Law to protect consumer interests

The draft law on goods’ prices did not focus enough on consumers and market rules, experts said at a seminar in Ha Noi on Tuesday.

A finance ministry official said the new law would build on the existing Ordinance on Price.

He added that the legal system needed harmonising.

The draft law, which is expected to come into effect in August, would also create greater transparency, in line with the country’s commitments to the World Trade Organisation, he said, adding that the law would create a more open market economy and that the State would only act as an overseer.

Meanwhile, Nguyen Minh Phong, head of the Ha Noi Socio-Economic Development Research Institute’s economic research division, said law makers should ensure customers’ interests were taken in account. It should also effectively deal with violations by the management offices.

Vu Dinh Anh, deputy head of the Ministry of Finance’s Market and Price Research Institute, agreed, saying the law should have specific regulations governing the cost of goods and services.

However, Anh said the price of goods should be governed by market forces.

Enterprises had the right to set whatever price they want for their goods, while the customers should either accept or reject the price offered, said Truong Thanh Duc, deputy general director of Marine Bank.

The State however should regulate the price of only essential goods within acceptable limits, Duc said.

Nguyen Quy Son, deputy chairman of the Viet Nam Pharmaceutical Trading Association, said market forces should determine retail prices – not the State.

Dinh Dung Sy, deputy head of the Government Office’s Legal Department, said the law was designed to bring clarity and price stabilisation to the market. — VNS

Tags: Vietnam consumer Law