Law on Prices No. 16/2023/QH15

LAW

PRICE

On the basis of the Constitution of the Socialist Republic of Vietnam;

The National Assembly enacts the Price Law.

PART I

GENERAL PROVISIONS

This Law regulates the rights and obligations of agencies, organizations, individuals, and consumers in the field of price and valuation; state management and regulation of prices; market price compilation, analysis, and forecasting; price database; valuation; specialized inspection on prices, and compliance checks with laws on prices and valuations.

Article 2. Applicability

This Law applies to organizations and individuals engaged in goods and service trading; consumers; state agencies; other organizations and individuals related to activities in the field of prices and valuations within the territory of Vietnam.

Article 3. Application of the Price Law and Related Laws

1. In cases where there are different provisions on prices between the Price Law and other laws enacted before the effective date of the Price Law, the provisions of the Price Law shall be implemented, except for the case stipulated in Clause 4 of this Article.

2. In cases where other laws enacted after the effective date of the Price Law need to provide specific regulations on price management and regulation that differ from those provided in the Price Law, they must clearly specify the contents to be implemented or not implemented according to the provisions of the Price Law, and the contents to be implemented according to the provisions of such other laws.

3. In cases where other laws enacted after the effective date of the Price Law supplement goods and services subject to state pricing, they must conduct policy impact assessments; such goods and services must meet at least one of the criteria specified in Clause 1 of Article 21 of this Law; simultaneously, they must clearly define the authority and responsibility for pricing, the form of pricing for such goods and services, specifically determine the basis and methods of pricing, and the issuance of pricing documents to be implemented or not implemented according to the provisions of the Price Law, and the contents to be implemented according to the provisions of such other laws.

4. State pricing for certain goods shall be carried out in accordance with the relevant laws as follows:

a) Land prices shall be implemented in accordance with the laws on land;

b) Housing prices shall be implemented in accordance with the laws on housing;

c) Electricity prices and prices of electricity-related services shall be implemented in accordance with the laws on power;

d) Medical examination and treatment service prices shall be implemented in accordance with the laws on medical examination and treatment;

đ) Tuition fees and prices of services in the fields of education and training, vocational education shall be implemented in accordance with the laws on education, higher education, and vocational education;

e) Royalty payments when exploiting and using works, sound recordings, video recordings under circumstances of limited copyright and related rights, compensation for the use of patents transferred by compulsory licensing decisions when the patent user and the patent holder cannot agree, compensation for the use of plant variety rights transferred by compulsory licensing decisions shall be implemented in accordance with the laws on intellectual property.

Article 4. Definitions

In this Law, the following terms shall be understood as follows:

1. Goods is a product that can be exchanged, bought, and sold on the market.

2. Services is an intangible good, the production and consumption processes cannot be separated.

3. Essential goods and services are necessary goods and services that meet basic human needs, raw materials, fuels, materials, key services serving production and circulation, and are appropriate to the economic and social context at each period.

4. Market price is the price of goods and services formed based on supply and demand and determined by market factors over a certain period and space.

5. Market price level is the average of common prices of goods and services or groups of goods and services on the market over a certain period and space, reflected through consumer price indices, producer price indices (if available).

6. The total cost of goods and services includes:

a) Production costs of goods and services; purchase prices of goods and services of organizations and individuals engaged in trade; import prices of goods;

b) Circulation costs of goods and services.

7. Factors forming prices include actual total costs; profit (if any) or loss (if any); financial obligations as prescribed by law.

8. Article 1 ||| Price regulation is the act of state agencies with authority applying measures as prescribed by this Law to limit market economy shortcomings in order to protect the rights and legitimate interests of consumers, organizations and individuals engaged in goods and service trade, the State, and to achieve inflation control and socio-economic development goals. Article 2 ||| Price stabilization is the act of state agencies with authority implementing solutions and measures as prescribed by this Law to stabilize the prices of goods and services when there are abnormal price fluctuations over a certain period of time.

9. Price Stabilization Article 3 ||| Abnormal price fluctuation refers to the phenomenon where the market price level of goods and services increases excessively high or decreases excessively low compared to the market price level of a specific period prior.

10. Article 4 ||| Pricing Article 5 ||| is the process whereby state agencies with authority or organizations and individuals engaged in goods and service trade determine the price of goods and services.

11. Article 6 ||| Pricing plan Article 7 ||| is a statement explaining the basis for pricing or adjusting prices, and the factors forming the price of goods and services.

12. Article 8 ||| Price negotiation Article 9 ||| is a method of agreement between organizations engaged in goods and service trade regarding purchase and sale prices, with the intermediary role of state agencies as stipulated by this Law.

13. Article 10 ||| Price declaration Article 11 ||| is the act of organizations engaged in goods and service trade that must declare prices under Clause 2, Article 28 of this Law sending notifications of prices after pricing or adjusting prices to state agencies with authority for the purpose of compiling, analyzing, and forecasting market prices.

14. Article 12 ||| Price display Article 13 ||| is the form of publicly displaying purchase and sale prices of goods and services by organizations and individuals engaged in goods and service trade to ensure convenience for customers and state agencies with authority to observe and recognize.

15. Article 14 ||| Price appraisal Article 15 ||| is the advisory activity of determining the value of assets being appraised at a specific location and time, serving a specific purpose, conducted by appraisal enterprises or appraisal boards according to Vietnamese Appraisal Standards.

16. Article 16 ||| includes assets, goods, and services requested for appraisal by agencies, organizations, or individuals based on demand or as required by law. Article 17 ||| Appraisal certificate

17. Assets Subject to Appraisal Article 18 ||| is a document issued by an appraisal enterprise or its branch after completing the appraisal activity to inform the customer and related organizations or individuals (if any) listed in the appraisal contract about the value of the appraised asset and the main contents of the appraisal report.

18Article 19 ||| Appraisal report Article 20 ||| is a document presenting the appraisal process, serving as the basis for issuing the appraisal certificate by an appraisal enterprise or informing the results of the appraisal by the appraisal board, including:

19. Article 21 ||| a) For the provision of appraisal service activities, the appraisal report is prepared by the valuation officer, reflecting the opinion of the valuation officer and reviewed and approved by the legal representative of the appraisal enterprise or the head of the appraisal enterprise's branch. Article 22 ||| b) For state appraisal activities, the appraisal report is prepared by the appraisal board, reflecting the opinions of the board members and the unanimous voting result of the board.

Article 23 ||| Notification of appraisal results

Article 24 ||| is a document issued by the appraisal board after completing the appraisal activity to notify the agency, organization, or individual authorized to establish the appraisal board about the value of the appraised asset and the main contents of the appraisal report.

20. Article 25 ||| Price collusion, appraisal collusion Article 26 ||| is the act of agencies, organizations, or individuals engaging in exchange to unify actions that distort the price of goods and services or the value of appraised assets for personal gain or profit-seeking.

21. Contract on price, valuation is the act of agencies, organizations, and individuals engaging in exchange to unify and distort the prices of goods and services or the value of assets being valued for personal gain or profit.

Article 5. Principles for State Management and Regulation of Prices

1. Managing and regulating prices according to market mechanisms that are consistent with economic and social development policies during each period; ensuring transparency, respecting the right of organizations and individuals to set prices and compete on price in accordance with the provisions of the law.

2. Protecting the rights and legitimate interests of consumers, organizations and individuals engaged in business activities, and the State.

3. Contributing to macroeconomic stability, ensuring social welfare, sustainable development; promoting socialization of public service provision activities; having pricing policies suitable for regions with difficult economic and social conditions, particularly difficult economic and social conditions, and other cases as prescribed by law.

Article 6. Public Disclosure of Price Information and Appraisal

1. State agencies and units subordinate to state agencies shall disclose the following contents:

a) Policies, projects, reports on measures for managing and regulating prices approved by competent state authorities; legal instruments on prices;

b) Pricing documents for goods and services included in the list of goods and services priced by the State, excluding national reserve goods;

c) List of appraisal firms qualified to operate appraisal service businesses, appraisers; list of appraisal firms suspended from operating appraisal service businesses, certificates revoked for qualification to operate appraisal service businesses; list of persons whose appraisal licenses have been revoked.

2. Organizations and individuals engaged in business activities shall disclose the following contents:

a) Specific prices of goods and services set by organizations and individuals within the price range, maximum price, and minimum price issued by competent state authorities;

b) Price levels of goods and services subject to mandatory price declaration as stipulated in Clause 2, Article 28 of this Law;

c) Price levels of goods and services listed at fixed prices.

3. Appraisal firms shall disclose the following contents:

a) List of appraisers at the firm and its branches;

b) Basic information about the firm's operations including certificates for qualification to operate appraisal service businesses, annual number of appraisal certificates issued;

c) Price list for appraisal services of the appraisal firm.

4. Agencies, units, organizations, and individuals responsible for disclosing information as provided in this Article must ensure accuracy, truthfulness, timeliness, and bear responsibility for the disclosed content. Disclosure does not apply to information classified as state secrets and cases prohibited from disclosure under the law.

Information and communication about legal policies on prices, management mechanisms must be objective and truthful as prescribed by law.

5. Disclosure of information as provided in this Article shall be carried out through posting on electronic information websites (if available) of agencies, units, organizations, and individuals or other appropriate forms. For the case stipulated in point b, Clause 1 of this Article, disclosure shall be made by sending documents to relevant agencies, units, organizations, and individuals and updating the price database; for the contents stipulated in points a and b, Clause 2 of this Article, disclosure shall be made by updating the price database.

Article 7. Prohibited acts in the field of pricing and valuation

1. For state management agencies in the field of pricing and valuation; persons with positions and powers as prescribed by laws on preventing and combating corruption within state management agencies in the field of pricing and valuation:

a) Interfering improperly with the functions, duties, and powers prescribed by law in the exercise of rights and obligations of organizations and individuals engaged in trading goods and services, consumers in the field of pricing, and organizations and individuals engaged in valuation activities;

b) Intentionally disclosing or using price information provided by organizations and individuals engaged in trading goods and services in violation of the regulations of competent state agencies;

c) Bribery; colluding to distort the prices of goods and services or the value of assets being valued for personal gain or profit; colluding on pricing and valuation.

2. For organizations and individuals:

a) Spreading false or inaccurate information about economic and social conditions causing market information chaos, prices of goods and services;

b) Price fraud by intentionally changing the contents already agreed upon in transactions without prior notice to customers regarding time, location, purchase and sale conditions, transportation methods, payment terms, quality, quantity, features, functions, goods, and services at the time of delivery or service provision;

c) Exploiting emergency situations, accidents, disasters, natural calamities, epidemics to increase the selling price of goods and services disproportionately to the cost changes compared to normal conditions for profit;

d) Obstructing the management and regulation of pricing and valuation activities of competent state agencies;

đ) Issuing, providing fake valuation certificates or using fake valuation certificates for purposes specified in Clause 4, Article 55 of this Law;

e) Issuing, providing valuation certificates when not meeting the conditions for operating valuation services or using such certificates for purposes specified in Clause 4, Article 55 of this Law; signing valuation certificates, valuation reports when not being a valuation expert;

g) Bribery; colluding to distort the prices of goods and services or the value of assets being valued for personal gain or profit; colluding on pricing and valuation.

