine the maximum prices
11
Royalties when using
works, audio and video recordings in case of limited copyrights, limited
related rights according to regulations of the Law on Intellectual Property
Comply with laws on
intellectual property
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
Compensation for the
right to use transferred plant varieties under compulsory decisions of
competent agencies
12
Irrigation products and
public services for state-funded irrigation works under the management and
ordering scope of the Ministry of Agriculture and Rural Development of
Vietnam
- The Ministry of
Finance of Vietnam shall determine the maximum prices
- The Ministry of Agriculture
and Rural Development of Vietnam shall determine the specific prices
Irrigation products and
public services for state-funded irrigation works under the management and
ordering scope of local authorities
People’s Committees of
provinces shall determine the specific prices
13
Other irrigation
products and services for state-funded irrigation works under the management
of the Ministry of Agriculture and Rural Development of Vietnam
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
- The Ministry of
Agriculture and Rural Development of Vietnam shall determine the specific
prices within its scope of management
Irrigation products and
public services for state-funded irrigation works under the management and
ordering scope of local authorities
People’s Committees of
provinces shall determine the specific prices
14
Services in
securities-related fields of the Vietnam Exchange (VNX), its subsidies, and the
Vietnam Securities Depository and Clearing Corporation
The Ministry of Finance
of Vietnam shall determine the price brackets, maximum prices, and specific
prices (depending on services)
15
Clean water
- The Ministry of
Finance of Vietnam shall determine the price brackets
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
16
National reserves
(except for cases of purchase under competitive bidding, shopping method,
direct procurement, and sale via auction according to laws on national
reserves in national defense and security)
- The Ministry of
Finance of Vietnam shall determine the maximum purchase prices and minimum
sale prices for the purchase and sale of national reserves of Ministries and
central authorities
- Ministries and
central authorities managing national reserves shall determine the specific
prices based on the maximum purchase prices and minimum sale prices of the
Ministry of Finance of Vietnam
National reserves in
national defense and security
The Ministry of
National Defense of Vietnam and the Ministry of Public Security of Vietnam
shall purchase and sell national reserves in national defense and security
under the Law on National Reserves
17
Public products and
services included in lists promulgated by competent authorities with funding
from the state budget and are within the ordering scope of central agencies
and organizations
- The Ministry of
Finance of Vietnam shall determine the maximum prices
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
Public products and
services included in lists promulgated by competent authorities with funding
from the state budget and are within the ordering scope of local agencies and
organizations
People’s Committees of
provinces shall determine the specific prices
18
Medical services within
the scope of state pricing under laws on medical examination and treatment.
Comply with laws on
medical examination and treatment;
19
Medical quarantine and preventive
medicine at public health facilities
- The Ministry of
Health of Vietnam shall determine the maximum prices
- People’s Committees
of provinces shall determine the specific prices
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
- The Ministry of
Health of Vietnam shall determine the maximum prices
- People’s Committees
of provinces shall determine the specific prices
20
Qualified whole blood
and blood products
The Ministry of Health
of Vietnam shall determine the maximum prices
21
Testing services of
drug samples and medicinal ingredients at public service providers covering
their recurrent expenditures, public services providers partly covering their
recurrent expenditures, and public services providers with recurrent
expenditures covered by the State
The Ministry of Health
of Vietnam shall determine the specific prices
22
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
The Ministry of
Agriculture and Rural Development of Vietnam shall determine the price
brackets
23
Textbooks
The Ministry of Education
and Training of Vietnam shall determine the maximum prices
24
Tuition fees and
services in education and training in public preschool and general education
establishments within the scope of pricing of the State under laws on
education
Comply with laws on
education
Tuition fees and
services in education and training in public higher education establishments
within the scope of pricing of the State under laws on education and laws on
higher education
Comply with laws on
education and laws on higher education
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
Comply with laws on
vocational education
25
Brokerage services by
broker agreements on guest workers; services of overseas guest worker
provision
Ministry of Labor – War
Invalids and Social Affairs of Vietnam shall determine the maximum prices
26
Official housing
Comply with laws on
housing
Social housing
according to the Law on Housing
Apartment building
operation and management services for state-owned apartment buildings in
provinces
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
27
Goods and services for
tasks of national defense and security ordered from or assigned to units and
enterprises of national defense and security
The Ministry of National
Defense of Vietnam and the Ministry of Public Security of Vietnam shall
determine the specific prices within their jurisdiction
28
Services of auctioning
assets subject to sale via auctions as prescribed by laws
The Ministry of Justice
of Vietnam shall determine the price brackets
29
Public services funded
by the state with prices based on the collection roadmap of service users
Ministries, ministerial
agencies, and People’s Committees of provinces shall determine the price
brackets, maximum prices, and specific prices based on related fields
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
Increased goods and
services using information from databases or information systems managed by
Ministries and central authorities as requested by organizations and individuals
(excluding services permitted to collect fees and charges under laws on fees
and charges)
Ministries and central
authorities assigned to manage databases and information systems shall
determine the specific prices, maximum prices, and price brackets (depending
on related services)
31
Land within the scope
of state pricing according to laws on land
Comply with laws on
land
32
Public production
forests, protection forests, and reserve forests under the management of local
authorities
People’s Committees of
provinces shall determine the price brackets
33
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
People’s Committees of
provinces shall determine the specific prices
34
Cemetery and cremation
services of crematoriums with funding from the state budget
People’s Committees of
provinces shall determine the specific prices
35
Entering and exiting
services at motor vehicle stations
People’s Committees of
provinces shall determine the maximum prices
36
Passenger and luggage transport
services on urban railways
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
37
Service charge for
collection, transport and treatment of domestic solid waste
People’s Committees of provinces
shall determine the maximum prices applicable to investors and facilities
collecting, transporting, and treating solid domestic waste; determine the
specific prices applicable to agencies, organizations, and facilities
engaging in production, business, and services, concentrated production,
business, and service zones, industrial clusters, households, and individuals
38
Drainage and wastewater
treatment services (except for prices for drainage and wastewater treatment
services for industrial zones and industrial clusters with non-state funding)
People’s Committees of
provinces shall determine the specific prices
39
State-invested vehicle
monitoring services
People’s Committees of
provinces shall determine the specific prices
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.
Rental services of
general technical infrastructure works with funding from the state budget
People’s Committees of
provinces shall determine the specific prices
41
On-demand
notarization-related services
People’s Committees of
provinces shall determine the maximum prices
42
Services of using sale
areas at markets with funding from the state
People’s Committees of
provinces shall determine the specific prices
...
...
...
Please sign up or sign in to your
TVPL Pro Membership to see English documents.