MORE GOODS AND SERVICES SUBJECT TO PRICE DECLARATION

On July 10, 2024, the Government issued Decree No. 85/2024/ND-CP ("Decree 85") detailing several Articles of the Price Law 2023. Decree 85 replaces Decrees No. 177/2013/ND-CP and No. 149/2016/ND-CP, which provided guidance on the 2012 Price Law (hereinafter collectively referred to as “Decree 177”). Accordingly, in line with the adjustments made in the Price Law 2023, Decree 85 offers guidance on several notable new contents for businesses and individuals, including the following:

1. Adjusting the List of Goods and Services Subject to Price Stabilization Only After Consultation with Relevant Parties

Previously, the process for adjusting the List of Goods and Services Subject to Price Stabilization was relatively simple. Adjustments were based on proposals from ministries, ministerial-level agencies managing sectors, or provincial People's Committees, without specific guidance or requirements on the content of these proposals.

Decree 85 introduces a more stringent approach to ensure stability and the reasonableness and suitability of policies for practical life. Specifically:

1. Provides specific grounds to assess the necessity of adjusting the List of Goods and Services Subject to Price Stabilization;
2. Requires that proposals for adjusting the List of Goods and Services Subject to Price Stabilization include impact assessments and consult with relevant agencies, organizations, and individuals, as well as sector management bodies regarding the goods and services to be adjusted.

Additionally, the new Decree clarifies the responsibilities of each Ministry in leading price stabilization efforts for items within their management scope, as opposed to previous general terms like "coordination" or "joint implementation." Specifically:

+ The Ministry of Agriculture and Rural Development leads for items such as paddy rice, ordinary rice; urea, DAP, NPK fertilizers; animal feed, aquaculture feed; vaccines for livestock and poultry; plant protection products;

+ The Ministry of Industry and Trade leads for items such as finished gasoline, diesel; liquefied petroleum gas (LPG);

+ The Ministry of Health leads for items such as milk for children under 6 years old, essential medicines used in healthcare facilities;

+ For goods and services under the management of multiple ministries or ministerial-level agencies, the Government assigns one of these ministries or agencies to lead.

2. Expanding the Scope of Price Declaration Requirements

Decree 85 adds more goods and services to the scope of price declaration and classifies them into specific groups, including:

1. Goods and services required to declare prices nationwide, including:

+ Goods and services on the List of Goods and Services Subject to Price Stabilization;

+ Goods and services with price frameworks, maximum prices, and minimum prices set by the State for organizations to establish specific prices for consumers;

+ Goods and services with prices determined by businesses based on reference prices; and

+ Other essential goods and services issued by the Government;

1. Specific goods and services required to declare prices locally.
2. Allowing Price Declarations via Online Platforms

Decree 85 adds guidance on the deadlines, cases of price declaration, and methods of receiving price declarations as follows:

1. Businesses dealing in goods and services subject to price declaration must submit price declaration documents to the designated authority within a maximum of 5 working days from the date of price determination. Specifically:

• If a business only sells wholesale, it must declare wholesale prices;
• If a business only sells retail, it must declare retail prices;
• If a business engages in both wholesale and retail, it must declare both wholesale and retail prices;
• If a business is an importer and an exclusive distributor, it must declare both wholesale and retail prices (if applicable);
• If a business is an exclusive distributor, it must declare wholesale and retail prices; a general agent with the authority to set and adjust prices must declare wholesale and retail prices; an agent with the authority to set and adjust prices must declare retail prices.

1. Methods for receiving price declarations:

• Receiving via online platforms through one of the following methods: online public services; database software on prices; other online methods approved by competent authorities as per legal regulations;
• Receiving through other methods: directly at the price declaration reception agency; by postal service (date of sending based on the document's date of receipt); via electronic documents through email.

In connection with this, Decree 85 also sets a deadline for the Ministry of Finance to develop features for receiving price declaration information online by July 1, 2027.

Decree 85 takes effect from July 10, 2024.