3. For valuation enterprises:

a) Unfair competition acts as prescribed by laws on competition; providing inaccurate information about the qualifications, experience, and service-providing capabilities of valuation experts and valuation enterprises;

b) Providing valuation services to related parties as prescribed by laws on enterprises;

c) Falsely declaring registration applications for obtaining or reissuing certificates of eligibility for operating valuation services, registration applications of valuation experts;

d) Issuing fictitious valuation certificates;

đ) Bribery; colluding to distort the prices of goods and services or the value of assets being valued for personal gain or profit; colluding on pricing and valuation.

4. For valuation experts:

a) Providing inaccurate and untruthful information about the qualifications, experience, and service-providing capabilities of valuation experts and valuation enterprises;

b) Counterfeiting, renting, lending, or using valuation expert cards contrary to this Law and relevant laws;

c) Issuing valuation certificates, valuation reports in individual capacity;

d) Signing valuation certificates, valuation reports outside their professional fields, or beyond the scope of practice permitted by state agencies; signing valuation certificates, valuation reports when not meeting the conditions for registering as a valuation expert as stipulated in Clause 1, Article 45 of this Law;

đ) Conducting valuations for related parties as prescribed by laws on enterprises;

e) Fictitiously issuing valuation reports and related documents on valuation activities as prescribed by Vietnamese Valuation Standards;

g) Bribery; colluding to distort the prices of goods and services or the value of assets being valued for personal gain or profit; colluding on pricing and valuation.

5. For valuation boards:

a) Directing or interfering in valuation activities affecting the professional independence of valuation board members for personal gain;

b) Fictitiously issuing valuation results notifications, valuation reports;

c) Bribery; colluding to distort the prices of goods and services or the value of assets being valued for personal gain or profit; colluding on pricing and valuation.

6. For valuation board members:

a) Fictitiously issuing documents related to valuation activities as prescribed in Vietnamese Valuation Standards;

b) Bribery; colluding to distort the prices of goods and services or the value of assets being valued for personal gain or profit; colluding on pricing and valuation.

7. For valuation clients and third parties named in the valuation contract:

a) Intentionally providing misleading information about the assets being valued;

b) Using expired valuation certificates; using valuation certificates not in accordance with the purpose of valuation attached to the assets being valued and the quantity of assets being valued in the valuation contract;

c) Bribery; colluding to distort the prices of goods and services or the value of assets being valued for personal gain or profit; colluding on pricing and valuation.

8. Agencies, organizations, and individuals issuing documents that impose forms and conditions restricting the activities of valuation enterprises and valuation experts contrary to this Law.

Chapter II

RIGHTS AND OBLIGATIONS OF ORGANIZATIONS AND INDIVIDUALS ENGAGED INTRADING GOODS AND SERVICES AND CONSUMERS IN THE FIELD OF PRICING

Article 8. Rights of organizations and individuals engaged in trading goods and services

1. To set and adjust prices for goods and services produced and traded by themselves, except for goods and services priced specifically by the State. They may apply the principles, bases, and methods of pricing prescribed by the State to price goods and services.

2. To set purchase and sale prices for goods and services produced and traded by themselves within the framework of maximum and minimum prices issued by competent state agencies, in accordance with the principles, bases, and methods of pricing prescribed by this Law.

3. To participate in building and connecting, sharing information in the database on prices.

4. To reduce the selling price of goods and services without being considered a violation of competition laws, anti-dumping laws for imported goods, and must publicly announce the old price, new price, and duration of the price reduction in the following cases:

a) Fresh products;

b) Inventory goods;

c) Seasonal goods and services;

d) Goods and services for promotional purposes as prescribed by law;

đ) Goods and services when enterprises temporarily cease operations, go bankrupt, or dissolve; change their production and business locations or sectors;

e) Goods and services when implementing the State's price stabilization policy.

5. To propose to the competent state agency responsible for pricing to consider and adjust prices for goods and services produced and traded by themselves that fall under the List of goods and services priced by the State.

6. To access information about the State's pricing policies; measures for managing and regulating prices.

7. To lodge complaints, denunciations, or initiate lawsuits against acts suspected of violating price laws; request organizations and individuals to compensate for damages caused by violations of price laws according to the provisions of the law.

Article 9. Obligations of organizations and individuals engaged in trading goods and services

1. To prepare pricing plans or detailed reports on factors forming the prices of goods and services, or provide timely, accurate, and complete data and documents related to pricing requirements of competent state agencies to serve the purpose of pricing or implementing other price management and regulation measures as prescribed by this Law.

2. To comply with pricing documents and price stabilization measures issued by competent state agencies.

3. To declare prices of goods and services in accordance with the law.

4. To display prices of goods and services in accordance with the law.

5. To reduce prices of goods and services produced and traded by themselves in line with tax and fee exemption and reduction policies aimed at supporting consumers.

6. To disclose information about prices of goods and services in accordance with the law.

7. To promptly resolve complaints about prices of goods and services produced and traded by themselves; to compensate for damages caused by violations of price laws according to the provisions of the law.

Article 10. Rights of Consumers

1. To choose and negotiate prices when purchasing goods and services, except for goods and services priced specifically by the State.

2. To access information about the State's pricing policies; measures for managing and regulating prices.

3. To request organizations and individuals engaged in trading goods and services to provide information about prices, quality, origin of goods and services, and invoices in accordance with the law.

4. To propose to the competent state agency responsible for pricing to consider adjusting prices of goods and services priced by the State when factors forming the prices change.

5. To lodge complaints, denunciations, or initiate lawsuits, or request social organizations to initiate lawsuits according to this Law, consumer protection laws, and other relevant laws.

Article 11. Obligations of Consumers

1. Pay according to the agreed price or specific price set by the State when purchasing goods and services.

2. Provide information to state management agencies on prices, organizations, and individuals related to violations of laws on prices upon discovery of such behavior.

Chapter III

TASKS AND POWERS OF STATE MANAGEMENT AGENCIES ON PRICES AND PRICE APPRAISAL

ON PRICE, VALUATION

Article 12. Contents of State Management on Prices and Price Appraisal

1. Enact and implement legal normative documents on prices and price appraisal.

2. Manage and regulate state prices.

3. Aggregate, analyze, and forecast market prices; establish and operate a price database.

4. Manage price appraisal activities; organize state price appraisal activities.

5. Manage training and professional development activities on prices and price appraisal.

6. Inspect, examine compliance with laws and handle violations of laws on prices and price appraisal.

7. Resolve complaints and denunciations in the field of prices and price appraisal.

8. International cooperation on prices and price appraisal.

Article 13. Tasks and Powers of the Government

1. Uniformly manage state affairs on prices and price appraisal.

2. Enact legal normative documents on prices and price appraisal within its authority.

3. Submit to the Standing Committee of the National Assembly for consideration and adjustment of the List of Goods and Services for Price Stabilization and the List of Goods and Services with State-Set Prices.

4. Specify and adjust essential goods and services that must be reported under Point d, Clause 2, Article 28 of this Law.

5. Decide and implement measures to manage and regulate prices as prescribed by this Law. Delegate and decentralize powers and responsibilities for managing state affairs on prices and price appraisal and other tasks within its authority.

Article 14. Tasks and Powers of the Ministry of Finance

1. Serve as the lead agency assisting the Government in uniformly managing state affairs on prices and price appraisal.

2. Enact, submit to competent authorities for issuance, and coordinate with ministries, ministerial-level agencies, and provincial people's committees in drafting legal normative documents on prices.

3. Submit to the Government for submission to the Standing Committee of the National Assembly for consideration and adjustment of the List of Goods and Services for Price Stabilization and the List of Goods and Services with State-Set Prices based on proposals from relevant ministries, ministerial-level agencies, and provincial people's committees.

4. Submit to the Government for issuance and adjustment of essential goods and services that must be reported under Point d, Clause 2, Article 28 of this Law based on proposals from relevant ministries, ministerial-level agencies, and provincial people's committees.

5. Submit to the Government for consideration and decision on policies for price stabilization based on proposals from relevant ministries, ministerial-level agencies, and provincial people's committees; organize implementation of price stabilization according to the Government's assignment.

6. Set prices for goods and services within the scope defined in the List of Goods and Services with State-Set Prices; specify general pricing methods for goods and services with State-Set Prices and guide their implementation as prescribed in Clause 2, Article 23 of this Law.

7. Receive price declarations for goods and services within its jurisdiction.

8. Organize price negotiations for goods and services within its management scope.

9. Implement work on aggregating, analyzing, and forecasting market prices; apply information technology to build and operate the National Price Database.

10. State management over price appraisal includes the following contents:

a) Enact Vietnamese Standards for Price Appraisal;

b) Specify training, professional development, knowledge updates, certification issuance for price appraisal professionals and state price appraisal staff;

c) Specify examination, issuance, management, temporary revocation, and revocation of price appraisal professional cards;

d) Issue, reissue, revoke certificates of eligibility to operate price appraisal services; suspend operation of price appraisal services;

đ) Manage the practice of price appraisal professionals;

e) Manage price appraisal enterprises; state management in the price appraisal field for professional associations on price appraisal as prescribed by law; specify criteria for evaluating price appraisal enterprise activities.

11. Organize state price appraisal activities within its management scope as prescribed by law.

12. Implement international cooperation on prices and price appraisal.

14. Examine compliance with laws and handle violations of laws on prices and price appraisal within its management scope.

15. Resolve complaints and denunciations in the field of prices and price appraisal within its management scope as prescribed by law on complaints and denunciations.

16. Other tasks and powers regarding state management on prices as prescribed by this Law, other relevant laws, and assignments by the Government.

Article 15. Tasks and Authorities of Ministries and Ministerial-Level Agencies

1. Implement state management functions regarding prices within their respective fields and areas of management as prescribed by law.

2. Issue, or submit to competent authorities for issuance, normative legal documents on prices within their fields of management; coordinate with ministries, ministerial-level agencies, and provincial People's Committees in drafting normative legal documents on prices.

3. Propose and coordinate with the Ministry of Finance on submitting to the Government for submission to the Standing Committee of the National Assembly for consideration and adjustment of the List of Goods and Services for Price Stabilization and the List of Goods and Services Priced by the State.

4. Propose and coordinate with the Ministry of Finance on submitting to the Government for issuance and adjustment of essential goods and services that must be price-filed as stipulated in Point d, Clause 2, Article 28 of this Law.

5. Propose and coordinate with the Ministry of Finance on submitting to the Government for approval of price stabilization policies; organize the implementation of price stabilization for goods and services under their state management functions in specific industries and sectors.

6. Set prices for goods and services within their authority as prescribed in the List of Goods and Services Priced by the State; take the lead and coordinate with the Ministry of Finance in developing, issuing, or submitting to competent authorities for issuance of specific pricing methods for goods and services within their fields and areas of management as prescribed by law.

7. Receive price filings according to the division of labor assigned by the Government.

8. Organize price negotiations for goods and services within its management scope.

9. Update price information and data into the National Price Database as prescribed by the Government.

10. Organize state price appraisal activities within their fields and areas of management as prescribed by law.

11. Inspect compliance with laws and handle violations of laws related to prices and state price appraisals within their functions, fields, and areas of state management over prices and appraisals.

12. Resolve complaints and denunciations in the field of prices and state price appraisals within their fields and areas of management as prescribed by law on complaints and denunciations.

13. Other tasks and authorities in state management over prices as prescribed by this Law, other relevant laws, and assignments by the Government.

