What acts are auctioneers prohibited from? What are criteria for auctioneers in Vietnam according to current regulations?

Main Content

• What acts are auctioneers prohibited from?
• What are criteria for auctioneers in Vietnam according to current regulations?
• How many forms of practice does an auctioneer have?

What acts are auctioneers prohibited from?

In Article 9 of the 2016 Law on Property Auction in Vietnam stipulating prohibited acts as follows:

Prohibited acts

1. Auctioneers are prohibited to commit the following acts:

a/ Letting other individuals or organizations use their auction practice certificates;

b/ Taking advantage of their capacity as auctioneers to act for the self-seeking purpose;

c/ Colluding or being in cahoots with auctioned property sellers, bidders, price assessment organizations, auctioned property appraisal organizations and other individuals or organizations to falsify information about auctioned property, suppress prices, falsify auction dossiers or property auction results;

d/ Illegally preventing individuals and organizations from participating in auctions;

dd/ Violating the professional code of ethics of auctioneers;

e/ Committing other prohibited acts prescribed by relevant laws.

2. Property auction organizations are prohibited to commit the following acts:

a/ Letting other organizations use their names or operation registration certificates for auction practice;

b/ Colluding or being in cahoots with auctioned property sellers, bidders, price assessment organizations, auctioned property appraisal organizations and other individuals or organizations to falsify information about auctioned property, suppress prices, falsify auction dossiers or property auction results;

c/ Obstructing or causing difficulties to bidders in registering their participation in an auction or participating in an auction;

d/ Disclosing information about registered bidders for the self-seeking purpose;

dd/ Receiving from auctioned property sellers any money amount, property or benefit other than auction service remuneration or property auction expenses as prescribed by law or other service charges related to auctioned property as agreed upon;

e/ Committing other prohibited acts as prescribed by relevant laws.

3. Property auction councils are prohibited to commit the acts prescribed at Points b, c, d and e, Clause 2 of this Article.

4. Auctioned property sellers are prohibited to commit the following acts:

a/ Colluding or being in cahoots with auctioneers, property auction organizations, and other individuals or organizations to falsify information about auctioned property, suppress prices, falsify auction dossiers or property auction results;

b/ Receiving from auctioneers, property auction organizations or bidders any money amount, property or benefit in order to falsify property auction results;

c/ Committing other prohibited acts as prescribed by relevant laws.

5. Bidders, winning bidders and other individuals and organizations are prohibited to commit the following acts:

a/ Providing untruthful information and documents; using forged papers to register their participation in an auction or to participate in an auction;

b/ Colluding or being in cahoots with auctioneers, property auction organizations, auctioned property sellers, other bidders and other individuals or organizations to suppress prices or falsify property auction results;

c/ Obstructing property auction activities; disturbing or causing disorder at an auction;

d/ Intimidating or forcing auctioneers or other bidders to falsify property auction results;

dd/ Committing other prohibited acts as prescribed by relevant laws.

Thus, auctioneers are prohibited to commit the following acts:

- Letting other individuals or organizations use their auction practice certificates;

- Taking advantage of their capacity as auctioneers to act for the self-seeking purpose;

- Colluding or being in cahoots with auctioned property sellers, bidders, price assessment organizations, auctioned property appraisal organizations and other individuals or organizations to falsify information about auctioned property, suppress prices, falsify auction dossiers or property auction results;

- Illegally preventing individuals and organizations from participating in auctions;

- Violating the professional code of ethics of auctioneers;

- Committing other prohibited acts prescribed by relevant laws.

What acts are auctioneers prohibited from? What are criteria for auctioneers in Vietnam according to current regulations? (Image from the Internet)

What are criteria for auctioneers in Vietnam according to current regulations?

In Article 10 of the 2016 Law on Property Auction in Vietnam stipulating criteria for auctioneers as follows:

Criteria for auctioneers

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 become an auctioneer, the following 4 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.

How many forms of practice does an auctioneer have?

Article 18 of the 2016 Law on Property Auction in Vietnam provides for the forms of practice by auctioneers as follows:

Forms of practice by auctioneers

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, auctioneers have 03 forms of practice:

- Property auction service centers;

- Property auction businesses;

- The wholly state-owned organization established by the Government to settle non- performing loans of credit institutions.