| THE NATIONAL ASSEMBLY ------- Law No. 11/2012/QH13 | THE SOCIALIST REPUBLIC OF VIETNAM Independence– Freedom – Happiness --------------- Hanoi, June 20, 2012 |
LAW
ON PRICES
Pursuant to the 1992 Constitution of the Socialist Republic of Vietnam, which was amended and supplemented under Resolution No.51/2001/NQ-QH10;
The National Assembly promulgates the Law on Prices.
Chapter I
GENERAL PROVISIONS
Article 1. Scope of regulation
This Law prescribes rights and obligations of organizations and individuals in field of Prices; activities of managing and regulating prices of the State.
Article 2. Subjects of application
Production or business organizations and individuals; consumers; state agencies; other organizations and individuals relating to activities in the field of prices in the territory of Vietnam.
Article 3. Law application
1. Activities in the field of prices in the territory of Vietnam must observe provisions of this Law.
2. Where an international treaty which the Socialist Republic of Vietnam has signed or acceded to contains provisions different from those of this Law, the provisions of such international treaty shall apply.
Article 4. Interpretation of terms
In this Law, the following terms and phrases shall be construed as follows:
1. Goods mean properties that may exchange, buy, sale in the market, and enable to satisfy demands of human, including types of movable and immovable properties.
2. Service means goods of which nature is invisible, and the process of manufacturing and consuming cannot be separated, including types of service in the system of Vietnamese production trades as prescribed by law.
3. Essential goods or services mean goods, services cannot lack for manufacture, life, national defense, security, including: main raw material, fuel, materials, services for manufacture, circulation; products satisfy basic demands of human and defense, security.
4. Market price means price of goods or services being formed, governed by factors and movement of market which be decided at a point of time, a certain location.
5. Price determination means provision on prices of goods or services by competent State agencies or production or business organizations and individuals.
6. Posting up prices means informing openly by production or business organizations and individuals under forms which is appropriate, clear and not causing mistake for customers on sale prices of goods or services in Vietnam dong in ways of printing, pasting, writing the prices on the board, paper or package of goods or in other forms at the transaction or offer place of goods or services to make it convenience for observation and identification of customers, competent State agencies.
7. Price negotiation means organization and intermediate action for the seller and the buyer of competent State agencies to negotiate on buy price, sale price of goods or services which satisfy conditions of Price negotiation at the request of one of parties or both of parties or as having request of the the Prime Minister, ministers, heads of ministerial - level agencies, heads of Governmental agencies, presidents of People’s Committee of central-affiliated cities and provinces (hereinafter referred as provincial- level People’s Committee).
8. Price registration means making, analyzing the forming of price level and sending price notice under form to competent State agencies before adjusting prices of goods or services in the List of goods or services executing price stabilization by production or business organizations and individuals in the time as the State applies methods of price stabilization.
9. Price declaration means sending price notice of goods or services to competent State agencies by production or business organizations and individuals as determining prices, adjusting prices for goods or services be subjects to declare the price.
10. Price stabilization means applying appropriate methods on making the supply and demand, finance, monetary equable and other necessary methods on economy, administrative by the State to impact on forming and moving of prices, do not let prices of goods or services irrationally raise too high or decrease too low.
11. Elements of price formation mean the wholly cost price that is actual, reasonable and correspondence with quality of goods or services; profit (if any); financial obligations as prescribed by law; invisible value of trade mark.
12. The wholly cost price of goods or services means cost price to consume goods or services, including:
a) The cost price to manufacture goods or services; buy price of goods or services for organizations, individuals operating trade.
