Is it permissible to practice as auctioneers as individuals in Vietnam?

Is it permissible to practice as auctioneers as individuals in Vietnam?

Pursuant to Article 18 of the Law on Property Auction in 2016 stipulating 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.

As regulations above, auctioneers are only allowed to practice in property auction service centers, property auction businesses, and the wholly state-owned organization established by the Government to settle non- performing loans of credit institutions.

Is it compulsory for auctioneers to participate in professional liability insurance in Vietnam?

Pursuant to Article 19 of the Law on Property Auction in 2016 stipulating rights and obligations of auctioneers 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 as prescribed by law.

As regulations above, it is compulsory for auctioneers to participate in professional liability insurance in Vietnam.

What is the time limit for re-grant of auction practice certificates in Vietnam?

Pursuant to Article 17 of the Law on Property Auction in 2016 stipulating re-grant of auction practice certificates as follows:

1. A person whose auction practice certificate is revoked under Point a, Clause 1, Article 16 of this Law may be considered for re-grant of such certificate when fully satisfying the criteria prescribed in Article 10 of this Law and the reason for certificate revocation no longer exists.

2. A person whose auction practice certificate is revoked under Point b, Clause 1, Article 16 of this Law may be considered for re-grant of such certificate one year after his/her certificate is revoked.

3. A person whose auction practice certificate is revoked under Point d, Clause 1, Article 16 of this Law may be considered for re-grant of such certificate when he/she so requests.

4. If an auction practice certificate is lost or irreparably damaged, its holder may be considered for re-grant of such certificate.

5. A person whose auction practice certificate is revoked may not be re-granted such certificate in the following cases:

a/ His/her auction practice certificate is revoked under Point c, Clause 1, Article 16 of this Law;

b/ He/she is convicted of the crime of swindling for appropriating property or corruption, even when his/her criminal records have been remitted.

6. A person whose auction practice certificate is revoked under Clause 1 of this Article shall send a dossier of request for re-grant of such certificate to the Ministry of Justice and pay a charge prescribed by law. Such a dossier must comprise:

a/ A written request for re-grant of the auction practice certificate;

b/ Documents proving that the reason for revocation of the auction practice certificate no longer exists;

c/ A color photo sized 3 cm x 4 cm.

7. A person whose auction practice certificate is revoked under Clause 2 or 3 of this Article or falls into the case specified in Clause 4 of this Article shall send a dossier of request for re- grant of such certificate to the Ministry of Justice and pay a charge in accordance with law. Such a dossier must comprise the documents specified at Points a and c, Clause 6 of this Article.

8. Within 10 working days after receiving a complete and valid dossier, the Minister of Justice shall decide to re-grant an auction practice certificate. In case of refusal to re-grant such certificate, he/she shall notify in writing the reason. A person whose request for re-grant of an auction practice certificate is rejected may file a complaint or initiate a lawsuit in accordance with law.

As regulations above, within 10 working days after receiving a complete and valid dossier, the Minister of Justice shall decide to re-grant an auction practice certificate. In case of refusal to re-grant such certificate, he/she shall notify in writing the reason.

Best regards!