In what cases does the Ministry of Justice of Vietnam suspend the online auction at the online auction website?
When does the Ministry of Justice of Vietnam suspend the online auction at the online auction website?
Pursuant to Article 15 of Decree No. 62/2017/ND-CP (amended and supplemented by Clause 5, Article 1 of Decree No. 47/2023/ND-CP) on suspension of online auctions as follows:
Approval for online auction websites, suspension of online auctions
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3. Annually or in extraordinary cases, the Ministry of Justice of Vietnam, the Department of Justice of the provinces and centrally-run cities shall inspect the management and operation of the approved online auction websites of the property auction organization, the organization in which the State owns 100% of the charter capital, established by the Government to handle bad debts of credit institutions. In case the online auction websites does not satisfy the conditions specified in Clause 3, Article 1 of this Decree, the property auction organization that owns that online auction websites, which is owned by the State % of charter capital established by the Government to deal with bad debts of credit institutions responsible for upgrading the online auction system within 90 days from the date of request.
4. After the time limit specified in Clause 3 of this Article, the online auction websites of a property auction organization or an organization in which the State owns 100% of the charter capital, established by the Government to handle bad debts of credit institutions that fails to satisfy the conditions specified in Clause 3, Article 1 of this Decree, the Minister of Justice shall consider suspending the implementation of the online auction form for the online auction websites set up by the Ministry of Justice of Vietnam. The Minister of Justice approves, the Director of the Department of Justice of the province or city directly under the Central Government considers suspending the implementation of the online auction form for the online auction websites approved by the Director of the Department of Justice.
Thus, the Ministry of Justice of Vietnam and the provincial Department of Justice will inspect the management and operation of the online auction websites annually or in some unexpected cases.
In case the online auction website does not meet the prescribed conditions, the online auction system must be upgraded within 90 days from the requested date.
After 90 days, if the online auction website still does not meet the conditions, the Minister of Justice considers suspending the implementation of the online auction form for the online auction website.
For the online auction websites approved by the Director of the Department of Justice, the Director of the Provincial Department of Justice will consider the suspension of the online auction form.
In what cases does the Ministry of Justice of Vietnam suspend the online auction at the online auction website?
What requirements must an online auction website in Vietnam meet?
Pursuant to Article 13 of Decree No. 62/2017/ND-CP (amended by Clause 3, Article 1 of Decree No. 47/2023/ND-CP) on the requirements for the online auction website in Vietnam as follows:
Requirements for online auction websites
1. Publicity, transparency, unrestricted access to information.
2. The times on the online auction website are real time and are the standard times in the online auction.
3. Stable and continuous operation and must reach level 3 according to the law on assurance of information system safety by level.
4. Meeting the requirements of data connection, integration and sharing through the national data sharing and integration platform; requirements on technical infrastructure, information technology standards.
5. Having the following minimum professional functions:
a) Allow individuals and organizations to register for an account to participate in the auction. Each individual or organization is allowed to register only one account to participate in the auction and bid.
b) Ensure safety and confidentiality of information of auction participants, access accounts, participation in bids, and prices paid with their own identifiers.
c) Publicly and honestly display the bid prices of auction participants; recording information and retrieving the history of transactions, prices paid at auctions, withdrawal of paid prices and other necessary information in the process of organizing auctions on the Website Online Auction.
d) Display continuously during the auction period the highest price paid for the up bid and the starting price or the lowest reduced price for the down bid so that the bidders are viewable; the person who is eligible to participate in the auction but does not participate in the auction;
dd) Make sure that auction participants cannot submit the application for registration to participate in the auction after the time of submission of dossiers; make the bid after the end of the auction.
Thus, the online auction websites must meet 04 requirements according to the above content.
When will Decree No. 47/2023/ND-CP amending regulations on the Law on Property Auction be applied?
Pursuant to the provisions of Article 3 of Decree No. 47/2023/ND-CP on the effect as follows:
Terms enforcement
1. This Decree takes effect from September 1, 2023.
2. The Minister of Justice is responsible for directing, guiding and inspecting the implementation of this Decree.
3. Ministers, heads of ministerial-level agencies, heads of government-attached agencies, Chairpersons of People's Committees at all levels and relevant organizations and individuals are responsible for the implementation of this Decree.
Decree No. 47/2023/ND-CP takes effect from September 1, 2023.
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