Completing the legal system on prices is an important task. Photo: Internet

At the conference on disseminating and training new regulations in Decree 85/2024/ND-CP detailing a number of articles of the Law on Prices and Decree 87/2024/ND-CP regulating administrative sanctions in the field of prices and related circulars jointly held by the Ministry of Finance in coordination with the People's Committee of Bac Lieu province on August 23, 2024, Deputy Minister of Finance Le Tan Can said that perfecting the legal system on prices is an important task to promptly remove difficulties and obstacles in implementation as well as firmly deploy the market price mechanism regulated by the State.

On June 19, 2023, the Law on Prices No. 16/2023/QH15 was approved at 5th session of the 15th National Assembly, and takes effective from July 1, 2024.

The Deputy Minister said that this is a key Law, creating a unified legal framework for the development of a socialist-oriented market economy in accordance with the policies of the Party and the State.

The Ministry of Finance has chaired the consultation for the Government to issue three decrees and 13 circulars to detail the Law.

Deputy Minister Le Tan Can said that many new revised regulations have shown the Government's policy in strengthening decentralization of power consistent with functions and tasks of each unit. The ministry has fully provided the pricing methods of goods and services; as well as strengthened the work of synthesizing, analyzing, and forecasting associated with the building of a price database, especially the coordination mechanism between ministries, branches, localities and relevant agencies.

The Law has fully regulated the implementation of regulations on price appraisal, associated with the completion of regulations on price appraisal standards towards sustainable development of the price appraisal. Moreover, the Law has amended and abolished many contents that are no longer suitable in related decrees to ensure consistency in the legal system.

Ms. Phung Thi Ngoc Anh, Head of the General Policy Division (Price Management Department) said that as per provisions of Decree 85, if goods and services are not on the price stabilization list but need to be stabilized the prices immediately, the industry and sector management agency will assess the actual developments and market price levels of the goods and services to prepare a price stabilization report.

Based on the price stabilization and actual price movements of goods and services, the management agency will propose to end price stabilization before the deadline or extend the application period and send it to the Ministry of Finance to submit to the Government for consideration and decision on goods and services in the price stabilization list or send it to the Ministry of Finance for synthesis to submit to the Government for submission to the National Assembly Standing Committee for consideration and decision on goods and services not subject to the price stabilization list.