What is duration for the Procuring Entity to return Bid Security to bidders in Vietnam?

1. What is duration for the Procuring Entity to return Bid Security to bidders in Vietnam?

Pursuant to Clause 7, Article 11 of the Law on Bidding 2013, the time limit for the Procuring Entity to return Bid Security to bidders who are not selected is as follows:

7. The Procuring Entity shall return or release Bid Security to bidders or investors who are not selected under the duration specified in Bid, Request for Proposals but not exceeding 20 days, after the day of approving result of selection of bidder/ investor. For the selected bidder/investor, his Bid Security will be returned or released after he provides a Performance Security as prescribed in Article 66 and Article 72 of this Law.

Thus, within 20 days after the day of approving result of selection of bidder/ investor, the Procuring Entity is responsible for returning or releasing Bid Security to bidders or investors who are not selected in Vietnam.

2. Are there penalties for failure to return the deposit paid as bid security to the investor on schedule in Vietnam? 

In Clause 2, Article 28 of Decree No. 122/2021/ND-CP stipulating the fine for act of failure to return the deposit paid as bid security to the investor on schedule as follows:

2. A fine ranging from VND 30,000,000 to VND 50,000,000 shall be imposed:

a) for failure to return or release the deposit paid as bid security to the investor on schedule; or

b) for establishing an expert group which consists of insufficient members according to the nature and complexity of the project and unqualified members; or

c) upon any individual participating in the bidding without a certificate of bidding training and bidding practicing certificate in accordance with regulations of law on bidding.

Therefore, in case bid security has not been fully refunded to bidders in Vietnam who are not selected on schedule, the Procuring Entity may be fined from VND 30,000,000 to VND 50,000,000.

Best Regards!