Legal Counselling

Rules of a mineral extraction right auction in Vietnam

11:21, 30/03/2012

This is an important content of Decree No. 22/2012/NĐ-CP of Vietnam’s Government on mineral extraction right auction, issued on March 26, 2012.

Specifically, according to Article 20 of Decree No. 22/2012/NĐ-CP of Vietnam’s Government, before an auction is held, the bidder must present the auction council or the professional auction organization with the letter of introduction, the ID card; the receipt of auction fee, receipt of deposit or written auction guarantee. A bidder may send no more than 3 bidders to attend the auction, one of them shall make bids.

During an auction, bidders must observe the following provisions:

- Only exchange relevant information with each other, not with other organizations or individuals;

- Do not use means of communications during the auction;

- Do not cause disturbance or hindrance to the auction or to violate the lawful rights of other bidders;

- Do not bribe in order to eliminate other bidders or collude with others to suppress prices.

- When a bidder violates one of the above-mentioned provisions, the auction council president or the auctioneer may suspend the auction, make records and resume the auction only after the violation is handled as prescribed.

View details at Decree No. 22/2012/NĐ-CP of Vietnam’s Government, effective from May 15, 2012.

Le Vy

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