MOIT issues official regulations on milk price registration and declaration

The Ministry of Industry and Trade (MOIT) has recently promulgated a circular stipulating the registration and declaration of prices of dairy products and functional foods for children under the age of six.

The retail prices set by traders must not exceed the recommended retail prices registered.

Accordingly, the retail prices set by traders must be listed and must not exceed the recommended retail prices registered. The recommended retail prices registration functions as a foundation for agencies receiving price registration and authorised State agencies to implement State management over prices and publicise them to consumers.

Traders manufacturing or importing dairy products should register milk prices with authorised State agencies in line with regulations during the time when the State implements price stabilisation through the solution of price registration. Traders can register recommended retail prices suitable within each geographical location.

The MOIT publishes the list of traders, who have registered milk prices, on July 1 each year, or in sudden cases, the ministry reviews the list of traders with price registration and announces amendments to the list.

The provincial-level People’s Committee is responsible for publishing the list of traders with price registration in their localities, excluding those belonging to the MOIT-released list. They also review and reveal revisions to the list annually on July 1 or at certain times in sudden cases.

Milk manufacturers and importers are obliged to register their recommended retail prices and inform the registered retail prices to the network of traders distributing their dairy products in a timely fashion.

(Source: NDO)