Revising Law on Prices: Strengthening price declaration methods

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Price declaration is a method of receiving information to serve the monitoring of market price movements. Photo: Internet.

In the current Law on Prices, the price declaration method clearly shows the policy of indirect price management and administration, in line with the market mechanism under the State management.

According to regulations, goods subject to declarations are decided by enterprises and the declaration form is sent to the competent state management agency for implementation, which is consistent with current practice.

However, the Ministry of Finance said that in fact, these regulations have not been fully effective for both management agencies and implementing units. According to the provisions of the Law on Prices and guiding documents, the declaration is only to provide information on prices to immediately have solutions for price management and stabilization, thus it is necessary to flexibly and efficiently conduct price declaration.

Therefore, in the draft Law on Prices (amended), the policy on price declaration is built on the basis of removing the price registration method, and strengthening the method of price declaration to have a mechanism to control this activity in association with the list of goods and services required for declaration and boosting the assignment and decentralization in receiving price declaration.

Based on the policy content, the draft Law clearly stipulates that price declaration is a method to receive information to monitor market price movements, to stabilize prices in case of necessity as well as one of the sources of information serving the price database.

In addition, in order to overcome the current shortcomings, the draft Law also stipulates that the declaration is made by manufacturers and traders after deciding the price to facilitate the practical implementation at the unit. This is one of the fundamental changes in the method of price declaration to create favorable conditions for the units in the declaration.

For the list of goods and services subject to price declaration, in addition to goods and services on the list of price stabilization, and goods and services priced by the State, maximum price, minimum price, reference price that must go through price declaration declare prices when organizations and individuals decide the prices themselves, some important goods and services and other essential goods will also have to go through price declaration prescribed by the Government on the basis of proposals of the Ministry of Finance and ministries and ministerial-level agencies.

On that basis, the decree will detail the list of goods and services subject to price declaration, in which the list will be reduced to focus on really important and essential items.

In the draft Law on Prices (amended), the receipt of declarations is also more clearly stipulated, encouraging the application of an integrated database or information technology applications to declare and receive price declaration, in compliance with the orientation on strengthening the application of information technology in the state management of prices.

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In addition, as a form of price disclosure to enhance transparency in trading in the market, the regulations on price listing were also legislated to increase the legality of the implementation. Accordingly, the draft Law inherits the current regulations, but also provides more detailed regulations for some contents as well as the rights and responsibilities of buyers and sellers in the market.