What are the criteria for auctioneers in Vietnam? What are the forms of practice by auctioneers in Vietnam?
What are the criteria for auctioneers in Vietnam?
According to Article 10 of the 2016 Law on Property Auction in Vietnam, the criteria for auctioneers are as follows:
Criteria for auctioneers in Vietnam
An auctioneer must fully satisfy the following criteria:
1. Being a Vietnamese citizen permanently residing in Vietnam, abiding by the Constitution and law, and possessing good ethical quality;
2. Possessing a university or postgraduate degree in law, economics, accounting, finance or banking;
3. Having graduated from an auction training course prescribed in Article 11 of this Law, except where he/she is exempted from such a course under Article 12 of this Law;
4. Having passed the examination of auction practice internship results.
Thus, in order to be an auctioneer, the following criteria must be met:
- Being a Vietnamese citizen permanently residing in Vietnam, abiding by the Constitution and law, and possessing good ethical quality;
- Possessing a university or postgraduate degree in law, economics, accounting, finance or banking;
- Having graduated from an auction training course prescribed in Article 11 of this Law, except where he/she is exempted from such a course under Article 12 of this Law;
- Having passed the examination of auction practice internship results.
What are the criteria for auctioneers in Vietnam? What are the forms of practice by auctioneers in Vietnam? (Image from the Internet)
What are the forms of practice by auctioneers in Vietnam?
Pursuant to the provisions of Article 18 of the 2016 Law on Property Auction in Vietnam, the forms of practice by auctioneers are prescribed as follows:
Forms of practice by auctioneers in Vietnam
1. Auctioneers may practice in:
a/ Property auction service centers;
b/ Property auction businesses;
c/ The wholly state-owned organization established by the Government to settle non- performing loans of credit institutions.
2. The practice by auctioneers specified at Point a, Clause 1 of this Article must comply with this Law, the law on cadres and civil servants and the law on public employees.
3. The practice by auctioneers specified at Point b, Clause 1 of this Article may be carried out through establishing, participating in the establishment of, or working under labor contracts in, property auction businesses. An auctioneer may establish, or participate in the establishment of, or sign a labor contract with, only one property auction business in accordance with this Law and other relevant regulations.
4. The practice by auctioneers specified at Point c, Clause 1 of this Article must comply with this Law and the labor law.
Thus, according to regulations, auctioneers will be allowed to practice auctions in the forms mentioned above.
What rights and obligations does an auctioneer have?
According to Article 19 of the 2016 Law on Property Auction in Vietnam, the rights and obligations of auctioneers are as follows:
- Auctioneers have the following rights:
+ To practice throughout the territory of Vietnam;
+ To directly conduct auctions;
+ To deprive bidders who commit the acts prescribed in Clause 5, Article 9 of this Law of their right to participate in an auction;
+ To stop an auction when detecting an act of collusion, suppressing prices or disturbing or causing disorder at the auction, and to notify such to the property auction organization;
+ To conduct auctions under contracts between the property auction council and property auction organizations where they practice in case such auctions are held by the council or by the wholly state-owned organization established by the Government to settle non-performing loans of credit institutions;
+ To instruct and supervise the internship of auction practice interns;
+ Other rights provided by law.
- Auctioneers have the following obligations:
+ To comply with the property auction principles, order and procedures prescribed in this Law;
+ To comply with the professional code of ethics of auctioneers; c/ To take responsibility before law and property auction organizations for auctions they conduct;
+ To take responsibility for jobs performed by auction practice interns whom they instruct under Clause 3, Article 13 of this Law;
+ To participate in professional liability insurance prescribed in Article 20 of this Law;
+ Other obligations prescribed by law.
At the same time, pursuant to Article 20 of the 2016 Law on Property Auction in Vietnam, insurance for professional liability of auctioneers is specified as follows:
+ Auctioneers may participate in professional liability insurance through property auction organizations or the wholly state-owned organization established by the Government to settle non-performing loans of credit institutions.
+ Property auction organizations or the wholly state-owned organization established by the Government to settle non-performing loans of credit institutions shall purchase insurance for professional liability of their auctioneers.
Nguyễn Thị Hồng Nhung