Article 16. Tasks and Authorities of Provincial People's Committees

1. The Provincial People's Committee is the agency implementing state management functions over prices at the local level as prescribed by law; it has the authority to decide and assign tasks to specialized agencies under the Provincial People's Committee according to industry and sector, and administrative bodies subordinate to assist the Provincial People's Committee in performing tasks and authorities in state management over prices and appraisals as prescribed herein.

2. Issue, or submit to competent authorities for issuance, normative legal documents on prices within their scope of management; coordinate with ministries and ministerial-level agencies in drafting normative legal documents on prices.

3. Organize the implementation of price stabilization within the province as prescribed by this Law; coordinate with other localities in implementing price stabilization.

4. Set prices for goods and services within their authority as prescribed in the List of Goods and Services Priced by the State.

5. Organize the assignment and delegation of responsibilities for receiving price filings within the province; organize the implementation of comprehensive activities, analysis, and forecasting of market prices, and updating price information and data into the National Price Database; decide on the construction and operation of a local price database and its connection to the National Price Database as prescribed by the Government.

6. Propose to the Ministry of Finance and ministries and ministerial-level agencies managing industries and sectors on submitting to the Government for submission to the Standing Committee of the National Assembly for consideration and adjustment of the List of Goods and Services for Price Stabilization and the List of Goods and Services Priced by the State.

7. Propose to the Ministry of Finance on submitting to the Government for issuance and adjustment of essential goods and services that must be price-filed as stipulated in Point d, Clause 2, Article 28 of this Law.

8. Organize price negotiations for goods and services as prescribed by this Law.

9. Organize state price appraisal activities within their local management scope as prescribed by law.

10. Inspect compliance with laws and handle violations of laws related to prices and state price appraisals within their functions, fields, and areas of state management over prices and appraisals.

11. Resolve complaints and denunciations about prices and state price appraisals within their local management scope as prescribed by law on complaints and denunciations.

12. Based on the actual situation in the locality during each period, the Provincial People's Committee decides to build and implement programs and plans to deploy appropriate measures to stabilize the market price floor in the locality.

13. Other tasks and authorities in state management over prices as prescribed by this Law, other relevant laws, and assignments by the Government.

Chapter IV

STATE MANAGEMENT AND REGULATION OF PRICES

Section 1

PRICE STABILIZATION

Article 17. Goods and Services for Price Stabilization

1. Goods and services included in the List of Goods and Services for Price Stabilization must simultaneously meet the following criteria:

a) They are essential goods and services;

b) They have a significant impact on economic and social development, production, business operations, and people's lives.

2. The List of Goods and Services for Price Stabilization is specified in Appendix No. 01 attached to this Law. Ministries and ministerial-level agencies managing industries and sectors shall define the economic and technical characteristics of goods and services listed in the List of Goods and Services for Price Stabilization.

3. In cases where it is necessary to adjust the List of Goods and Services for Price Stabilization, ministries and ministerial-level agencies managing industries and sectors, provincial People's Committees shall prepare documents proposing adjustments to be submitted to the Ministry of Finance for consolidation and presentation to the Government for submission to the Standing Committee of the National Assembly for consideration and decision.

4. The Government shall provide detailed regulations on the procedures and formalities for submitting the Standing Committee of the National Assembly to adjust the List of Goods and Services for Price Stabilization as stipulated in Clause 3 of this Article.

Article 18. Principles and Circumstances for Price Stabilization

1. The principles for price stabilization are defined as follows:

a) Transparency and fairness; balancing the interests between organizations and individuals engaged in trading goods and services and consumers;

b) Compliance with international treaties to which the Socialist Republic of Vietnam is a party;

c) Suitability to the economic and social context and inflation control objectives;

d) Clearly defining the duration and scope of implementation nationwide or at local levels.

2. State authorities with competent jurisdiction shall consider and stabilize prices in the following circumstances:

a) When the market price level of goods and services listed in the List of Goods and Services for Price Stabilization fluctuates abnormally, significantly impacting economic and social development, production, business operations, and people's lives;

b) When competent authorities declare a state of emergency, disaster, natural calamity, epidemic, and the market price level of goods and services fluctuates abnormally.

Article 19. Measures for Price Stabilization

1. Measures for price stabilization include:

a) Balancing supply and demand, including: regulating domestic production of goods, goods for export and import; balancing goods among regions and localities within the country through organized circulation of goods; purchasing or selling national reserve goods or circulating reserve goods;

b) Financial and monetary measures in accordance with legal provisions;

c) Specific pricing, maximum pricing, minimum pricing, or price range suitable to the nature of each type of goods and service; the pricing of goods and services shall be carried out according to the principles, bases, and methods prescribed in Section 2 of this Chapter;

d) Applying price support measures in accordance with legal provisions and international treaties to which the Socialist Republic of Vietnam is a party;

đ) Utilizing the price stabilization fund when goods and services have established a price stabilization fund.

The price stabilization fund is a financial fund not included in the state budget balance, established from the price of goods and services and other legitimate sources of finance, and can only be used for the purpose of price stabilization. The Government decides on the establishment of a price stabilization fund for goods and services listed in the List of Goods and Services for Price Stabilization; provides regulations on management, establishment, and expenditure of the price stabilization fund, and bears responsibility for ensuring transparency and fairness in the management and use of the fund.

2. The duration of applying price stabilization measures is determined by the authority responsible for implementing price stabilization measures based on identifying the causes of price fluctuations; depending on the actual implementation situation and price trends, price stabilization may end before the scheduled time or the application period may be extended.

Article 20. Implementation of Price Stabilization

1. The implementation of price stabilization in cases prescribed in point a, Clause 2, Article 18 of this Law shall be carried out as follows:

a) Ministries and ministerial-level agencies managing industries and sectors shall assess the degree of market price fluctuations of goods and services, their impact on the economy and society, production, business operations, and people's lives; they shall submit written reports to the Ministry of Finance for consolidation and submission to the Government for consideration and decision on the policy of price stabilization;

b) Based on the Government's policy on price stabilization, ministries and ministerial-level agencies managing industries and sectors shall take the lead in implementing and guiding provincial People's Committees to carry out one or more methods such as inspecting price formation factors or requiring enterprises to report on certain price formation factors; controlling inventory of goods; assessing supply and demand of goods and services to determine causes and serve as a basis for selecting appropriate measures, duration, and scope of price stabilization. Provincial People's Committees shall be responsible for organizing implementation and reporting results to ministries and ministerial-level agencies taking the lead in implementation;

c) Ministries and ministerial-level agencies managing industries and sectors shall issue decisions to apply one or more price stabilization measures and their duration and scope; organize implementation and guide the application of price stabilization measures and report to the Government on the results of price stabilization, while submitting to the Ministry of Finance for consolidation into comprehensive reports on market price analysis and forecasting. Provincial People's Committees shall be responsible for organizing the implementation of price stabilization measures and reporting results to ministries and ministerial-level agencies taking the lead in implementation;

d) Organizations and individuals engaged in trading goods and services shall comply with announced price stabilization measures and implement initial and revised price declarations according to Article 28 of this Law to competent state authorities.

2. The implementation of price stabilization in cases prescribed in point b, Clause 2, Article 18 of this Law shall be carried out as follows:

a) For nationwide price stabilization, ministries and ministerial-level agencies managing industries and sectors shall assess actual developments and market price levels of goods and services; they shall submit written reports to the Ministry of Finance for consolidation and submission to the Government for decision on appropriate policies, measures, and duration of price stabilization. In cases where goods and services requiring stabilization are not included in the List of Goods and Services for Stabilization but need immediate action, based on proposals from ministries and ministerial-level agencies managing industries and sectors, the Ministry of Finance shall submit to the Government for submission to the Standing Committee of the National Assembly for consideration and decision on policies, measures, and duration of price stabilization for those goods and services. Ministries and ministerial-level agencies managing industries and sectors, and provincial People's Committees shall be responsible for organizing implementation according to the Government's division of labor;

c) Organizations and individuals engaged in trading goods and services shall comply with announced price stabilization measures and implement initial and revised price declarations according to Article 28 of this Law to competent state authorities;

d) In cases where competent authorities declare a state of emergency and have other regulations on the implementation of price stabilization, such implementation shall be carried out in accordance with laws on states of emergency.

3. The Government shall provide detailed regulations on this Article.

Section 2

PRICING

Article 21. Goods and Services to be Valued by the State

1. Goods and services to be valued by the State must meet one of the following criteria:

a) Goods and services in fields subject to state monopoly production and business as prescribed by laws on trade and other relevant laws;

b) Important resources as prescribed by laws on natural resources;

c) National reserve goods; public utility products and services and public service products and services funded by the state budget;

d) Essential goods and services with monopolistic characteristics in purchase and sale or limited competition markets that affect the economy, people's lives, production, and business activities.

2. State agencies authorized to value shall implement valuation in the following forms:

a) Specific price is the price level at which agencies, organizations, and individuals must buy and sell according to that specific price;

b) Minimum price is the price level at which agencies, organizations, and individuals are not allowed to value, buy, or sell below that price level;

c) Maximum price is the price level at which agencies, organizations, and individuals are not allowed to value, buy, or sell above that price level;

d) Price range is the limit between minimum and maximum prices at which agencies, organizations, and individuals are not allowed to value, buy, or sell below the minimum and above the maximum price of the range.

3. The authority and responsibility for valuation are stipulated as follows:

a) The Prime Minister shall value important goods and services significantly affecting the macro-economy and people's lives;

b) The Ministry of Finance shall value goods and services under its management; goods and services in multiple sectors and fields affecting the state budget;

c) Ministries and ministerial-level agencies shall value goods and services under their specialized management fields as prescribed by law;

d) Provincial People's Committees shall value goods and services within their jurisdictional management areas.

4. The list of goods and services to be valued by the State, the form of valuation, and the authority and responsibility for valuation are specified in Appendix No. 02 attached to this Law. Economic and technical characteristics of goods and services listed in the List of goods and services to be valued by the State shall be implemented in accordance with relevant laws; in cases where there are no provisions, ministries, ministerial-level agencies, and provincial People's Committees shall have the responsibility to promulish them within their respective authorities.

5. In case it is necessary to adjust the List of goods and services to be valued by the State, ministries, ministerial-level agencies, and provincial People's Committees shall prepare documents requesting adjustments to submit to the Ministry of Finance for consolidation and submission to the Government for presentation to the Standing Committee of the National Assembly for consideration and decision.

6. The Government shall provide detailed regulations on the procedures and formalities for presenting the Standing Committee of the National Assembly to adjust the List of goods and services to be valued by the State as stipulated in Clause 5 of this Article.

Article 22. Principles and Bases for State Valuation

1. The principles for State valuation are stipulated as follows:

a) Ensuring reasonable and legitimate compensation for production and business costs; profit (if applicable) or accumulation (if applicable) in accordance with the market level; ensuring compatibility with supply and demand for goods and services, market conditions at the time of valuation, and state policies for economic and social development in each period;

b) Ensuring the rights and legitimate interests of the State, organizations, and individuals engaged in the business of goods and services, and consumers;

c) Considering and adjusting prices when factors forming prices change. In the case of adjusting prices for public goods and services in public-private partnership investment projects, it shall be carried out according to the periods specified in the project contract.

