Stricter penalties for price management violations

Individuals and organizations violating price management regulations will be subject to a maximum administrative fine of VND150 million ($5,900) and VND300 million ($11,800), respectively, following a new Government Decree.

The Decree 87/2024/ND-CP on administrative penalties for price management violations takes effect from July 12.

The maximum fine will be applied for illegal use of the price management fund.

For violations of price declaration regulations, the decree prescribes fines of VND3-5 million ($118-197) for failing to declare all required information or declare them in the wrong format compared to the formal price declaration form.

The decree prescribes fines of VND20-30 million ($786-1,180) for selling at a price higher than the displayed price for goods and services included in the Price Stabilization List, or for goods and services during the period when the state is implementing price stabilization measures.

Those found to make use of emergency situations, incidents, or natural disasters to increase prices of goods and services in order to get profit will be fined VND50-80 million ($1,960-3.140).