Can an auctioneer establish multiple property auction businesses in Vietnam?

1. Can an auctioneer establish multiple property auction businesses in Vietnam?

Pursuant to Article 18 of the Law on Property Auction 2016 stipulates forms of practice by auctioneers as follows:

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.

According to this Article, each auctioneer may only establish or participate in the establishment of one property auction business. Therefore, you are currently an auctioneer establishing a property auction business, so you will not be allowed to open another property auction businesses in Vietnam.

2. What are rights and obligations of auctioneers in Vietnam?

According to Article 19 of the Property Auction Law 2016, rights and obligations of auctioneers are as follows:

1. Auctioneers have the following rights:

a/ To practice throughout the territory of Vietnam;

b/ To directly conduct auctions;

c/ To deprive bidders who commit the acts prescribed in Clause 5, Article 9 of this Law of their right to participate in an auction;

d/ 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;

dd/ 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;

e/ To instruct and supervise the internship of auction practice interns; g/ Other rights provided by law.

2. Auctioneers have the following obligations:

a/ To comply with the property auction principles, order and procedures prescribed in this Law;

b/ To comply with the professional code of ethics of auctioneers; c/ To take responsibility before law and property auction organizations for auctions they conduct;

d/ To take responsibility for jobs performed by auction practice interns whom they instruct under Clause 3, Article 13 of this Law;

dd/ To participate in professional liability insurance prescribed in Article 20 of this Law; e/ Other obligations prescribed by law.

According to this Article, auctioneers in Vietnam have rights and obligations specified above.

3. Through which agency does auctioneers participate in professional liability insurance in Vietnam?  

Article 20 of the Law on Property Auction 2016 stipulates insurance for professional liability of auctioneers
as follows:

1. 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.

2. 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.

According to this Article, auctioneers in Vietnam participate in professional liability insurance through property auction organizations or the wholly state-owned organization established by the Government.

Best Regards!