Luật Giá 2023 số 16/2023/QH15

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

This Law applies to organizations and individuals engaging in the business of goods and services (hereinafter referred to as “suppliers of goods and services”); consumers; state agencies; other organizations and individuals relevant to prices and valuation in Vietnam’s territory.

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;  

dd) The determination of tuition fees and prices for services in education, training, and vocational education shall comply with education, higher education, and vocational education laws;

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:

a) The production costs of goods and services; purchase prices of goods and services of organizations and individuals engaging in commercial operations; import prices of goods;

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.

15. Price listing means the form of disclosing purchase and sale prices of goods and services of suppliers of goods and services to make sure they are easily seen by customers and competent state agencies.

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

1. Manage and regulate prices based on market policies in conformity with socio-economic development policies in each period; ensure transparency and respect for the rights of suppliers of goods and services to pricing and price-based competition according to laws.

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;

b) Prices of goods and services subject to price declarations as prescribed in Clause 2 Article 28 of this Law;

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

1. Regarding price and valuation authorities; persons with positions and entitlements prescribed by laws on prevention and combat against corruption of price and valuation authorities:

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;

e) Preparing or providing certificates of valuation when they are ineligible for providing valuation services or using such certificates for purposes prescribed in Clause 4 Article 55 of this Law; signing certificates of valuation or reports on valuation when they are not valuers;

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;

b) Forging, leasing, lending, or using valuer cards contrary to this Law and relevant laws;

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.

6. Regarding members of valuation councils:

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

Article 8. Suppliers of goods and services may:

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;

e) Goods and services upon the implementation of price stabilization policies of the State.

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.

6. Disclose information on goods and services as prescribed by laws.

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.

2. Inform state management agencies or the prices and relevant organizations and individuals when detecting signs of violations against laws on prices.

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.

7. Settlement of complaints and denunciations concerning prices and valuation.

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.

2. Promulgate legislative documents on prices and valuation under its 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. 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;

b) Regulations on training, advanced training, knowledge update, and issuance of valuation practicing certificates to valuers and persons performing state valuation;

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.

16. Excise other tasks and entitlements to state management of prices according to this Law, relevant laws, and assignments of the Government of Vietnam.

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.

9. Update information and data on prices to the National Database on Prices according to regulations of the Government of Vietnam.

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.

5. Assign and authorize the receipt of price declarations in their areas; implement the price summary, analysis, and forecast and update information and data on prices to the National Database on Prices; decide on the local development, operation of databases on prices, and connection to the National Database on Prices according to regulations of the Government of Vietnam. 

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

PRICE MANAGEMENT AND REGULATION OF THE STATE

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

1. Price stabilization principles are as follows:

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:

a) Demand and supply regulation: regulation of the production of domestic goods, imports, and exports; regulation of goods among regions and provinces in Vietnam via goods circulation organization; purchase or sale of state reserves or goods reserves;

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;

b) Ministries and ministerial agencies in charge of specific fields and sectors shall, based on price stabilization guidelines of the Government of Vietnam, take charge and instruct People’s Committees of provinces to apply one or several of the following methods: inspecting price determinants or requesting enterprises to report on certain price determinants; controlling inventory goods; assessing the supply and demand for goods and services to identify grounds and reasons for the appropriate selection and application of price stabilization measures, period, and scope.  People’s Committees of provinces shall implement and report on the results of the implementation to Ministries and ministerial agencies in charge of the implementation;

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

Article 21. Goods and services priced by the State

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;

d) Price bracket means a range limit of prices that agencies, organizations, and individuals must comply with during pricing, purchase, and sale.

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

1. State's pricing principles:

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.

2. The Minister of Finance of Vietnam shall promulgate general pricing methods for goods and services priced by the State.  In the case of applying general pricing methods that contain contents requiring guidance, Ministries, ministerial agencies in charge of specific fields and sectors, and People’s Committees of provinces submit proposals to the Ministry of Finance of Vietnam for consideration and guidance.

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.

3. The Government of Vietnam shall elaborate Clause 1 of this Article.

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.

2. Competence and responsibilities for price negotiations:

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.

