.jpg "Real estate market in the south of Hai Duong city is bustling")
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-ac017d3d3ce25d3405471795d6bb26f0.jpg "Gia Loc needs over 10 billion VND to invest in renovating and expanding landfills.")
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Question: I would like to ask if a store takes advantage of natural disasters to speculate and hoard goods to increase prices, will it be fined? What is the penalty level?
NGOC ANH (Hai Duong City)
Articles 31 and 32 of Decree 98/2020/ND-CP clearly stipulate penalties for acts of commodity speculation and hoarding.
Fines of up to 5-100 million VND for acts of taking advantage of the situation of goods scarcity or creating artificial goods scarcity in the market to buy up or hoard goods worth from 50 million to 1 billion VND or more.
Fines of 10-20 million VND shall be imposed for acts of reducing the amount of goods sold on the market; stopping the sale of goods on the market; not opening stores or business transaction locations to sell goods; opening stores or business transaction locations but not selling goods.
Fines from 20-30 million VND for acts of hoarding goods in warehouses exceeding 150% of the average inventory of the previous 3 consecutive months.
Along with that are additional penalties such as confiscation of exhibits for violations specified in Clause 3, Article 31. Suspension of the right to use business licenses and practice certificates for 3-6 months for violations specified in Article 32 in case of repeated violations or recidivism.
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