From July 12, 2024: A fine of up to VND 25 million for declaring the incorrect selling prices

The Government issues the Decree No. 87/2024/ND-CP on sanctioning of administrative violations in the field of price Including the fine for the act of declaring the incorrect selling prices.

Accordingly, Article 12 of this Decree prescribes the administrative violations on on declaration of goods or service prices

Sanctioning of violations of regulations on the declaration of goods or service prices

A fine of between VND 03 and VND 5,000,000 shall be imposed for the act of declaring insufficient contents or failing to make a declaration using the form of a price declaration document.

Apart from administrative fines, forcible submission of the price declaration document with sufficient contents or made using the defined form.

For the act of declaring the incorrect selling prices or failing to make a declaration of prices to the competent state agencies by regulations:

• A fine of between VND 10 and VND 15,000,000 shall be imposed for the act of declaring the incorrect selling prices or failing to make a declaration of prices for 01 to 10 specific goods or services subject to price declaration;
• A fine of between VND 15 and VND 20,000,000 shall be imposed for the act of declaring the incorrect selling prices or failing to make a declaration of prices for 11 to 20 specific goods or services subject to price declaration;
• A fine of between VND 20 and VND 25,000,000 shall be imposed for declaring the incorrect selling prices or failing to declare prices for 21 or more specific goods or services subject to price declaration.

A fine of  between VND 500,000 and VND 1,000,000 shall be imposed for sanctioning of violations of regulations on listing prices of goods or services as follows:

• Failing to list prices of goods or services by one of the methods defined by laws;
• Failing to list prices of goods or services in a transparent manner which mislead customers;
• Listing prices of goods or services are not specific prices decided by competent state agencies, organizations, or individuals.

Besides, a fine of between VND 20 - 30 million shall be imposed for the act of selling goods or services at prices higher than listed prices, for goods and services on the list of goods and services subject to price valorization; goods and services during the time the State organizes the price valorization.

The Decree No. 87/2024/ND-CP takes effect on July 12, 2024.