Regulations on price stabilization implementation

The Government issued Decree No. 85/2024/ND-CP detailing a number of articles of the Law on Prices. In particular, the Decree specifically regulates the implementation of price stabilization.

The government decided on a policy of price stabilization.

Organize the implementation of price stabilization according to Clause 1, Article 20 of the Law on Prices.

Decree detailing the organization of price stabilization implementation Clause 1, Article 20 of the Law on Prices. Accordingly, the Ministry and ministerial-level agencies managing the sector or field shall send a written request for price stabilization of goods and services under their management to the Ministry of Finance for synthesis and submission to the Government for approval of the price stabilization policy according to the following content and order:

Ministries and ministerial-level agencies managing sectors and fields of goods and services on the Price Stabilization List, when assessing the level of fluctuations in market prices of goods and services, the level of impact on the socio -economy, production, business, people's lives and the need for price stabilization, shall prepare a price stabilization report, accompanied by a document requesting the Government to approve the price stabilization policy and send it to the Ministry of Finance for synthesis.

Based on the request of ministries and ministerial-level agencies managing sectors and fields of goods and services on the Price Stabilization List, within a maximum of 10 working days from the date of receipt of sufficient information as prescribed above, the Ministry of Finance shall synthesize a report to the Government for consideration and decision on the price stabilization policy. If necessary, the Ministry of Finance shall request relevant agencies and organizations to provide other information to serve the synthesis of the report to the Government for consideration and approval of the price stabilization policy. The time limit for relevant agencies and organizations to provide information is within a maximum of 3 working days from the date of receipt of the request from the Ministry of Finance.

The Government decides on the policy of price stabilization, assigns the responsibility of taking the lead to ministries and ministerial-level agencies managing sectors and fields of goods and services to organize the implementation of price stabilization, and assigns the responsibility of coordination to ministries, ministerial-level agencies and relevant provincial People's Committees. The authority and responsibility for implementing price stabilization shall be implemented according to the provisions of Article 7 of this Decree.

Based on the Government's price stabilization policy, ministries and ministerial-level agencies managing sectors and fields are responsible for taking the lead in implementing and guiding provincial People's Committees to implement one or several methods to determine the causes of price fluctuations, as a basis for selecting appropriate price stabilization measures, duration and scope.

Organize price stabilization according to Clause 2, Article 20 of the Law on Prices

Decree No. 85/2024/ND-CP also stipulates the organization of price stabilization implementation according to Clause 2, Article 20 of the Law on Prices.

Specifically, for price stabilization nationwide:

In case of goods and services on the Price Stabilization List, the ministry or ministerial-level agency managing the sector or field of goods and services shall assess the actual developments and market price levels of goods and services; prepare a price stabilization report, along with a written request for price stabilization, and send it to the Ministry of Finance for synthesis, submission to the Government for decision on appropriate policies, measures, and time limits for price stabilization, and assignment of implementation. If necessary, the Ministry of Finance shall request relevant agencies and organizations to report other information to serve the synthesis of reports to the Government.

In case goods and services are not included in the List of goods and services subject to price stabilization but need immediate price stabilization as prescribed in Point a, Clause 2, Article 20 of the Law on Prices, ministries and ministerial-level agencies managing sectors and fields shall assess the actual developments and market price levels of goods and services; prepare a price stabilization report, together with a written request for price stabilization, and send it to the Ministry of Finance for synthesis and submission to the Government for submission to the National Assembly Standing Committee for consideration and decision on policies, measures and time limits for price stabilization. Based on the approval of the National Assembly Standing Committee, ministries and ministerial-level agencies managing sectors and fields, and provincial People's Committees shall be responsible for organizing implementation as assigned by the Government.

Based on the implementation of price stabilization and assessment of the actual price developments of goods and services, ministries and ministerial-level agencies managing sectors and fields may propose to end price stabilization ahead of schedule or extend the period of application of price stabilization measures and send them to the Ministry of Finance for synthesis to submit to the Government for consideration and decision on goods and services on the Price Stabilization List or send them to the Ministry of Finance for synthesis to submit to the Government for submission to the National Assembly Standing Committee for consideration and decision on goods and services not on the Price Stabilization List.

For price stabilization at local level Applicable in cases where the market price level of goods and services in the List of goods and services subject to price stabilization fluctuates abnormally in the locality as prescribed in Point b, Clause 2, Article 20 of the Law on Prices:

The Department of Industry and Sector Management shall assess the actual developments and market price levels of goods and services in the area to prepare a price stabilization report, along with a written request for price stabilization, and send it to the Department of Finance for synthesis, submission to the Provincial People's Committee for consideration, decision on appropriate policies, measures, and time limits for price stabilization, and assignment of implementation. If necessary, the Department of Finance shall request relevant agencies and organizations to report other information to serve the synthesis of the report to the Provincial People's Committee. Departments, branches, sectors, and District People's Committees shall be responsible for organizing implementation as assigned by the Provincial People's Committee. The Provincial People's Committee shall report to the Government on the results of price stabilization, and at the same time send the Ministry of Finance for synthesis as prescribed.

Based on the implementation situation and assessment of the actual price developments of goods and services, the Department of Industry and Sector Management may propose to end price stabilization before the deadline or extend the period of application of price stabilization measures and send it to the Department of Finance for synthesis and submission to the Provincial People's Committee for decision. The document adjusting the period of application of price stabilization measures of the Provincial People's Committee is an administrative document.

Organizations and individuals trading in goods and services are responsible for complying with the announced price stabilization measures and making initial declarations and re-declarations of prices of goods and services in progress according to the provisions of Article 17 of this Decree from the date the price stabilization measures are applied.

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