Legal Counselling

Requirements for holding online auctions in Vietnam

17:32, 11/07/2017

Requirements for holding online auctions are specified in Decree No. 62/2017/ND-CP of Vietnam’s Government on guidelines for Law on property auction.

1. If a property auction organization wishes to establish an online auction website as prescribed in the Law on property auction, it must satisfy the following requirements:

- Have infrastructure for online auction;

- Have technicians in charge of technical system of online auction website;

- Obtain plans and technical solutions for safe operation of the technical system of online auction website.

2. The infrastructure for online auction shall have at least functions below:

- Ensure the safety and confidentiality of the account, the integrity of data, bidders making bids, bid placed, and information about bidders;

- Record and save all bid placed in the auction, withdrawal of bid placed and necessary information about the progress of the online auction;

- Display bid placed by bidders publicly and truthfully; extract history of bid offering in the online auction system;

- Make the highest bid recorded by the online auction system visible to the bidders every 30 seconds.

View more details at Decree No. 62/2017/ND-CP of Vietnam’s Government effective from July 01, 2017.

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