Ordinance No. 40/2002/PL-UBTVQH10 of April 26, 2002, on prices

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ATTRIBUTE Ordinance No. 40/2002/PL-UBTVQH10 of April 26

Issuing body:	National Assembly Standing Committee	Effective date:	Known Please log in to a subscriber account to use this function. Don’t have an account? Register here
Official number:	40/2002/PL-UBTVQH10	Signer:	Nguyen Van An
Type:	Ordinance	Expiry date:	Known Please log in to a subscriber account to use this function. Don’t have an account? Register here
Issuing date:	10/05/2002	Effect status:	Known Please log in to a subscriber account to use this function. Don’t have an account? Register here
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THE STANDING COMMITTEE OF NATIONAL ASSEMBLY -------	SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ------------
No: 40/2002/PL-UBTVQH10	Hanoi, April 26, 2002

ORDINANCE

ON PRICES
(No. 40/2002/PL-UBTVQH10)

In order to contribute to developing the socialist-oriented market economy, to stabilize the prices and to protect the legitimate rights and interests of production and/or business organizations and individuals, of the consumers, and the interests of the State;
Pursuant to the 1992 Constitution of the Socialist Republic of Vietnam, which was amended and supplemented under Resolution No.51/2001/NQ-QH10 of December 25, 2001 of the Xth National Assembly, its 10th session;
Pursuant to Resolution No.52/2001/NQ-QH10 of December 25, 2001 of the Xth National Assembly, its 10th session, on the 2002 Law- and Ordinance- Making Program;
This Ordinance prescribes prices.

Chapter I

GENERAL PROVISIONS

Article 1.- Regulation scope and application objects

1. This Ordinance prescribes the State management over prices and price-related activities of production and/or business organizations and individuals.

2. This Ordinance shall apply to domestic and foreign organizations and individuals engaged in production and/or business activities in Vietnam.

3. Where an international treaty which the Socialist Republic of Vietnam has signed or acceded to contains provisions on prices different from those of this Ordinance, the provisions of such international treaty shall apply.

Article 2.- The price-managing principles

1. The State shall respect the right to set prices and to compete in prices of production and/or business organizations and individuals strictly according to law.

2. The State shall employ necessary measures to stabilize prices and protect the legitimate rights and interests of production and/or business organizations and individuals, of the consumers, and the interests of the State.

Article 3.- Supervising the enforcement of the legislation on prices

1. The National Assembly’s agencies and deputies, the People’s Councils of all levels shall, within the scope of their functions, tasks and powers, supervise the enforcement of the legislation on prices.

2. Vietnam Fatherland Front and its member organizations shall mobilize people to implement the provisions of the legislation on prices, supervise the enforcement of the legislation on prices.

Article 4.- Interpretation of terms and phrases

In this Ordinance, the following terms and phrases are construed as follows:

1. Prices shall include the prices decided by the State, the prices decided by production and/or business organizations and/or individuals, and the market prices.

2. Appraisal of prices means the evaluation or re-evaluation of the value of property compatible with the market at a given location, a given time according to Vietnamese standards or international practices.

3. Dumping means the act of selling goods and/or services at extremely low prices as compared with the common prices on the Vietnamese market in order to dominate the market, restrict lawful competition, thus causing damage to the legitimate interests of other production and/or business organizations and individuals as well as the interests of the State.

4. Aligned price monopoly means the agreement between production and/or business organizations and/or individuals to set a price level to dominate the market, causing damage to the legitimate interests of other production and/or business organizations and/or individuals, of the consumers, and the interests of the State.

5. Monopoly prices mean the prices of goods or services bought, sold on the market only by one production and/or business organization or individual or the prices of goods or services of aligned monopoly organizations and/or individuals that control most market shares and have strength to manipulate the market prices.

6. Abnormally changing prices mean the prices rising or falling in case of economic crises, natural calamities, enemy sabotage or in other cases of abnormality.

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