2. The bases for State valuation are stipulated as follows:

a) Factors forming the price of goods and services at the time of valuation or during the period of determining price-forming factors in the pricing plan, consistent with the characteristics and nature of the goods and services;

b) Supply and demand relationships for goods and services, market needs, and purchasing power of money; consumers' payment capacity;

c) Domestic and international market prices and the competitiveness of goods and services.

Article 23. Pricing Methods

1. Pricing methods are the means to determine the prices of goods and services priced by the State according to the pricing forms prescribed in Clause 2, Article 21 of this Law.

2. The Minister of Finance shall issue general pricing methods for goods and services priced by the State. In cases where applying the general pricing method requires specific guidance due to special contents, relevant ministries, ministerial-level agencies managing industries and fields, and provincial People's Committees shall propose specific guidance contents to be sent to the Ministry of Finance for consideration and implementation guidance.

3. The Minister, the head of a ministerial-level agency managing an industry or field shall take the lead and coordinate with the Minister of Finance and related ministries and agencies to issue or submit to the competent authority for issuance pricing methods for the following goods and services:

a) Goods and services specified in Clause 4, Article 3 of this Law;

b) Goods and services for which the law prescribes specific pricing methods.

Article 24. Issuance of Pricing Documents or Adjustments to Price Levels; Documents Prescribing Price Mechanisms and Policies

1. Pricing documents or adjustments to price levels issued by state agencies authorized to set prices are administrative documents. The issuance of such documents shall be carried out as follows:

a) Formulating pricing plans;

b) Reviewing pricing plans;

c) Submitting and issuing pricing documents or adjustments to price levels.

2. Documents prescribing price mechanisms and policies issued by state agencies authorized to do so shall be in the form of legal regulatory documents.

3. The Government shall provide detailed regulations on Clause 1 of this Article.

Section 3

NEGOTIATED PRICING

Article 25. Criteria for Goods and Services Subject to Negotiated Pricing

1. Not included in the List of Goods and Services Priced by the State; not subject to tendering or auction as prescribed by laws on tendering and auction.

2. Having a monopoly on purchase or sale, with buyers and sellers dependent on each other and difficult to replace.

Article 26. Principles, Authority, and Responsibilities for Negotiated Pricing

1. The principles for negotiated pricing are as follows:

a) The entities requesting negotiated pricing must be business organizations conducting the purchase and sale of goods and services that meet the criteria stipulated in Article 25 of this Law;

b) The acceptance and organization of negotiated pricing shall be based on voluntariness and equality of rights and obligations; both the buyer and seller must submit requests for negotiated pricing in writing;

c) The process of negotiated pricing must ensure objectivity, transparency, and respect for the right of self-pricing of the negotiating parties.

2. The authority and responsibilities for negotiated pricing are as follows:

a) Ministries, ministerial-level agencies managing industries and fields shall negotiate prices for goods and services within their management scope where both the buyer and seller, or both, are enterprises wholly owned by the State, as prescribed by laws on the management and use of State capital invested in production and business at enterprises;

b) Departments managing industries and fields shall negotiate prices for goods and services within their management scope where neither the buyer nor the seller falls under the provisions of point a of this clause.

Where the buyer and seller have their main offices located in two different centrally-administered provinces or cities, the buyer and seller shall be responsible for agreeing on one of the two localities to organize negotiated pricing.

If the buyer and seller cannot agree on the locality to organize negotiated pricing, the Department managing the industry or field where the seller is registered to operate shall organize the negotiated pricing; if the seller is a branch of an enterprise, the Department managing the industry or field where the branch is registered to operate shall organize the negotiated pricing.

Article 27. Price Negotiation Organization

1. Upon receiving the price negotiation request documents from both the buyer and seller of goods and services, the price negotiation organization shall organize a review and assessment of the compliance with the criteria for goods and services as stipulated in Article 25 of this Law. In necessary cases, the price negotiation organization may issue documents requesting the parties to supplement information on goods and services.

2. The price negotiation organization shall organize a price negotiation meeting for the buyer and seller to negotiate the price level based on cooperation and harmonization of interests among the parties. The buyer and seller shall issue documents appointing their representatives to participate in the price negotiation meeting.

3. At the price negotiation meeting, the price negotiation organization plays a mediating role for the buyer and seller to negotiate the price level and shall not interfere with the price level that the parties have negotiated.

4. At the price negotiation meeting, if the buyer and seller agree on the price level, the price negotiation meeting will conclude; the price negotiation organization shall prepare minutes for the parties to sign to record the negotiation results. The negotiated price shall only be applicable to the specific purchase and sale transaction and the quantity of goods and services agreed upon in the negotiation request document; the negotiated price does not have value for application in other cases. The buyer and seller are responsible for the negotiated price agreed upon by both parties.

5. In the case where the buyer and seller cannot agree on the price and continue to request the price negotiation organization to determine the price for implementation by both parties, the price negotiation organization shall prepare minutes on these contents. The price negotiation organization shall continue to organize the determination of the price for implementation by both parties. The price determination document issued by the price negotiation organization shall only be applied once to the specific subject matter requested for negotiation, according to the specific purchase and sale transaction and quantity of goods and services agreed upon in the negotiation request document, and shall not have value for application in other cases. The buyer and seller are responsible for complying with the price determined by the price negotiation organization.

6. The Government shall provide detailed regulations for this Article.

Section 4

PRICE DECLARATION, PRICE DISPLAY, REFERENCE PRICE

Article 28. Price Declaration

1. The declared price is the price level of goods and services decided independently by organizations engaged in the business of goods and services and reported to the competent authority for declaration acceptance.

2. Goods and services subject to price declaration include:

a) Goods and services listed in the price stabilization list;

b) Goods and services for which the State sets a price range, maximum price, or minimum price for organizations to set specific prices to sell to consumers;

c) Goods and services decided by enterprises based on reference prices;

d) Other essential goods and services prescribed by the Government.

Ministries, agencies equivalent to ministries managing industries and sectors, and provincial People's Committees shall specify the economic and technical characteristics of goods and services subject to price declaration.

3. The content of price declaration includes the price level attached to the name, type, origin (if any), quality indicators (if any), and reasons for adjusting the selling price between declarations.

4. The subjects of price declaration are organizations engaged in the business of goods and services registered for business in accordance with the Enterprise Law and having the right to decide prices; they belong to the list of organizations subject to price declaration accepted by the competent authority as prescribed in Clause 5 of this Article.

5. The establishment, announcement of the list of organizations engaged in the business of goods and services subject to price declaration is regulated as follows:

a) Ministries, agencies equivalent to ministries with the authority to accept declarations shall review and issue lists of organizations engaged in the business of goods and services subject to price declaration within their respective ministries or agencies;

b) Provincial People's Committees shall organize reviews and issue lists of organizations engaged in the business of goods and services subject to price declaration at the local level and not included in the lists of price declarations issued by ministries or agencies equivalent to ministries.

6. Organizations engaged in the business of goods and services subject to price declaration shall independently decide the prices of goods and services, bear the responsibility for declaring the initial price and re-declaring the price after deciding the price in accordance with regulations, and be responsible for the price level and content of the price declaration.

7. The authority accepting declarations shall be responsible for organizing the updating of declared price information into the price database; it may use the declared price in the work of compiling, analyzing, and forecasting market prices in accordance with regulations.

8. The Government shall provide detailed regulations on this matter.

Article 29. Price Display

1. Price display is a form of publicizing prices. The displayed price is the purchase price and sale price of goods and services including all types of taxes, fees, and charges (if any) of those goods and services decided in Vietnamese Dong by organizations and individuals producing and trading, except in cases implemented in accordance with laws on foreign exchange. The displayed price is attached to the quantity or volume of goods and services suitable, and other relevant information (if any) about basic technical characteristics, origin, purchasing and selling methods.

2. Organizations and individuals engaged in the business of goods and services displaying prices must ensure clarity and avoid confusion for customers regarding the purchase price and sale price of goods and services through forms such as printing, pasting, writing information on boards, paper, or directly printing on the packaging of goods or other appropriate forms given the actual conditions at the sales location or on electronic information pages for the convenience of customer observation and recognition and the competent state authorities.

3. Organizations and individuals are not allowed to sell at a higher price than the displayed price; for goods and services with specific prices set by the State, organizations and individuals engaged in the business of goods and services must display and sell at the price set by the competent state authority; for goods and services with minimum prices, maximum prices, or price ranges set by the competent state authority, they must display and sell according to the price consistent with the minimum price, maximum price, or price range. Organizations and individuals engaged in the business of goods and services shall adjust the displayed price immediately when there is a change in the price of goods and services.

Article 30. Reference Price

1. The reference price is the level of price of goods and services at the domestic and international markets announced by competent authorities for agencies, organizations, and individuals engaged in trading goods and services to use in negotiating and determining the prices of goods and services.

2. The Government decides on goods and services subject to reference prices and stipulates the procedures for announcing and using reference prices.

Section 5

CHECKING FACTORS FORMING PRICES

Article 31. Purpose and Requirements for Checking Factors Forming Prices

1. Checking factors forming prices is carried out by state agencies with authority to review and evaluate the rationality and legality of factors forming prices, supply and demand of goods and services, in order to identify factors affecting the prices of goods and services and consider implementing appropriate management and price regulation measures.

2. Checking factors forming prices shall be conducted in the following cases:

a) When the stable prices of goods and services fluctuate abnormally, affecting the economy and society, production and business activities, people's lives, and market price levels;

b) When other goods and service prices fluctuate abnormally due to emergency situations, accidents, disasters, natural calamities, epidemics, or according to directives from the Prime Minister, Ministers, Heads of ministerial-level agencies, or Chairpersons of provincial People's Committees for the purpose of managing and controlling prices.

Article 32. Competence and Responsibilities for Checking Factors Forming Prices

1. Ministries and ministerial-level agencies responsible for managing sectors and fields must check factors forming prices for goods and services within their specialized management scope and delegate inspection tasks to relevant departments and subordinate units to implement.

2. Provincial People's Committees are responsible for checking factors forming prices for goods and services within their administrative jurisdiction and delegate inspection tasks to relevant departments and subordinate units to implement.

Article 33. Implementation of Checking Factors Forming Prices

1. The implementation of checking factors forming prices must ensure transparency and minimize impact on the production and business activities of organizations and individuals; clearly define the inspection targets and deadlines. Upon completion of the inspection, the inspecting agency must report to the competent authority about the results of checking factors forming prices.

2. The implementation of checking factors forming prices is regulated as follows:

a) State agencies with authority to check factors forming prices issue a notification regarding the inspection to organizations and individuals trading goods and services;

b) Organizations and individuals subject to the inspection of factors forming prices have the responsibility to provide complete information, files, documents, and vouchers related to factors forming prices;

c) The maximum duration for checking factors forming prices is 30 days from the date all required documents are received; in complex cases, this period may be extended but not more than 15 additional days;

d) Upon completion of the inspection, the inspecting agency must prepare a report on the results of checking factors forming prices and propose appropriate measures. The report must be completed within 10 days from the end of the inspection and should include contents on the purpose, requirements, inspection targets, results, and causes.

3. During the inspection process, if violations are discovered, the inspecting agency has the responsibility to handle them or transfer them to the competent authority for handling according to the law.

Chapter V

COMBINATION, ANALYSIS, AND FORECAST OF MARKET PRICES,

PRICE DATABASE

Article 34. Market price synthesis, analysis, and forecasting activities

1. Market price synthesis, analysis, and forecasting activities involve collecting and consolidating information and data on asset, goods, and service prices during a certain period to analyze, evaluate, forecast market price trends, and propose management and regulation measures.

