On July 12, 2024, the Government issued Decree 87/2024/ND-CP regulating penalties for administrative violations in price management.
The following are some notable contents of this Decree.
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Selling goods higher than the maximum price bracket will result in a fine of up to 20 million VND
Specifically, a fine from 10 million VND to 20 million VND is imposed for one of the following acts:
- Acts of selling goods and services at incorrect prices specifically determined by the State;
- The act of selling higher than the maximum price range issued by the State;
- The act of selling below the minimum level of the price bracket issued by the State;
- The act of selling higher than the maximum price issued by the State;
- The act of selling lower than the minimum price issued by the State.
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Incorrectly declaring the selling price will result in a fine of up to 25 million VND. Accordingly:
- Fine from 3 million VND to 5 million VND for the act of declaring insufficient content or incorrect form of the price declaration document.
- For acts of incorrectly declaring the selling price or not declaring the price to the competent State agency according to regulations:
+ Fine from 10 million VND to 15 million VND for acts of incorrectly declaring the selling price or not declaring the price of 01 to 10 specific goods and services subject to price declaration;
+ Fine from 15 million VND to 20 million VND for acts of incorrectly declaring the selling price or not declaring the price of 11 to 20 specific goods and services subject to price declaration;
+ Fine from 20 million VND to 25 million VND for acts of incorrectly declaring the selling price or not declaring the price of 21 or more specific goods and services subject to price declaration.
The Decree takes effect from July 12, 2024.
