PENALTIES FOR FAILING FOR PRICE LISTING?

Price listing for goods is an obligation for organizations and individuals engaged in the trading of goods and services. This requirement helps consumers easily compare and select products, while also serving as a tool to support management by competent state authorities. However, many stores and businesses have yet to comply with this regulation, failing to complete their obligation on price listing for goods and services, leading to a lack of transparency in transactions.

Organizations and individuals engaged in business must comply with the obligation of price listing for goods and services

Price listing means the form of disclosing purchase and sale prices of goods and services of suppliers of goods and services to make sure they are easily seen by customers and competent state agencies.

The purpose of price listing is to ensure convenience for customers in observing and recognizing prices, while also supporting oversight by competent state authorities.

Price listing for goods and services is a mandatory obligation for organizations and individuals in the business sector. Moreover, it constitutes one of the transparency requirements that businesses must fulfill in accordance with legal regulations.

Listed prices are determined based on variety of factors

As stipulated in the 2023 Law on Price, listed prices are defined as the purchase and sale prices of goods and services, inclusive of all applicable taxes, fees, and charges (if any). These prices are determined in Vietnam Dong by organizations and individuals engaged in production and business activities, except in cases governed by foreign exchange regulations.

Listed prices must correspond to the quantity or volume of goods and services, as well as include additional relevant information (if any), such as basic technical specifications, origin, and methods of purchase or sale.

Price listing of goods must be implemented under prescribed methods

Price listing must be carried out using the following methods, ensuring convenience for customers and the relevant authorities:

– Printing, pasting, or displaying information on boards, paper; or

– Directly printing on the packaging of goods; or

– Other methods suitable to the actual conditions at the sales location or on electronic platforms.

Organizations and individuals engaged in the sale of goods and services must ensure that price listing are clear and unambiguous, preventing any confusion for customers regarding the purchase and sale prices of goods and services.

Penalties for failing to comply with the obligation of price listing of goods and services

Organizations and individuals are required for price listing in accordance with regulations and must update price listing promptly when there are changes in the prices of goods and services.

In cases of non-compliance, organizations and individuals engaged in the sale of goods and services may be subject to administrative penalties as stipulated in Decree 87/2024/NĐ-CP, as follows:

Fines for failing to comply with the obligation of price listing of goods and services

– In cases of non-compliance with the required price display using any of the specified methods, the penalties apply as follows:

+ For individuals, the fine ranges from VND500,000 to VND1,000,000;

+ For organizations, the fine ranges from VND1,000,000 to VND2,000,000.

– In cases of displaying incorrect prices that do not align with the specific prices reglated by the competent authority or as determined by organizations or individuals, the penalties apply as follows:

+ For individuals, the fine ranges from VND500,000 to VND1,000,000.

+ For organizations, the fine ranges from VND1,000,000 to VND2,000,000.

Remedial measures upon failing to comply with the obligation of price listing of goods and services

Organizations and individuals engaging in the sale of goods and services will be required to list prices in accordance with the prescribed regulations.

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