Amendments to regulations on approval of online auction information page in Vietnam

Amendments to regulations on approval of online auction information page in Vietnam (Internet image)

Responsibilities of the Property Auction organization and the Property Auction Council in Vietnam

Pursuant to Point a, Clause 7, Article 1 of Decree 47/2023/ND-CP supplementing Article 16a after Article 16 of Decree 62/2017/ND-CP stipulating the responsibilities of Property Auction organizations, the Property Auction Council, an organization whose charter capital is 100% owned by the State, was established by the Government to handle bad debts of credit institutions when using the online auction information page as follows:

- Be equipped with information technology infrastructure to meet the requirements of organizing online auctions.

- Manage and secure information about auction participants, accounts, and assigned passwords, unless otherwise prescribed by law. In case you lose or discover that your account is being used illegally, you must immediately notify the agency or organization operating the online auction information page.

+ Be responsible before the law for the accuracy and truthfulness of the information registered and posted to the online auction information page when logging in with your access account; online auction results conducted by me.

- Stop holding auctions in the form of online auctions, stop online auctions, and immediately notify the property owner to decide when to reorganize the auction in case a technical error in the online auction system prevents the auction from starting; Notify the property owner to cancel the online auction results in case a technical error in the online auction system prevents auction participants from being able to bid or make a valid bid but have yet to be recorded by the system or have been recorded incorrectly.

- Comply with the provisions of the Law on Property Auction 2016 and other relevant laws.

Responsibilities of auction participants in Vietnam

Pursuant to Point b, Clause 7, Article 1 of Decree 47/2023/ND-CP supplementing Article 16b after Article 16 of Decree 62/2017/ND-CP, the responsibilities of auction participants when participating in the online auction information page are as follows:

- Ensure equipment when participating in the auction; Take responsibility in case your network system has problems leading to being unable to participate in the auction or bid on the online auction information page.

- Manage and secure accounts and assigned passwords. In the event that an account is lost or discovered to be being used illegally, the owner must immediately notify the Property Auction organization, the Property Auction Council, the organization whose charter capital is 100% owned by the State and established by the Government to handle bad credit institutions.

- Be responsible before the law for the accuracy and truthfulness of the information registered and posted on the online auction information page when logging in with the account provided.

- Comply with the provisions of the Law on Property Auction 2016, other relevant laws and auction regulations.

Approval of the online auction information page

Pursuant to Clause 5, Article 1 of Decree 47/2023/ND-CP, amending Article 15 of Decree 62/2017/ND-CP, approved the online auction information page, stopping the implementation of online auctions as follows:

- Within 90 days from the date of receipt of the project, build an online auction information page for an Property Auction organization or organization in which the State owns 100% of the charter capital established by the Government to handle bad debts of credit institutions. The Minister of Justice reviews and approves the online auction information page of an Property Auction organization, an organization in which the State owns 100% of the charter capital established by the Government to handle bad debts of credit institutions.

- List of Property Auction organizations with an online auction information page is posted on the specialized Property Auction website.

- Annually or in unexpected cases, the Ministry of Justice and the Department of Justice of provinces and centrally run cities inspect the management and operation of the online auction information page of the Property Auction organization, an organization in which the State owns 100% of the charter capital established by the Government to handle bad debts of approved credit institutions.

+ In case the online auction information page does not meet the conditions specified in Clause 3, Article 1 of Decree 62/2017/ND-CP, an Property Auction organization with an online auction information page, an organization in which the State owns 100% of charter capital established by the Government to handle bad debts of credit institutions, is responsible for upgrading the online auction system within 90 days from the date of request.

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