Amendments to requirements for holding online auctions in Vietnam

Amendments to requirements for holding online auctions in Vietnam (Internet image)

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

1. Amendments to requirements for holding online auctions in Vietnam

Specifically, Article 13 of Decree 62/2017/ND-CP, amended in Decree 47/2023/ND-CP, stipulates the requirements for holding online auctions as follows:

- Open, transparent, and unrestricted access to information.

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

- Operating stably and continuously and must reach level 3 according to legal regulations on ensuring information system security by level.

- Meeting requirements for connection, integration, and data sharing through the national data sharing and integration platform; technical infrastructure requirements; and information technology standards.

- Having 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.

+ Publicly and honestly display the prices paid by auction participants; Record information 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.

+ Continuously display throughout the auction the highest price paid for the up bidding method and the price equal to the starting price or lowest reduced price for the down bidding method so that it 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.

2. Amendments to the assessment of requirements for conducting online auction in Vietnam

According to Article 14 of Decree 62/2017/ND-CP, amended in Decree 47/2023/ND-CP, the order for assessment of requirements for conducting online auction in Vietnam is as follows:

- Asset auction organizations, organizations where the State owns 100% of charter capital established by the Government to handle bad debts of credit institutions, send a Project to build an online auction information page to the Ministry of Justice. The project has the contents specified in Clause 3, Article 1 of Decree 62/2017/ND-CP.

- The Minister of Justice decides to establish an Appraisal Council for the online auction information page and promulgates the Council's operating regulations; The Council consists of a representative of the Ministry of Justice as Chairman of the Council, representatives of relevant agencies and organizations, and qualified and experienced experts in the field of auctions and information technology.

- The Council for the appraisal of conditions for the online auction information page shall consider and appraise the following contents:

+ Technical infrastructure, facilities, and staff operating the online auction information page of the asset auction organization;

+ Requirements specified in Clause 3, Article 1 of Decree 62/2017/ND-CP.

More details can be found in Decree 47/2023/ND-CP effective from September 1, 2023.

Ho Quoc Tuan

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