2. The contents of market price synthesis, analysis, and forecasting work are stipulated as follows:

a) Organizing the collection and analysis of prices for assets, goods, and services in the market;

b) Building comprehensive reports on market price analysis and forecasting for each period aligned with inflation control targets;

c) Evaluating and recommending annual inflation control targets and proposing management and regulatory measures to control inflation and stabilize macroeconomic conditions.

Article 35. Principles of market price synthesis, analysis, and forecasting

1. To be carried out regularly, continuously, and promptly.

2. For data synthesis and analysis, it must ensure completeness and accuracy based on the application of information technology.

3. For market price forecasting, it must be conducted scientifically, linked with the application of information technology and the requirements of price management and regulation work.

Article 36. Reports on market price synthesis, analysis, and forecasting

1. Reports on market price synthesis, analysis, and forecasting include the following contents:

a) Synthesis of the market price level and changes in the domestic and international market price levels of goods and services serving state management needs regarding prices; analyzing the causes of market price level fluctuations; evaluating economic and political impacts on price management and regulation work;

b) State price management and regulation work;

c) Forecasting trends in essential goods and service market price levels;

d) Proposing adjustment plans for goods and service prices listed in the State-Set Price Goods and Services List (if applicable); assessing the impact of price adjustments on the economy and society and inflation control targets;

đ) Management and regulation measures.

2. The Minister of Finance shall stipulate the work of market price synthesis, analysis, and forecasting.

Article 37. Responsibilities of agencies and units implementing market price synthesis, analysis, and forecasting work

1. The Ministry of Finance shall take the lead and coordinate with ministries, sectors, and provincial People's Committees according to their assigned functions and tasks to implement market price synthesis, analysis, and forecasting work to study and advise the Government on price management measures.

2. Ministries and sectors have the responsibility to coordinate with the Ministry of Finance to implement market price synthesis, analysis, and forecasting work within their respective fields and areas of management as prescribed by the Government.

3. Provincial People's Committees are responsible for implementing market price synthesis, analysis, and forecasting work in their localities according to the guidance of the Ministry of Finance.

Article 38. Price database

1. The price database includes the national price database and the local price database.

2. The national price database is established to serve state management of prices, price appraisal, and social needs, under the unified management of the Ministry of Finance. Information provided from the national price database is one of the sources of information serving state management and social needs. Organizations and individuals requiring information from the national price database must pay for the service according to the regulations of the Ministry of Finance.

3. Based on actual conditions in the locality, the provincial People's Committee decides on the establishment of a local price database to serve local state management of prices, price appraisals, and connection with the national price database.

4. Ministries, ministerial-level agencies, provincial People's Committees, and price appraisal enterprises have the responsibility to update price information into the national price database; the collection, storage, processing, protection, exploitation, and use of the price database must be linked with the application of information technology. Encouragement is given to organizations and individuals participating in building the price database.

5. The Government shall provide detailed regulations on the construction, management, updating, and exploitation of the price database.

Article 39. Funding for market price synthesis, analysis, forecasting work and price database

1. Funding for market price synthesis, analysis, forecasting work and price management and regulation work shall be allocated in the state budget estimates of agencies and units assigned to perform such tasks.

2. Funding for construction, maintenance, upgrading, management, and operation of the price database shall be guaranteed from the state budget at different levels and other legitimate sources as prescribed by law.

The agency responsible for managing the price database shall be responsible for preparing the state budget estimate for construction, maintenance, upgrading, management, and operation, and submitting it to the competent authority for approval in accordance with the State Budget Law.

3. The Minister of Finance shall provide detailed regulations on this matter.

Chapter VI

PRICE APPRAISAL REVIEW

Section 1

GENERAL PROVISIONS

Article 40. Price Appraisal Review Activities

1. Price appraisal review activities include providing price appraisal services and the State's price appraisal review activities.

2. Providing price appraisal service activities are carried out by price appraisal enterprises through civil contracts; State price appraisal review activities are conducted by the price appraisal board pursuant to the decision of the agency, organization, or person authorized under Article 59 of this Law.

Article 41. Principles of Price Appraisal Review Activities

1. Compliance with laws and Vietnamese Price Appraisal Standards.

2. Independence, objectivity, and honesty.

3. Responsibility for price appraisal review activities as prescribed by law.

Article 42. Vietnamese Price Appraisal Standards

1. Vietnamese Price Appraisal Standards are provisions and guidelines regarding professional practices and ethics in price appraisal activities.

2. The Minister of Finance shall promulgate and oversee the implementation of Vietnamese Price Appraisal Standards; review and recommend to the competent authority to amend and supplement conflicting or overlapping regulations in price appraisal activities.

Article 43. Professional Associations for Price Appraisal

1. Professional associations for price appraisal shall be established and operate in accordance with the law on associations, and shall be responsible for complying with the provisions of the Price Law and other relevant laws.

2. Professional associations for price appraisal shall organize training in price appraisal skills, update professional knowledge in price appraisal, issue certificates upon completion of courses, and carry out other activities related to price appraisal as prescribed by the Minister of Finance.

Section 2

PRICE APPRAISAL SERVICES

Article 44. Price Appraiser Card

1. The Price Appraiser Card is a professional certification in the field of asset price appraisal or enterprise price appraisal, issued to individuals who meet the requirements of the price appraiser card examination.

2. Individuals participating in the price appraiser card examination must satisfy the following conditions:

a) Having full capacity for civil acts;

b) Hold a bachelor's degree or higher;

c) Possess a certificate in price appraisal vocational training suitable for the specialty being examined, issued by an entity or organization authorized to conduct price appraisal training, except where they hold an associate degree or higher in pricing or price appraisal.

3. The Minister of Finance shall regulate the examination, issuance, management, and revocation of the Price Appraiser Card.

Article 45. Registration for Appraisal Practice

1. An appraiser with an appraisal license must meet the following conditions to register for appraisal practice:

a) Having full capacity for civil acts;

b) Have an employment contract in accordance with labor laws that is still valid with the enterprise where the appraiser registers for appraisal practice, except when the appraiser with an appraisal license is the legal representative of the enterprise;

c) Have a total actual working time at appraisal enterprises, state management agencies on prices and appraisals with a bachelor's degree or higher for at least 36 months. In cases of working with a bachelor's degree or higher in price-related or appraisal-related fields under application-oriented programs as prescribed by law, the total actual working time at appraisal enterprises, state management agencies on prices and appraisals shall be at least 24 months;

d) Have updated knowledge on appraisals in accordance with regulations of the Ministry of Finance, except when the appraisal license has been issued for less than one year from the date of registration for practice;

đ) Not falling within the categories specified in Clause 2 of this Article.

2. The subjects not allowed to engage in appraisal practice include:

a) Civil servants as defined by laws on civil servants; officers, professional military personnel, defense workers in agencies and units under the People's Army; officers, non-commissioned officers in business affairs, officers, non-commissioned officers in technical specialties, police workers in agencies and units under the People's Public Security Force;

b) Persons prohibited from engaging in appraisal practice according to court judgments or decisions that have taken legal effect; persons currently under investigation, prosecution, or trial according to criminal procedure laws; persons convicted of economic or official crimes related to finance, prices, or appraisals without having their criminal records expunged; persons currently subject to administrative education measures at commune, ward, or town levels; persons currently undergoing compulsory drug rehabilitation or compulsory educational measures;

c) Persons whose appraisal licenses have been revoked according to administrative penalty decisions made by competent authorities as prescribed by laws on administrative violations;

3. An appraiser with an appraisal license who meets the conditions for registering for appraisal practice as stipulated in Clause 1 of this Article shall register for appraisal practice with the Ministry of Finance through an appraisal enterprise to be notified as an appraiser at that appraisal enterprise. An appraiser with an appraisal license in the field of enterprise appraisal may register for practice in both areas prescribed in Clause 1 of Article 44 of this Law. An appraiser with an appraisal license shall not simultaneously register for appraisal practice at two or more appraisal enterprises.

4. The Government shall specify the procedures, formalities, and documentation for registering for appraisal practice.

Article 46. Appraiser

1. An appraiser is an individual with an appraisal license who has registered for appraisal practice and been notified by the Ministry of Finance as an appraiser.

2. During the course of appraisal practice, the appraiser must maintain the conditions for registering for appraisal practice as stipulated in Clause 1 of Article 45 of this Law. The appraisal enterprise must promptly report to the Ministry of Finance any changes in the appraiser due to the appraiser no longer meeting the conditions for registering for appraisal practice or changing the place of registration.

3. The list of appraisers is announced as follows:

a) The list of appraisers is announced annually before January 1st of each year;

b) The list of appraisers is adjusted monthly (if applicable) and announced before the last working day of the month for applications received by the Ministry of Finance before the 15th of the month;

c) The list of appraisers is announced together with the issuance or reissuance of certificates confirming eligibility to operate appraisal service businesses.

Article 47. Rights and Obligations of Appraisers

1. Rights of Appraisers:

a) To practice appraisal activities in accordance with this Law; to sign appraisal certificates and reports in their respective fields of expertise; to be allowed to practice without having to obtain additional certificates or other specialized conditions as prescribed by this Law;

b) To express independent views on professional matters;

c) To request clients to cooperate in providing relevant documents and materials related to the appraised assets and to create favorable conditions for conducting appraisals; not to bear responsibility for the accuracy of information about appraised assets provided by clients;

d) To refuse to conduct appraisals in cases where they are outside the permitted field of expertise or where they consider that the documents and materials for conducting appraisals are insufficient or unreliable;

đ) To participate in domestic and international professional organizations for appraisers in accordance with the provisions of the law;

e) Other rights as prescribed by law.

2. Obligations of Appraisers:

a) To comply with the regulations on appraisal activities as prescribed by this Law and other relevant laws;

b) To ensure independence, honesty, objectivity, and accuracy in the process of appraising assets; to be responsible for professional matters during the implementation process and to ensure that appraisal reports comply with Vietnamese Appraisal Standards;

c) To explain or defend the contents of the appraisal reports they have prepared when requested by the appraisal client or third parties using the report according to the appraisal contract; to explain the appraisal reports they have prepared to competent state authorities when required by law;

d) To participate in knowledge updating programs for appraisers as prescribed;

đ) To establish appraisal files in accordance with the provisions of the law;

e) Other obligations as prescribed by law.

Article 48. Appraisal Enterprises

1. An appraisal enterprise is a business entity established and registered to operate appraisal services in accordance with the law on enterprises and granted a certificate of eligibility to operate appraisal services by the Ministry of Finance in accordance with this Law.

2. A person holding a position or authority in the management of state prices, after ceasing to hold such position, shall not establish or hold managerial or executive positions in an appraisal enterprise within the time limit prescribed by the law on preventing and combating corruption.

