Listing prices are an important part of the business and trade sector, especially in the context of a market economy. On June 19, 2023, the National Assembly promulgated the Price Law 2023 with many new regulations that will take effect from July 1, 2024.
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Specifically, according to the Price Law 2023, the listing of the basic price will be regulated as follows:
(1) Definition of Price Listing
According to the Law on Prices 2023, price listing is a form of publicizing the purchase and sale prices of goods and services of organizations and individuals trading in goods and services in order to ensure convenience for the observation and identification of customers and competent state agencies.
Regulation helps to increase transparency in commercial transactions and ensure that consumers are protected from abusive acts on the part of businesses. In addition, price listing not only makes it easier for consumers to access price information, but also helps create a level playing field for competition among businesses.
(2) Regulations on price listing will be implemented from July 1, 2024:
- The Price Law 2023 stipulates the price listing as follows: Price listing is a form of price disclosure. The listed price is the purchase and sale price of goods and services, inclusive of taxes, charges and fees (if any) of such goods and services decided by the production and business organization or individual in Vietnam Dong, except for cases of compliance with the provisions of the law on foreign exchange. The listed price is associated with the quantity or volume of appropriate goods and services, other information (if any) about basic specifications, origin, method of purchase and sale;
- Organizations and individuals trading in goods and services shall clearly and not cause confusion to customers about the purchase and sale prices of goods and services in the following forms: printing, pasting, writing information on boards, paper or directly on the packaging of goods or forms suitable to the actual conditions at the place of sale of goods, providing services or on websites to facilitate the observation and identification of customers and competent state agencies;
- Organizations and individuals are not allowed to sell higher than the listed price; for goods and services specifically priced by the State, organizations and individuals trading in goods and services must post up and sell them at the prices promulgated by the State agencies competent to set prices; for goods and services for which the minimum price, maximum price and price bracket have been promulgated by the state agency with pricing competence, they must be posted and sold at prices suitable to the minimum price, maximum price and price bracket. Organizations and individuals trading in goods and services shall adjust the posted prices as soon as there is a change in the prices of goods and services.
Thus, from July 1, 2024, the regulations on price listing need to be implemented in accordance with the provisions of the Price Law 2023.
The Price Law 2023 takes effect from 01/07/2024.
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