5. If the seller and buyer fail to agree on the price and continue to request the price negotiation agency to determine the price, the agency shall prepare a minute on such content. The price negotiation agency shall continue to determine the price for the 2 parties to implement. The document determining the price of the price negotiation agency shall only be applied once for entities that request the negotiation for the intended purchase, sale, and quantity of goods and services as agreed by parties in the written request. The determined price does not hold any value for other cases. The seller and buyer shall comply with the price determined by the agency.

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.

Ministries, ministerial agencies in charge of specific fields and sectors, and People’s Committees of provinces shall stipulate the economic-technical characteristics of goods and services subject to price declarations.  

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

1. Price listing is a form of price disclosure. Listed prices are the purchase and sale prices of goods and services, including tax and fees (if any) of such goods and services in Vietnam Dong decided by suppliers of goods and services, except for cases subject to compliance with laws of foreign exchange. Listed prices are in association with the appropriate quantity or volume of goods and services and other information (if any) on basic specifications, origins, and purchase and sale methods.

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:

a) Prices of goods and services subject to price stabilization have abnormal fluctuations, affecting socio-economic situations, production, business, the life of the people, and the market price;

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;

c) The price-determinant inspection time is up to 30 days after receiving adequate documents as requested; in complicated cases, the time may be extended for up to 15 days;

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; 

c) Assess and suggest annual objectives for inflation control and propose solutions to the management and operation of prices to control inflation and achieve macro-economic stability.

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;

d) Expected schemes for adjustments to prices of goods and services included in the list of goods and services priced by the State (if any); assessment of impacts of the adjustments on socio-economic situations and objectives for inflation control;

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.

3. People’s Committees of provinces shall, based on their actual local situations, decide on the development of local databases on prices for the local state management of prices, valuation, and connection to the National Database on Prices.

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

Section 1. GENERAL PROVISIONS

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.

2. The Minister of Finance of Vietnam shall promulgate and monitor the implementation of Valuation Standards of Vietnam; review and suggest competent agencies to amend conflicting and overlapping regulations in valuation operations.

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;

c) Have certificates of professional training in valuation conformable with the field of expertise of the exam issued by agencies or organizations providing training in valuation, except for cases of having college diplomas concerning prices or valuation to higher.

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:

a) Officials according to laws on officials; commissioned officers, professional soldiers, national defense employees in agencies and units under the People’s Army; professional commissioned officers, non-commissioned officers, technical commissioned officers, non-commissioned officers, and public security employees in agencies and units under the People's Public Security Forces;

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;

b) Lists of valuers shall be adjusted monthly (if any) and announced before the final working day of the announcement month for applications received before the 15th day of that month by the Ministry of Finance of Vietnam; 

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.

2. Valuers shall:

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.

Article 49. Conditions for grant of certificates of eligibility for valuation services

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:

a) Branches must have at least 3 persons with valuer cards who meet the requirements for practice registration according to Clause 1 Article 45 of this Law registering their practice at branches. These persons are forbidden from registering their practice at the headquarters or other branches of valuation enterprises simultaneously;

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;

dd) Not fall into cases where they have worked as legal representatives, directors, or general directors of valuation enterprises with revoked certificates of eligibility for valuation services within 12 months for valuation enterprises subject to first-time revocation of certificates of eligibility for valuation services and 60 months for valuation enterprises subject to revocation of such certificates for the second time or more from the time of applying for issuance or re-issuance of certificates for eligibility for valuation services.

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

1. Valuation enterprises may:

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;

d) Ensure that valuation certificates are issued in compliance with the Valuation Standards of Vietnam, except for cases where customers deliberately provide false information on assets subject to valuation; take responsibility for the provision of valuation services under concluded contracts with their customers;

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;

b) Issuing valuation certificates and/or reports signed by persons who are not valuers;

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.

4. The Government of Vietnam shall elaborate on the suspension of valuation service provision and revocation of certificates of eligibility for valuation services.

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:

a) Request valuation enterprises to provide information in their dossiers on valuation practice registration and information on valuers;

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;

d) Pay the prices for valuation services according to agreements in the contracts;

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

Article 59. Valuation operations of the State

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;

d) Certificates of advanced training in state valuation.