Article 49. Conditions for Issuing a Certificate of Eligibility to Operate Appraisal Services

1. When applying for a certificate of eligibility to operate appraisal services, the enterprise must have at least five qualified appraisers who meet the conditions for registering to practice appraisal services as stipulated in Clause 1 of Article 45 of this Law and who are registered to practice appraisal services at the enterprise and satisfy the following conditions:

a) For a sole proprietorship, a limited liability company with one member, or a partnership, the owner of the sole proprietorship, the director or general manager of the sole proprietorship; the legal representative, director or general manager of a limited liability company with one member or a partnership must meet the requirements stipulated in Article 51 of this Law. The owner of a limited liability company with one member who is an individual, and the partners of a partnership must be persons with appraisal licenses registered to practice appraisal services at the enterprise;

In the case where a capital contributor or shareholder is an organization, the authorized representative of the contributing organization must be a person with an appraisal license registered to practice appraisal services at the enterprise; the total contributed capital of organizational members shall not exceed 35% of the charter capital. The total contributed capital of members or shareholders who are persons with appraisal licenses registered to practice appraisal services at the enterprise must account for more than 50% of the enterprise's charter capital.

2. In the event that the certificate of eligibility to operate appraisal services is lost, torn, or the information differs from that on the certificate of eligibility to operate appraisal services, the appraisal enterprise must apply for a new certificate of eligibility to operate appraisal services.

3. The Government shall prescribe the application forms, procedures, and processes for issuing and reissuing certificates of eligibility to operate appraisal services.

Article 50. Branches of appraisal enterprises

1. A branch of an appraisal enterprise is a subsidiary unit of an appraisal enterprise established in accordance with the provisions of the Enterprise Law, meeting the conditions stipulated in Clause 2 of this Article, and registered on the certificate of eligibility for business of the appraisal service of the appraisal enterprise.

2. A branch of an appraisal enterprise must meet the following conditions:

a) Must have at least three persons holding appraisal certificates who satisfy the conditions for registration to practice as appraisers as prescribed in Clause 1 of Article 45 of this Law, registered to practice as appraisers at the branch. These persons shall not simultaneously register to practice as appraisers at the main office or other branches of the appraisal enterprise.

b) The head of the branch must be a person holding an appraisal certificate who satisfies the conditions for registration to practice as an appraiser as prescribed in Clause 1 of Article 45 of this Law, registered to practice as an appraiser at that branch.

3. A branch of an appraisal enterprise may carry out appraisal activities pursuant to a written decision of the appraisal enterprise and issue appraisal certificates and appraisal reports for appraisal contracts concluded with appraisal clients by the branch.

4. An appraisal enterprise shall be responsible for the provision of appraisal services by its branches.

Article 51. Legal representative, General Director or Managing Director of an appraisal enterprise, head of a branch of an appraisal enterprise

1. The legal representative, General Director or Managing Director of an appraisal enterprise must meet the following conditions:

a) Is the legal representative, General Director or Managing Director recorded on the Enterprise Registration Certificate;

b) Is an appraiser at that enterprise;

c) Has been an appraiser for at least 36 months;

d) Maintains the conditions prescribed in Points a, b, d and đ of Clause 1 of Article 45 of this Law;

đ) Does not belong to any of the cases where they held the position of legal representative, General Director or Managing Director of an appraisal enterprise which had its certificate of eligibility for business of appraisal service revoked within 12 months from the first revocation and within 60 months from the second or subsequent revocations up to the date of submission of the application for issuance or reissuance of the certificate of eligibility for business of appraisal service.

2. The legal representative, General Director or Managing Director of an appraisal enterprise, the head of a branch of an appraisal enterprise shall be recorded on the certificate of eligibility for business of appraisal service issued to the appraisal enterprise.

Article 52. Conditions for operation of appraisal enterprises and their branches

1. To be granted a certificate of eligibility for business of appraisal service while ensuring the maintenance of the conditions prescribed in Articles 49 and 50 of this Law.

2. Within ten days from the date of failing to meet any of the conditions prescribed in Articles 49 and 50 of this Law, the appraisal enterprise must report to the Ministry of Finance and must rectify the situation within a maximum period of three months from the date of non-compliance.

3. During the period of rectifying the operating conditions as prescribed in Clause 2 of this Article, the provision of appraisal services by the enterprise and its branches shall be carried out as follows:

a) In the case where the legal representative of the enterprise is no longer an appraiser at the enterprise or does not meet the conditions prescribed in Points a, b, d and đ of Clause 1 of Article 45 of this Law, the enterprise and its branches shall not issue appraisal certificates and appraisal reports. In the case where the head of the branch is no longer an appraiser at the enterprise or does not meet the conditions prescribed in Points a, b, d and đ of Clause 1 of Article 45 of this Law, the branch of the appraisal enterprise shall not issue appraisal certificates and appraisal reports.

b) In the case where the number of appraisers is insufficient but does not fall under the circumstances prescribed in Point a of this clause, the enterprise and its branches may issue appraisal certificates and appraisal reports for appraisal contracts signed during the period when the number of appraisers was sufficient, but shall not conclude new appraisal service contracts.

4. After the expiry of three months from the date of failing to meet the conditions prescribed in Articles 49 and 50 of this Law, if the appraisal enterprise fails to rectify the conditions for appraisal activities, it will be suspended from conducting appraisal services or have its certificate of eligibility for business of appraisal service revoked in accordance with the provisions of Article 54 of this Law; if the branch of the appraisal enterprise fails to rectify the conditions for appraisal activities, it will be removed from the certificate of eligibility for business of appraisal service.

Article 53. Rights and Obligations of Appraisal Enterprises

1. The rights of appraisal enterprises are stipulated as follows:

a) Providing appraisal services in accordance with this Law;

b) Participating in domestic and international professional associations and organizations related to appraisals in accordance with the provisions of the law;

c) Requesting appraisal clients to provide relevant files, documents, and data concerning the assets being appraised and creating favorable conditions for conducting the appraisal;

d) Refusing to perform appraisal services;

đ) Other rights prescribed by law.

2. The obligations of appraisal enterprises are stipulated as follows:

a) Adhering to the regulations on appraisal activities as prescribed by this Law;

b) Conducting appraisals in accordance with the appraisal service contracts and the permitted fields of expertise; arranging qualified appraisers and professionals to carry out the appraisals according to signed contracts; creating conditions for appraisers to conduct independent and objective appraisal activities;

c) Establishing and implementing quality control systems for appraisal reports to issue and provide appraisal certificates to appraisal clients;

d) Ensuring that issued appraisal certificates comply with the Vietnamese Appraisal Standards, except in cases where appraisal clients intentionally provide false information about the assets being appraised; bearing responsibility before clients for providing appraisal services according to signed contracts;

đ) Compensating for damages in accordance with the law due to breaches of agreements in appraisal service contracts or when appraisal activities cause damage to the interests of agencies, organizations, or individuals due to non-compliance with appraisal regulations;

e) Purchasing professional liability insurance for appraisal activities or setting aside risk reserves as prescribed by the Minister of Finance;

g) Managing and supervising the activities of appraisers within the enterprise;

h) Fully complying with reporting requirements on appraisal activities as prescribed by the Minister of Finance;

i) Organizing the safe, complete, lawful, and confidential storage of appraisal-related files and documents in accordance with the law on archiving;

k) Other obligations prescribed by law.

Article 54. Suspension of Appraisal Service Business and Revocation of Certificate of Eligibility for Appraisal Service Business

1. An appraisal enterprise shall be suspended from conducting appraisal service business if it falls under any of the following circumstances:

a) Failing to meet one of the conditions prescribed in Clause 1 of Article 49 of this Law for three consecutive months;

b) Issuing appraisal certificates or reports signed by persons who are not appraisers in the role of appraisers;

c) Cases of suspension of operations as prescribed by the law on enterprises, administrative violations, and criminal offenses.

2. An appraisal enterprise shall have its certificate of eligibility for conducting appraisal service business revoked if it falls under any of the following circumstances:

a) Falsely declaring or fraudulently submitting application files for issuance or reissuance of the certificate of eligibility for conducting appraisal service business;

b) Not issuing appraisal certificates or reports for twelve consecutive months;

c) Within sixty days from the date of suspension of appraisal service business, the enterprise fails to rectify the violation prescribed in Point a of Clause 1 of this Article;

d) Voluntarily ceasing the operation of appraisal service business;

đ) Having its business registration certificate or enterprise registration certificate revoked.

3. During the period of suspension of appraisal service business, the appraisal enterprise shall not enter into appraisal service contracts nor issue appraisal certificates. An appraisal enterprise whose certificate of eligibility for conducting appraisal service business has been revoked must cease the operation of appraisal service business from the effective date of the revocation decision.

The legal representative of the appraisal enterprise at the time of revocation of the certificate of eligibility for conducting appraisal service business must continue to fulfill the obligation of storing the appraisal-related files and documents of the appraisal enterprise as prescribed in Point i of Clause 2 of Article 53 of this Law.

4. The Government shall specify detailed procedures for suspending appraisal service business and revoking the certificate of eligibility for conducting appraisal service business.

Article 55. Appraisal Certificate and Appraisal Report

1. The Appraisal Certificate must bear the signature of the appraiser who conducted the appraisal and be signed and stamped by the legal representative of the appraisal enterprise or the head of the appraisal enterprise's branch.

2. The Appraisal Report must bear the signature of the appraiser who conducted the appraisal and be approved by the legal representative of the appraisal enterprise or the head of the appraisal enterprise's branch, and it cannot be separated from the Appraisal Certificate.

3. The legal representative of the appraisal enterprise may authorize a company manager to sign the Appraisal Certificate and review and approve the Appraisal Report according to the provisions of the Enterprise Law. The authorized person must be an appraiser at the enterprise.

4. The Appraisal Certificate and Appraisal Report shall be used as one of the bases for the appraisal client and related organizations or individuals mentioned in the appraisal contract to consider, decide, or approve the asset price. The Appraisal Certificate and Appraisal Report are only valid for use within their effective period according to the purpose of the appraisal associated with the correct asset information and quantity specified in the appraisal contract.

5. The Appraisal Certificate must be updated into the National Price Database as prescribed by the Ministry of Finance, except for cases listed in the State Secrets Catalogue.

Article 56. Rights and Obligations of the Appraisal Client and Related Organizations and Individuals Mentioned in the Appraisal Contract

1. Organizations and individuals have the right to choose an appraisal enterprise that meets the conditions for practice as stipulated by law to enter into an appraisal contract.

2. The rights of the appraisal client and related organizations or individuals (if any), recorded in the appraisal contract, are defined as follows:

a) Requesting the appraisal enterprise to provide information in the registration file for practicing appraisal and information about the appraiser;

b) Refusing to provide information or documents unrelated to the appraisal activity and the appraised assets;

c) Requesting the replacement of the appraiser when there is evidence that the appraiser violated the Vietnamese Appraisal Standards and principles of honest, independent, and impartial conduct during the appraisal process;

d) Requesting the appraisal enterprise to provide the Appraisal Certificate and Appraisal Report; requesting compensation if the appraisal enterprise engages in misconduct causing damage;

đ) Reviewing and deciding on the use of the Appraisal Certificate and Appraisal Report;

e) Other rights as prescribed by law.

3. The obligations of the appraisal client and related organizations or individuals (if any), recorded in the appraisal contract, are defined as follows:

a) Providing complete, accurate, truthful, timely, and objective information and documents related to the appraised assets as required by the appraisal enterprise and bearing legal responsibility for the provided information and documents;

b) Cooperating and creating conditions for the appraiser to carry out the appraisal;

c) Promptly and fully reporting any violations of laws and breaches of the appraisal contract in the appraisal activities of the appraiser and the appraisal enterprise to competent state authorities;

d) Paying the service fee for the appraisal according to the agreement in the contract;

đ) Bearing responsibility for the use of the Appraisal Certificate and Appraisal Report in making decisions and approving asset prices. The use of the Appraisal Certificate and Appraisal Report must be within the validity period of the Appraisal Certificate, consistent with the purpose of the appraisal and the correct asset information and quantity specified in the appraisal contract.

e) Other obligations as prescribed by law.

