Regulations on cases where Vietnam Asset Management Company holds the auction in Vietnam

Regulations on cases where Vietnam Asset Management Company holds the auction in Vietnam (Internet image)

Circular 18/2014/TT-BTP stipulates that in case where Vietnam Asset Management Company holds the auction, one (01) senior representative of Vietnam Asset Management Company shall take responsibility for conducting the auction. To hold the auction, there are entities that shall support the leaders of Vietnam Asset Management Company such as: representatives of relevant functional Departments of Vietnam Asset Management Company ; representatives of debt-selling credit institutions in case asset auctions are purchased at book value by special bonds and auctioneers may be also involved. The senior representative of Vietnam Asset Management Company , who holds the auction, must issue the Regulations on auction in accordance with law on asset auctions and relevant law, including at least the contents below:

- Requirements, duration, method of registration for the auction;

- Regulations on auction participation fee, deposits;

- Regulations on method of auction;

- Rules for determining bid increments;

- Regulations on withdrawal from the auction, handling deposits paid by the bidders who withdraw from the auction before the deadline for registering;

- The cases in which the bidders must stop bidding.

Note: The auction shall be carried out under the law on asset auctions and regulations in this Circular. The senior representative of Vietnam Asset Management Company , who holds the auction, shall directly operate and take responsibility for the auction.

More details can be found in Circular 18/2014/TT-BTP which comes into force from November 10, 2014.

Ty Na

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