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;

c) Establish assisting teams for valuation councils in necessary cases;

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;

b) Hire organizations that perform the inspection of economic-technical situations and quality of assets; valuation enterprises to perform the valuation partly or wholly;

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

1. Members of valuation councils may:

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;

d) Ensure information confidentiality as prescribed by laws;

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:

a) Documents assigning tasks of selling, liquidating, leasing, joint venturing, associating, and transferring public assets or purchasing or hiring goods, services, and assets with funding from the state;

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

1. Inspection purposes shall comply with laws on inspection.

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

1. Inspection periods shall comply with laws on inspection.

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

1. Organizations and/or individuals violating this Law shall, according to the nature and severity of such violations, be handled as prescribed by laws.

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;

b) Prices for aircraft parking lot rental services; prices for passenger check-in counter rental services; prices for luggage conveyor belt rental services; prices for plane ladder rental services; prices for all-in-one ground services and commercial and technical services at airports and airfields; prices for automatic departure baggage sorting services; prices for aviation fuel refilling services; prices for underground fuel supply system infrastructure services at airports and airfields;

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:

“2. Prices for domestic aviation passenger transport services shall comply with laws on prices.”.

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:

“a) The Ministry of Transport of Vietnam shall price the provision of rail transport control services on state-invested railway infrastructure under laws on prices;”.

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.

b) Regarding other irrigation products and services:

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:

“2. The electricity generation price brackets, electricity wholesale price brackets, electricity transmission prices, prices for electricity distribution, prices for auxiliary services for electrical systems, prices for regulating operations of electrical systems, and prices for regulating electricity market transactions shall be developed by electricity units and valued by electricity-regulating agencies before presentation to the Minister of Industry and Trade of Vietnam and the Minister of Finance of Vietnam for approval under assignment of the Government of Vietnam, except for cases prescribed in Clause 2 Article 62 of this Law. The Minister of Industry and Trade of Vietnam shall take charge and cooperate with the Minister of Finance of Vietnam in guiding the measures to develop the mentioned price brackets and prices.”.

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:

 “Article 66. Auction prices and property auction expenses

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

1. A broker agreement is an agreement between a service enterprise with broker organization(s) and/or individual(s) on finding foreign employment receivers of Vietnamese workers to conclude labor supply contracts according to this Law.

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;

b) Valuer cards;

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.

 

PRESIDENT OF THE NATIONAL ASSEMBLY OF VIETNAM Vuong Dinh Hue

 

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.

7. Husbandry and poultry vaccines.

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	Electricity sale (retail-sale, wholesale); electricity services under the Law on Electricity, including electricity generation services, electricity transmission services, auxiliary services for electrical systems, electrical system regulation services, electricity market transaction regulation services, electricity distribution services	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	The Ministry of Transport of Vietnam shall determine the maximum prices
	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
	Non-state-invested ferry use services managed by local authorities	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	The Ministry of Transport of Vietnam shall determine the maximum prices
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
	Ground rental services and essential basic services at airports and airfields;	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	The Ministry of Industry and Trade of Vietnam shall determine the price brackets
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
	Compensation for rights to use transferred inventions under compulsory decisions of competent agencies in case of disagreement between the persons granted the right to use such inventions and the right holders
	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	- The Ministry of Finance of Vietnam shall determine the price brackets - 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 - People’s Committees of provinces shall determine the specific prices
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 - Central agencies and organizations shall determine the specific prices
	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
	Drug addiction treatment services at public service providers	- 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	Services of vaccination, decontamination, sterilization for animals, and veterinary diagnosis; drug testing services for animals and plants	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
	Tuition fees and services in education and training in public vocational education establishments within the scope of pricing of the State under laws on vocational education	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
	Other housing and services within the scope of state pricing according to the Law on Housing
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
30	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	Cadastral surveying and mapping services in cases where competent state agencies assign or lease land or permit the conversion of land use purposes where there is no cadastral map with coordinates	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	People’s Committees of provinces shall determine the specific prices
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
40	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