Article 57. Determination of Service Appraisal Price

The service appraisal price shall be recorded in the appraisal contract and implemented according to civil transactions between the appraisal company and the appraisal client, and must ensure the principle of compensating reasonable actual costs for fully performing all activities within the scope of work as prescribed by the Vietnamese Valuation Standards.

Article 58. Dispute Resolution Methods for Appraisal Contracts

1. Negotiation and mediation based on commitments recorded in the appraisal contract.

2. Resolution through commercial arbitration.

3. Initiation of litigation at the court in accordance with the Civil Procedure Law.

Section 3

STATE APPRAISAL

Article 59. State Appraisal Activities

1. State appraisal is selected for implementation in cases where relevant laws stipulate that this method is one of the bases for authorities, organizations, or authorized individuals to consider and decide or approve prices when selling, liquidating, leasing, joint ventures, joint operations, transferring state-owned assets, or purchasing, renting goods, services, or assets using state funds.

2. Authorities, organizations, or authorized individuals deciding or approving prices as provided for in Clause 1 of this Article, when selecting the state appraisal method,

shall establish an appraisal board to conduct state appraisal.

3. State appraisal activities do not apply to goods and services listed in the State Pricing Directory.

Article 60. Appraisal Board

1. The appraisal board must have a minimum of three members who are officials, civil servants, employees under the management and use authority of the entity establishing the appraisal board, including the Chairman of the appraisal board. In necessary cases, persons with the specialized certification as stipulated in Clause 2 of this Article may be hired as members of the appraisal board.

2. The appraisal board must have at least 50% of its members, including the Chairman of the appraisal board, holding at least one of the following certifications:

a) A college degree or higher in valuation or appraisal specialization;

b) An appraisal certificate for valuation;

c) A training certificate in appraisal practice;

d) A training certificate in state appraisal.

3. The principles of operation of the appraisal board are as follows:

a) The appraisal board operates on a collective basis, making decisions by majority rule. An appraisal session can only proceed if at least two-thirds of the members of the appraisal board are present, and it is chaired by the Chairman of the appraisal board; before the appraisal session begins, absent members must submit a written statement to the Chairman of the appraisal board explaining their absence and providing their independent opinion on issues related to the asset being appraised. If the appraisal board has only three members, then all three members must be present;

b) The appraisal board records minutes of the meeting, prepares an appraisal report, and announces the appraisal results according to the majority opinion approved by the present members of the appraisal board. In case of a tie vote, the opinion of the side with the Chairman's vote is the decision of the board regarding the value of the appraised asset. Members of the appraisal board have the right to reserve their opinion if they disagree with the asset value decided by the board; such reserved opinions are recorded in the minutes of the appraisal board meeting;

c) The appraisal board established as provided in Clause 1 of this Article automatically dissolves upon completion of the tasks specified in the Decision establishing the board. Any matters arising after the dissolution of the appraisal board will be handled by the competent authority that established the board;

d) The appraisal board may use the seal of the authority that established the appraisal board or the authority where the Chairman of the appraisal board works.

Article 61. Rights and Obligations of the Authority Establishing the Appraisal Board

1. The authority establishing the appraisal board has the following rights:

a) To select individuals meeting the requirements stipulated in Clause 1 and Clause 2, Article 60 of this Law to participate in the appraisal board;

b) To hire individuals meeting the requirements stipulated in Clause 2, Article 60 of this Law to participate in the appraisal board;

c) In cases of necessity, to decide on the establishment of an assisting team for the appraisal board;

d) To request the appraisal board to explain the contents in the appraisal report and to notify the results of the appraisal.

2. The authority establishing the appraisal board has the following obligations:

a) To arrange locations, time, and funding for the appraisal board and the assisting team (if any) to carry out appraisal activities;

b) To preserve and retain appraisal files in accordance with the provisions of the law;

c) To update the results of the appraisal into the price database, except in cases involving state secrets;

d) To create conditions for members of the appraisal board to update and enhance their knowledge on state appraisal.

Article 62. Rights and Obligations of the Appraisal Board

1. The appraisal board has the following rights:

a) To request the provision of information, documents, and necessary resources for the appraisal process;

b) To hire organizations with the function of conducting economic-technical condition appraisals and quality assessments of assets; to hire appraisal firms to perform part or all of the appraisal work;

c) To review and decide on the use of the results from consulting units and appraisal firms;

d) To report to the competent authority about the lack of sufficient information and documents to conduct the appraisal.

đ) Other rights prescribed by law.

2. The appraisal board has the following obligations:

a) To ensure professional independence; honesty, objectivity, and accuracy during the asset appraisal process and to be responsible for compliance with the Vietnamese Valuation Standards in the appraisal activities;

b) To review and evaluate the compliance with the collection, analysis of information, selection of valuation methods, preparation of the appraisal report, and certification of the appraisal in cases where part or all of the appraisal work is outsourced;

c) To keep information confidential in accordance with the provisions of the law;

d) Other obligations as prescribed by law.

Article 63. Rights and Obligations of Members of the Appraisal Board

1. Members of the appraisal board have the following rights:

a) To access relevant information and documents serving the appraisal process;

b) To provide their opinions and evaluations during the appraisal process;

c) To vote to determine the value of the appraised asset; in case of dissenting opinions, they have the right to reserve their opinion and it shall be recorded in the minutes of the board's meeting;

d) To enjoy benefits and policies according to the laws on appraisal and other related laws;

đ) Other rights prescribed by law.

2. Members of the appraisal board have the following obligations:

a) To comply with the appraisal procedures as prescribed;

b) To ensure professional independence, accuracy, honesty, and objectivity; to be responsible for the quality and completeness of the notification of the appraisal results, the appraisal report; to be responsible for their opinions and evaluations as stipulated in points b and c, Clause 1 of this Article;

c) To update their professional knowledge on appraisal;

d) To keep information confidential in accordance with the provisions of the law;

đ) Other obligations as prescribed by law.

Article 64. Notification of Appraisal Results and Appraisal Report

1. The notification of appraisal results and the appraisal report of the appraisal council shall be used as the basis for advising agencies, organizations, and competent authorities to consider and decide on, approve prices in accordance with relevant laws.

2. The validity period of the notification of appraisal results and the appraisal report is stipulated in the Vietnamese Valuation Standards. The notification of appraisal results and the appraisal report only have value for use within their validity period and according to the specific purpose of the appraisal associated with the correct type and quantity of assets specified in the asset appraisal assignment document.

Article 65. Appraisal Costs

1. The costs serving the appraisal work of the appraisal council and the working group of the appraisal council (if any) shall be guaranteed by the state budget funds of the competent authority establishing the appraisal council, except in cases provided for in Clause 2 of this Article. The Ministry of Finance shall provide detailed guidance on the costs serving the appraisal work of the appraisal council.

2. In cases where appraisals are conducted for the sale, liquidation, leasing, joint ventures, joint operations, or transfer of state-owned assets, the costs serving the appraisal work of the appraisal council and the working group of the appraisal council (if any) shall be implemented in accordance with the relevant laws.

Article 66. State Appraisal Files

1. The appraisal files include the following documents:

a) Documents assigning tasks for the sale, liquidation, leasing, joint ventures, joint operations, or transfer of state-owned assets or for purchasing, renting goods, services, or assets using state capital;

b) Information and documents about the assets to be appraised;

c) Decision to establish the appraisal council;

d) Documents collected and analyzed by the appraisal council during the appraisal process; expert reports, appraisal certificates attached to the appraisal report of the appraisal enterprise (if any);

đ) Minutes of the appraisal council's meetings; the appraisal report and the notification of appraisal results of the appraisal council;

e) Other related documents concerning the appraisal (if any).

2. The appraisal council is responsible for transferring the appraisal files and related documents to the agency, organization, or competent authority that established the appraisal council for storage purposes.

SPECIALIZED INSPECTION AND MONITORING OF PRICES, COMPLIANCE WITH LAWS ON PRICES AND APPRAISALS

ENFORCEMENT OF LAWS ON PRICE, VALUATION

Article 67. Purpose of Inspection and Monitoring

1. The purpose of price inspection and appraisal inspection shall be carried out in accordance with the laws on inspection.

2. The purpose of monitoring compliance with laws on prices and appraisals aims to contribute to improving discipline and order, bringing positive impacts to price management and appraisal work; identifying existing issues and limitations to study and propose amendments and supplements to legal documents on prices and appraisals; preventing, detecting, and handling violations of laws on prices and appraisals.

Article 68. Principles of Inspection and Monitoring

1. Inspection work must ensure compliance with the principles prescribed in the laws on inspection.

2. Monitoring compliance with laws on prices and appraisals must ensure the following principles:

a) Implementation according to plans or directives from competent authorities or when violations or signs of violations are discovered;

b) No overlap in scope or time with inspection activities of the state audit, or inspections in the same field for the same entity;

c) Objectivity, transparency, legality, and compliance with procedures and formalities as prescribed by law;

d) Minimizing hindrances and impacts on the activities of the inspected entities.

Article 69. Inspection and Supervision Periods

1. The inspection period shall be carried out in accordance with the provisions of the law on inspection.

2. The supervision period shall be determined in the supervision decision but shall not exceed ten days and shall be calculated from the date of publication of the supervision decision; in cases where the scope of supervision is large and the content is complex, it may be extended once but shall not exceed ten days. The supervision record must be established within five days from the end date of the supervision period.

Article 70. Responsibility for Inspection and Supervision

2. The Ministry of Finance, ministries, ministerial-level agencies, and provincial People's Committees shall be responsible for supervising compliance with laws on prices, price appraisal, and assigning supervision tasks to specialized agencies and subordinate units.

The Ministry of Finance shall stipulate procedures and formalities for supervising compliance with laws on prices and price appraisal.

Article 71. Reporting Results of Inspection and Supervision and Responsibilities for Handling

1. Reporting results of inspections and responsibilities for handling inspection results shall be carried out in accordance with the provisions of the law on inspection.

2. Reports on supervision results must clearly state the results of the supervision work; propose recommendations for handling economic, administrative, and legal matters (if applicable) with the supervised entity; propose recommendations for amending and supplementing mechanisms, policies, and normative legal documents (if applicable); recommend and propose competent authorities to monitor, urge, and supervise the implementation of supervision conclusions, recommendations, and decisions on handling (if applicable).

Article 72. Handling Violations of Laws on Prices and Price Appraisal

1. Organizations and individuals violating the provisions of this Law, depending on the nature and degree of violation, shall be handled in accordance with the provisions of the law.

2. Organizations and individuals violating the provisions of this Law, in addition to being handled according to the provisions of Clause 1 of this Article, shall also have information about their violations of laws on prices and price appraisal published in mass media.

3. The Government shall provide detailed regulations on administrative penalties in the field of prices, and the publication of information about violations of laws on prices and price appraisal in mass media.

