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Price-pushers to get fines up to VND70 million
Businesses and individuals found violating the law to push up the prices of goods and services will be fined up to VND70 million, according to a recent decree.
The decree, issued by the Government Office this week, lists speculation, hoarding, illegally prices hikes, spreading rumors to affect the market, and smuggling, among other violations that will attract the fines.
It also warns that the licenses of offenders could be revoked.
It makes specific mention of those who speculate by buying fuel, cement, steel, liquefied gas, and fertilisers in large quantities to sell them later at higher prices. Such offenders will attract fines of at least VND5 million.
If the speculation involves more than VND100 million, the fine could rise to VND35 million.
The fine will double in the case of foreign companies who are not licensed to buy the goods in which they were caught speculating.
Hoarding will be punished by a fine of VND5 to 30 million, with the penalty doubled in the case of supermarkets, large shipping centers and distributors.
The new decree slaps harsh penalties on speculation and other illegal practices.
Media and other organizations that spread false information about the prices of goods and services will face fines of VND10 to 20 million.
The decree provides for filing criminal cases against people caught smuggling fuel, rice, forest produce, and minerals worth over VND100 million.
VOV
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