Who are not allowed to participate in auctions in commercial activities in Vietnam in 2024?

Who are not allowed to participate in auctions in commercial activities in Vietnam in 2024?

Pursuant to Article 198 of the Law on Commercial in 2005 stipulating persons not allowed to participate in auctions:

Persons not allowed to participate in auctions

1. Persons who do not have civil act capacity, lose civil act capacity, or have restricted civil act capacity under the provisions of the Civil Code, or persons who, at the time of auction, are unable to cognize or control their acts;

2. Persons working in auctioning organizations; their parents, spouses and children;

3. Persons who have personally conducted the assessment of to be-auctioned goods; their parents, spouses and children;

4. Persons who do not have the right to purchase auctioned goods as provided for by law.

As regulated above, following persons are not allowed to participate in auctions in commercial activities, including:

- Persons who do not have civil act capacity, lose civil act capacity, or have restricted civil act capacity;

- Persons who, at the time of auction, are unable to cognize or control their acts;

- Persons working in auctioning organizations; their parents, spouses and children;

- Persons who have personally conducted the assessment of to be-auctioned goods; their parents, spouses and children;

- Persons who do not have the right to purchase auctioned goods as provided for by law.

Who are not allowed to participate in auctions in commercial activities in Vietnam in 2024? - image from internet

What are contents of goods auction documents in Vietnam?

Pursuant to Article 203 of the Law on Commercial in 2005 stipulating goods auction documents:

Goods auction documents

1. Goods auction documents are documents certifying the goods purchase and sale. A goods auction document must have the following contents:

a/ The name and address of the auction organizer;

b/ The name and address of the auctioneer;

c/ The name and address of the goods seller;

d/ The name and address of the goods purchaser;

e/ The time and venue of the auction;

f/ The auctioned goods;

g/ The price at which the goods were sold;

h/ The names and addresses of two witnesses.

2. Auction documents must be sent to goods sellers, goods purchasers and related parties.

3. In case of unsuccessful auctions, auction documents must clearly state that the auctions were unsuccessful and have the contents specified at Points a, b, c, e, f and h, Clause 1 of this Article.

As regulated above, goods auction documents in Vietnam include following contents:

- The name and address of the auction organizer;

- The name and address of the auctioneer;

- The name and address of the goods seller;

- The name and address of the goods purchaser;

- The time and venue of the auction;

- The auctioned goods;

- The price at which the goods were sold;

- The names and addresses of two witnesses.

In case of unsuccessful auctions, auction documents must have the following contents:

- The name and address of the auction organizer;

- The name and address of the auctioneer;

- The name and address of the goods seller;

- The time and venue of the auction;

- The auctioned goods;

- The names and addresses of two witnesses.

What is the time limit for delivery of auctioned goods in Vietnam?

Pursuant to Article 209 of the Law on Commercial in 2005 stipulating the time limit for delivery of auctioned goods in Vietnam:

Time limit for delivery of auctioned goods

Unless otherwise agreed upon by auction organizers and goods purchasers, the time limit for delivery of auctioned goods is provided for as follows:

1. For goods over which the ownership right is not required to be registered, auction organizers must deliver goods to their purchasers immediately after auction documents are made;

2. For goods over which the ownership rights have been registered, auction organizers must immediately carry out procedures for transferring the ownership rights and deliver goods to their purchasers immediately after the procedures for ownership right transfer are completed.

As regulated above, the time limit for delivery of auctioned goods in Vietnam is stipulated as follows:

- For goods over which the ownership right is not required to be registered, auction organizers must deliver goods to their purchasers immediately after auction documents are made;

- For goods over which the ownership rights have been registered, auction organizers must immediately carry out procedures for transferring the ownership rights and deliver goods to their purchasers immediately after the procedures for ownership right transfer are completed.

Note: Unless otherwise agreed upon by auction organizers and goods purchasers.

Best regards!