Chapter VIII

IMPLEMENTATION PROVISIONS

Article 73. Amending, Supplementing, Replacing, and Abolishing Certain Clauses and Articles of Related Laws

1. Amending, supplementing, and abolishing certain clauses and articles of the Civil Aviation Law No. 66/2006/QH11, which has been amended and supplemented by Law No. 45/2013/QH13 and Law No. 61/2014/QH13, as follows:

a) Amending and supplementing Clause 3 and Clause 4 of Article 11 as follows:

"3. Air service prices include:

a) Aircraft takeoff and landing fees; air traffic control departure and arrival fees; aviation security service fees; air traffic control fees for airspace under Vietnam’s management; passenger services fees at airports;

b) Aircraft parking lot rental fees; passenger check-in counter rental fees; baggage conveyor belt rental fees; aircraft boarding bridge rental fees; comprehensive ground commercial technical service fees at airports; automatic baggage sorting fees; aviation fuel refueling fees; underground infrastructure system fuel supply facility usage fees at airports;

c) Air service concession rights at airports, including concessions for passenger terminals; cargo warehouses; comprehensive ground commercial technical services; maintenance and repair of aviation equipment; aviation technical services; airline catering provision; aviation fuel supply;

d) Other air services.

4. Non-air service prices include:

a) Rental fees for airport premises and essential basic services at airports;

b) Other non-air services."

b) Amending and supplementing Clause 6 of Article 11 as follows:

"6. State pricing for goods and services specified in points a, b, and c of Clause 3 and point a of Clause 4 of this Article shall be carried out in accordance with the law on prices. Enterprises shall declare and display prices for goods and services specified in Clauses 3 and 4 of this Article in accordance with the law on prices."

c) Abolishing Clause 7 and Clause 8 of Article 11;

d) Amending and supplementing Clause 2 of Article 116 as follows:

"2. Domestic air passenger transport service prices shall be implemented in accordance with the law on prices."

2. Amending and supplementing Clause 2 and Clause 3 of Article 90 of the Maritime Code No. 95/2015/QH13, which has been amended and supplemented by Law No. 35/2018/QH14, as follows:

"2. Port service prices include:

a) Container handling service prices; pilotage service prices; port berth, buoy, and mooring service prices; ship towing service prices;

b) Other port service prices.

3. Pricing for services specified in point a of Clause 2 of this Article shall be carried out in accordance with the law on prices."

3. Amending and supplementing certain articles of the Railway Law No. 06/2017/QH14, which has been amended and supplemented by Law No. 35/2018/QH14, as follows:

a) Amending and supplementing Clause 1 of Article 56 as follows:

"1. National railway passenger and luggage freight rates are decided by railway transportation enterprises; urban railway passenger and luggage freight rates are set by provincial People's Committees in accordance with the law on prices; freight rates on dedicated railways are decided by dedicated railway transportation enterprises."

b) Amending and supplementing point a of Clause 2 of Article 67 as follows:

"a) The Ministry of Transport shall determine the prices for railway traffic management services on state-owned railway infrastructure in accordance with the law on prices;"

4. Amending and supplementing Clause 3 and Clause 4 of Article 90 of the Forestry Law No. 16/2017/QH14 as follows:

"3. The Minister of Agriculture and Rural Development shall prescribe methods for determining forest prices; guide the setting of price ranges for production forests, protective forests, and special-use forests owned by the whole people.

4. Provincial People's Committees shall set price ranges for forests within their jurisdiction."

5. Amending and supplementing Clause 2 and Clause 3 of Article 35 of the Water Resources Law No. 08/2017/QH14, which has been amended and supplemented by Law No. 35/2018/QH14, Law No. 59/2020/QH14, and Law No. 72/2020/QH14, as follows:

"2. The authority to appraise waterworks products and services for waterworks projects funded by state capital shall be prescribed as follows:

a) For public welfare waterworks products and services implemented through procurement:

The Ministry of Finance shall set the maximum price for public welfare waterworks products and services within the scope of management of the Ministry of Agriculture and Rural Development;

The Ministry of Agriculture and Rural Development shall set specific prices for public welfare waterworks products and services within its scope of management based on the maximum price established by the Ministry of Finance;

The provincial People's Committee shall set specific prices for public welfare waterworks products and services within their scope of management.

b) For other waterworks products and services:

The Ministry of Finance shall establish a pricing framework for other waterworks products and services within the scope of management of the Ministry of Agriculture and Rural Development;

The Ministry of Agriculture and Rural Development shall set specific prices for other waterworks products and services within its scope of management based on the pricing framework established by the Ministry of Finance;

The provincial People's Committee shall set specific prices for other waterworks products and services within their scope of management.

3. For waterworks projects constructed under the public-private partnership model or those not using state capital, the price of waterworks products and services shall be determined according to the contract between the parties."

6. Amend and supplement Clause 6 of Article 83 of the Road Traffic Law No. 23/2008/QH12, which has been amended and supplemented by Laws No. 35/2018/QH14 and No. 44/2019/QH14 as follows:

"6. The provincial People's Committee shall base on the type of bus station to set the price for bus entry and exit services at bus stations in accordance with the law on prices."

7. Amend and supplement Clause 6 of Article 79 of the Environmental Protection Law No. 72/2020/QH14, which has been amended and supplemented by Law No. 11/2022/QH15 as follows:

"6. The provincial People's Committee shall provide detailed regulations on the management of household solid waste on the local territory; specify the form and amount of funds that households and individuals must pay for waste collection, transportation, and treatment based on the volume or quantity of sorted waste; set the price for waste collection, transportation, and treatment services in accordance with the law on prices."

8. Amend and supplement Clause 2 of Article 31 of the Electricity Law No. 28/2004/QH11, which has been amended and supplemented by Laws No. 24/2012/QH13, No. 28/2018/QH14, and No. 03/2022/QH15 as follows:

"2. The pricing framework for electricity generation, wholesale electricity prices, transmission electricity prices, distribution electricity prices, ancillary service prices of the power system, dispatching operation prices of the power system, and market operation prices shall be developed by relevant power units; the power regulatory agency shall review and submit to the Minister of Industry and Trade and the Minister of Finance for approval in accordance with the division of labor assigned by the Government, except in cases provided for in Clause 2 of Article 62 of this Law. The Minister of Industry and Trade shall take the lead and coordinate with the Minister of Finance to guide the method for establishing the pricing framework for electricity generation, wholesale electricity prices, transmission electricity prices, distribution electricity prices, ancillary service prices of the power system, dispatching operation prices of the power system, and market operation prices."

9. Amend and supplement some articles of the Notarization Law No. 53/2014/QH14, which has been amended and supplemented by Law No. 28/2018/QH14 as follows:

a) Amend and supplement Article 67 as follows:

"Article 67. Price of services related to notarization upon request

1. The person requesting notarization must pay the price of services related to notarization when requesting a notary organization to perform tasks such as drafting contracts, transactions, typing, photocopying, translating documents, and other matters related to notarization.

2. The provincial People's Committee shall set the maximum price for services related to notarization applicable to notary organizations in the locality. The notary organization shall determine specific prices for each type of work without exceeding the maximum price set by the provincial People's Committee and publicly display the prices at their office. If a notary organization charges more than the maximum price and the displayed price, it will be subject to legal sanctions.

3. The notary organization shall be responsible for clearly explaining the price of services related to notarization upon request to the person requesting notarization."

b) Replace the term "notarization fee" with the term "price of services related to notarization upon request" in point d clause 1 Article 7, clause 4 Article 22, clause 2 Article 32, clause 4 Article 33, point d clause 1 Article 70, and the name of Chapter VII.

10. Amend, supplement, and abolish some clauses and articles of the Auction Law No. 01/2016/QH14 as follows:

a) Amend and supplement the title and Clause 1 of Article 66 as follows:

"Article 66. Auction service price, auction costs

1. The auction service price and auction costs shall be agreed upon by the owner of the auctioned property and the auction organization in the auction service contract. In the case of auctions as stipulated in Clause 1 of Article 4 of this Law, the auction service price shall be implemented in accordance with the law on prices."

b) Replace the term "auction service fee" with the term "auction service price" in Article 1, point d clause 2 Article 9, point d clause 1 Article 24, point d clause 4 Article 56, Article 68, and the name of Chapter V;

c) Abolish point d clause 2 Article 78.

11. Amend, supplement, and abolish some articles of the Technology Transfer Law No. 07/2017/QH14 as follows:

a) Amend and supplement point b clause 2 Article 47 as follows:

"b) Annually report the results of technology evaluation and appraisal activities to the competent state management agency for science and technology."

b) Abolish clause 2 Article 48.

12. Amend and supplement Article 22 of the Law on Vietnamese Workers Going to Work Abroad Under Contracts No. 69/2020/QH14 as follows:

"Article 22. Brokerage contract and price of brokerage services under the contract"

1. A brokerage contract is a written agreement between a service enterprise and an intermediary organization or individual regarding the introduction of foreign entities to accept Vietnamese laborers for the purpose of entering into labor supply contracts in accordance with this Law.

2. The service fee under the brokerage contract shall be agreed upon by both parties and clearly stated in the contract but shall not exceed the ceiling price stipulated in Clause 3 of this Article.

3. The Ministry of Labor, Invalids, and Social Affairs shall provide detailed regulations on the ceiling price of services under brokerage contracts suitable for each market, industry, profession, and specific job during periods when Vietnamese workers go abroad under contracts.

13. Repeal Clause 2, Article 19 of the Tobacco Harm Prevention Law No. 09/2012/QH13 which has been amended and supplemented by Law No. 28/2018/QH14.

14. Repeal Point b, Clause 6, Article 55 of the Planning Law No. 21/2017/QH14 which has been amended and supplemented by Law No. 15/2023/QH15.

15. Repeal Article 24 and Appendix No. 02 on the List of Products and Services Transferred from Fees to Service Prices Set by the State under the Law on Fees and Charges No. 97/2015/QH13 which has been amended and supplemented by Laws No. 09/2017/QH14, No. 23/2018/QH14, and No. 72/2020/QH14.

Article 74. Effective Date

1. This Law shall take effect from July 1, 2024, except as provided in Clause 2 of this Article.

2. The provisions of Clause 2, Article 60 of this Law shall take effect from January 1, 2026. From July 1, 2024, until December 31, 2025, the appraisal committee must have at least one member holding one of the following professional certifications.

a) A college degree or higher in valuation or appraisal specialization;

b) An appraisal certificate for valuation;

c) A training certificate in appraisal practice;

d) A training certificate in state appraisal.

3. The Price Law No. 11/2012/QH13 which has been amended and supplemented by Laws No. 61/2014/QH13, No. 64/2020/QH14, and No. 07/2022/QH15 (hereinafter referred to collectively as the Price Law No. 11/2012/QH13) shall cease to be effective from the date this Law takes effect, except for the provisions of Article 75 of this Law.

Article 75. Transitional Provisions

1. Within twelve months from the date this Law takes effect, enterprises that have been granted certificates of eligibility to operate appraisal service businesses under the Price Law No. 11/2012/QH13 must ensure compliance with the conditions for operating appraisal service businesses as stipulated in this Law. If an appraisal service enterprise fails to meet these conditions within the aforementioned period, the Ministry of Finance shall revoke the certificate of eligibility to operate appraisal service businesses.

2. Individuals who have been issued appraisal certificates under the Price Law No. 11/2012/QH13 may continue to register to practice appraisal in the fields of asset appraisal and business appraisal in accordance with this Law.

This Law was adopted by the National Assembly of the Socialist Republic of Vietnam, the fifth session of the fifteenth term, on June 19, 2023.