05 requirements for the online auction information page as of September 1, 2023 in Vietnam

05 requirements for the online auction information page as of September 1, 2023 in Vietnam (Internet image)

On July 3, 2023, the Government issued Decree 47/2023/ND-CP amending Decree 62/2017/ND-CP, detailing a number of articles and measures to implement the Law on Property Auctions.

05 requirements for the online auction information page as of September 1, 2023 in Vietnam

Specifically, Clause 3, Article 1 of Decree 47/2023/ND-CP (amending Article 13 of Decree 62/2017/ND-CP) stipulates the requirements for the online auction information page as follows:

(1) Open, transparent, and unrestricted access to information.

(2) The time on the online auction information page is in real time and is the standard time for online auctions.

(3) Operate stably and continuously and must reach level 3 according to the law on ensuring information system security by level.

(4) Meet requirements for connection, integration, and data sharing through the national data sharing and integration platform; technical infrastructure requirements; and information technology standards.

(5) Have the following minimum business functions:

- Allow individuals and organizations to register accounts to participate in the auction. Each individual or organization is allowed to register only one account to participate in the auction and bid.

- Ensure safety and confidentiality of auction participants' information, access to accounts, bidding participation, and prices paid using unique identification codes.

- Display publicly and honestly the prices paid by auction participants; record and retrieve transaction history, prices paid at auctions, withdrawals of prices paid, and other necessary information during the auction process.
on the online auction information page.

- Display continuously throughout the auction the highest price paid for the upbid method and the price equal to the starting price or lowest reduced price for the method of setting prices down so that they can be viewed by auction participants; people who are eligible to participate in the auction but do not participate in the auction;

- Ensure that auction participants cannot submit their registration documents to participate in the auction after the deadline for submitting documents; make the bid after the end of the auction.

Online auction principles in Vietnam

Online auctions must comply with the principles specified in Article 8 of Decree 62/2017/ND-CP, specifically as follows:

- Complying with legal regulations on asset auctions.

- Confidentiality of access accounts, information about auction participants, and other information according to the provisions of law.

- Ensuring objectivity, transparency, safety, and network security.

- Protecting the legitimate rights and interests of property owners, auction participants, and related individuals and organizations.

Decree 47/2023/ND-CP takes effect on September 1, 2023.

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