What qualifications must an auctioneer meet?

Hello, Lawnet would like to answer as follows:

1. What qualifications must an auctioneer meet?

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 the Law on Property Auction 2016, except where he/she is exempted from such a course under Article 12 of the Law on Property Auction 2016;

(4) Having passed the examination of auction practice internship results.

Conditions for auction training

- A person who fully satisfies the criteria prescribed in Clauses (1) and (2) and has worked in the trained field for at least 3 years may join an auction training course.

- The duration of an auction training course is 6 months. A person who completes such a course shall be granted an auction training certificate by the auction training institution.

Note: Persons exempt from auction training include:

- Lawyers, public notaries, bailiff, property management officers or arbiters who have practiced their profession for at least 2 years.

- Judges, procurators or executors.

(Pursuant to Articles 10, 11 and 12 of the Law on Property Auction 2016)

Thus, in addition to standards of ethical qualities, appropriate educational qualifications, etc., auctioneers must also receive specialized auction training for a period of 6 months.

2. What is the duration of auction practice internship in Vietnam?

According to Article 13 of the Law on Property Auction 2016, regulations on auction practice internship are as follows:

- Persons possessing an auction training certificate and persons exempt from auction training may be admitted as interns in property auction organizations.

- The duration of auction practice internship is 6 months and shall be counted from the date a property auction organization notifies the list of its auction practice interns to the provincial-level Justice Department of the locality where it is located.

- A property auction organization shall assign auctioneers to instruct auction practice interns. Instructing auctioneers shall guide, supervise, and take responsibility for, jobs performed by interns.

Auction practice interns may receive practice skills instructions and perform jobs related to property auction as assigned by their instructing auctioneers and take responsibility before their instructing auctioneers for such jobs. Auction practice interns may not conduct an auction.

- Persons who have completed their internship duration prescribed in Clause 2 of Article 13 of the Law on Property Auction 2016 may take the examination of auction practice internship results.

The examination of auction practice internship results covers auction practice skills, the law on property auction and relevant laws, and professional code of ethics of auctioneers.

- The examination of auction practice internship results shall be held by the Auction Practice Internship Result Examination Council formed by the Ministry of Justice. The Council is composed of a representative of the Ministry of Justice as its chairperson, and representatives of related agencies and organizations and a number of auctioneers as its members.

Thus, according to the above regulations, the auction practice internship period is 6 months. The auctioneer probationary period is calculated from the date the asset auction organization announces the list of auctioneer trainees to the Department of Justice.

3. What are the conditions for the grant of auction practice certificates in Vietnam?

According to the provisions of Article 14 of the Law on Property Auction 2016, a person who fully satisfies the criteria prescribed in Article 10 of this Law shall send a dossier of application for an auction practice certificate to the Ministry of Justice and pay a charge prescribed by law. Such a dossier must comprise:

- An application for an auction practice certificate;

- A certified copy or a copy enclosed with the original of the applicant’s university or postgraduate degree in law, economics, accounting, finance or banking;

- A certified copy or a copy enclosed with the original of the applicant’s auction training certificate;

- A written certification that the applicant has passed the auction practice internship result examination;

- A judicial record card;

- A color photo sized 3 cm x 4 cm.

Within 15 days after receiving a complete and valid dossier, the Minister of Justice shall decide to grant an auction practice certificate. In case of refusal to grant such certificate, he/she shall state the reason in writing.

Persons whose applications for auction practice certificates are rejected may file complaints or initiate lawsuits in accordance with law.

Note: An auction practice certificate holder shall be granted an auctioneer card by the provincial-level Justice Department at the request of the property auction organization where he/she practices. His/her auctioneer card shall be revoked when he/she has his/her auction practice certificate revoked under Article 16 of the Law on Property Auction 2016.

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