In the afternoon of June 19th, 2023, with the approval rate of 92.91% of present delegates, the National Assembly passed the Price Law (amended) with many new points to overcome some shortcomings of the current law, of which the National Assembly approved 9 items on the list of price stabilization.
1. Plain rice
2. Pesticides
3. Finished gasoline and oil
4. Liquefied petroleum gas (LPG)
5. Milk for children under 6 years old
6. Nitrogen fertilizer, DAP fertilizer, NPK fertilizer
7. Animal feed, aquatic feed
8. Vaccines to prevent diseases for livestock and poultry
9. Drugs on the list of essential drugs used at medical examination and treatment facilities.
Principles of price stabilization are stipulated as follows: Publicity and transparency; harmonizing interests between consumers; following treaties to which the Socialist Republic of Vietnam is a member; consistency with the socio-economic context and inflation control goals; clearly defining the time limit and scope of implementation nationally or locally.
Regarding the organization of price stabilization, the law clearly states that ministries and ministerial-level agencies managing industries and fields assess the level of fluctuations in market prices of goods and services, and the level of impact on the economics - society, production, business, people's lives; send a document to the Ministry of Finance to summarize and submit to the Government for consideration and decision on price stabilization policy.
Based on the Government's price stabilization policy, Ministries and ministerial-level agencies managing sectors and fields are responsible for presiding over the implementation and guidance to the Provincial People's Committee to implement one or several methods; investigate price formation factors or request businesses to report several price formation factors; control inventories; assess the supply and demand of goods and services to determine the causes, as a basis for choosing to apply appropriate measures, duration and scope of price stabilization.
Ministries and ministerial-level agencies managing sectors and fields shall issue decisions to apply one or several price stabilization measures and the duration and scope of price stabilization application; Organize and guide the implementation of price stabilization measures and report to the Government on price stabilization results, and send them to the Ministry of Finance for synthesis into general reports, analysis, and market price forecasts. The Provincial People's Committee is responsible for organizing the implementation of price stabilization measures, and reporting the results to the Ministry and ministerial-level agencies in charge of implementation.
In addition, organizations and individuals trading in goods and services are responsible for complying with announced price stabilization measures and making initial declarations and re-declaration of prices according to the provisions of Article 28 of this Law to state agencies.
For price stabilization nationwide, ministries and ministerial-level agencies managing sectors and fields assess actual developments and market price levels of goods and services; and send reports to the Ministry of Finance to synthesize and submit to the Government to decide on appropriate policies, measures, and time limits for price stabilization.
In case the goods or services needing price stabilization are not on the List of goods and services with price stabilization but need to be immediately implemented, based on the request of the Ministry orofinisterial-level agency managing the industry or field, the Ministry of Finance reports to the Government for submission to the National Assembly Standing Committee for consideration and decision on policies, measures, and time limits for price stabilization for those goods and services. Ministries, ministerial-level agencies managing sectors and fields, and Provincial People's Committees are responsible for organizing and implementing as assigned by the Government.
