The Government issued Decree No. 87/2024/ND-CP dated July 12, 2024, stipulating administrative sanctions for violations in price management.

Decree No. 87/2024/ND-CP stipulates that the maximum fine for individuals violating administrative regulations on price management is VND 150 million, and for organizations is VND 300 million. Depending on the nature and severity of the violation, the violator may also be subject to one or more remedial measures.

Selling goods above the maximum price range will be fined up to 20 million VND

For violations in the regulations on pricing and selling goods and services that are not in accordance with the regulations of competent state agencies, the Decree stipulates a fine of 10 - 20 million VND for one of the following acts: Selling goods and services at prices not specifically determined by the State; Selling at a price higher than the maximum price range issued by the State; Selling below the minimum price range issued by the State; Selling at a price higher than the maximum price issued by the State.

Incorrectly declaring selling price will be fined up to 25 million VND

For violations of regulations on declaring prices of goods and services, the Decree stipulates a fine of 3 - 5 million VND for acts of declaring insufficient contents or not in accordance with the form of price declaration documents.

For acts of incorrectly declaring selling prices or not declaring prices to competent state agencies as prescribed: Fine from 10 to 15 million VND for acts of incorrectly declaring selling prices or not declaring prices of 01 to 10 specific goods and services subject to price declaration; fine from 15 to 20 million VND for acts of incorrectly declaring selling prices or not declaring prices of 11 to 20 specific goods and services subject to price declaration; fine from 20 to 25 million VND for acts of incorrectly declaring selling prices or not declaring prices of 21 or more specific goods and services subject to price declaration.

For violations of regulations on posting prices of goods and services, the Decree stipulates a fine of VND 500,000 to VND 1 million for one of the following acts: Not posting prices of goods and services in one of the forms prescribed by law; posting prices of goods and services unclearly, causing confusion for customers; posting prices of goods and services not at specific prices decided by competent state agencies or organizations and individuals.

Fines from 20 to 30 million VND for the act of selling goods and services on the price stabilization list, goods and services during the time the State implements price stabilization, at prices higher than the listed price.

The above regulations take effect from July 12, 2024.