Producers required to register prices
By Minh Tam - The Saigon Times Daily
HCMC - Manufacturers of commodities listed in a new government circular will have to register their prices from October 1.
According to the Ministry of Finance’s Circular 122/2010/TT-BTC, producers of coal, formula milk for children under six, textbooks and certain paper are required to register the prices of their products. It will also apply to oil and gasoline, cement, steel, liquefied gas, and fertilizer.
Prices subject to the new regulation include import, trading, retail and suggested retail prices. Suggested retail prices are those proposed by businesses to the Ministry of Finance’s Price Management Department or the provincial departments of finance.
All details such as the timeframe to apply the price, product quality, selling venues and input prices should be declared. Individuals and organizations who fail to comply with the new regulation would be fined.
Manufacturers that are not subject to the new regulation should publicize their price or provide price information as previously regulated.
Under the new circular, relevant government bodies will have to announce how they plan to stabilize prices in cases where there are large discrepancies, such as if the selling price is much higher than the buying price.