Cases of revocation of auction practice certificates in Vietnam from January 1, 2025

Cases of revocation of auction practice certificates in Vietnam from January 1, 2025 (Image from the Internet)

Cases of revocation of auction practice certificates in Vietnam from January 1, 2025

According to Clause 1, Article 16 of the Law on Property Auction 2016 (amended 2024), individuals who have been granted an auction practice certificate may have their certificates revoked in the following cases:

(1) Falling under one of the cases stipulated in Article 15 of the Law on Property Auction 2016 (amended 2024), specifically:

- Failing to meet the standards set forth in Article 10 of the Law on Property Auction 2016 (amended 2024), whereby these standards include:

+ Being a Vietnamese citizen residing in Vietnam, complying with the Constitution and the law, possessing good moral character;

+ Holding a university degree or higher in one of the fields of law, economics, business administration, accounting, auditing, finance, or banking;

+ Graduating from the professional auctioneer training course as specified in Article 11 of the Law on Property Auction 2016 (amended 2024);

+ Meeting the requirements of the auctioneer apprenticeship examination.

- Being an officer, professional military officer, worker, or public employee in defense organizations under the People’s Army; an officer, non-commissioned officer working in professional, specialized technical capacities in organizations under the People’s Police; officials and public employees, except those officials and public employees proposed for the auction practice certificate to work for the property auction Service Center.

- Losing or being limited in civil act capacity; having difficulties in cognition and behavior control.

- Being under criminal investigation; having been convicted with a legally effective sentence; having been convicted without a cleared criminal record; having been convicted of crimes related to auction activities, fraud, embezzlement, corruption offenses, even if the criminal record has been cleared.

- Being subject to administrative measures for compulsory detoxification, compulsory education according to the law on handling administrative violations.

(2) Not practicing property auction as specified in Clause 1, Article 18 of the Law on Property Auction 2016 for two consecutive years, except in force majeure circumstances.

(3) Being administratively penalized for violations of the law on handling administrative violations as prescribed at Points b, c, or d1, Clause 1, Article 9 of the Law on Property Auction 2016 (amended 2024), specifically:

- Exploiting the auctioneer title for profiteering;

- Creating a fraudulent list of auction participants; forging or falsifying auction documents; colluding and conniving with asset owners, auction participants, valuation organizations, asset appraisal organizations, other individuals and organizations to distort auction information, invitation to auction documents, participation records, suppressing or inflating prices, tampering with auction results;

- Disclosing information about auction participants;

(4) Voluntarily ceasing practice;

(5) Being declared missing or deceased.

Procedures for revocation of auction practice certificates from January 1, 2025

The revocation of the auction practice certificate is carried out according to the following procedures:

- Within 20 days from the date of receiving information about individuals who have been granted the auction practice certificate falling under the revocation cases, the Department of Justice where the organization’s headquarters are located or the Department of Justice where the individual resides in case the individual has not practiced after being granted the certificate, shall review and verify;

- Within 7 working days from the date of determining that the individual granted the auction practice certificate falls under the revocation cases, the Department of Justice shall submit a written proposal to the Ministry of Justice to revoke the auction practice certificate, accompanied by relevant documents;

- Within 15 days from the date of receiving the written proposal from the Department of Justice, the Minister of Justice shall issue a decision to revoke the auction practice certificate. The decision to revoke the auction practice certificate shall be sent to the individual whose certificate is revoked, the organization where the individual practices, and the Department of Justice that submitted the proposal.

In cases where there are insufficient grounds for revocation of the auction practice certificate, the Ministry of Justice shall notify the relevant agencies, organizations, and individuals in writing.

(Clause 2, Article 16 of the Law on Property Auction 2016)

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE