The reverse price of a car license plate put up for auction in Vietnam: VND 40,000,000

The reverse price of a car license plate put up for auction in Vietnam: VND 40,000,000 (Internet image)

On November 15, 2022, the National Assembly passed Resolution 73/2022/QH15 on piloting car license plate auctions. Accordingly, the regulations on auctioning car license plates are as follows:

1. Car license plates put up for auction, property auction organizations in Vietnam

According to Article 2 of Resolution 73/2022/QH15, the car license plate put up for auction is the one having white background with black letters and numbers.

(except for license plates issued to cars of military enterprises and projects, business entities in joint venture with foreign partners, cars of foreign organizations and enterprises, diplomatic missions, consular agents, representative offices of international organizations and foreigners working in foreign and international agencies and organizations operating in the Vietnamese territory.)

The selection of car license plates put up for auction is regulated as follows:

- The Ministry of Public Security and the property auction organization are responsible for making public the car license plates specified in Clause 1 of Article 2 of Resolution 73/2022/QH15 that have not been registered or are expected to be issued on the national web portal on property auctions, the website of the Ministry of Public Security, the website of the Traffic Police Department and the online website of the property auction organization;

- Organizations and individuals may select car license plates of provinces and centrally-affiliated cities to register for auction;

- The car license plate that is not selected for auction, and the car license plate that is not successfully auctioned shall be immediately transferred to the vehicle registration and management system for registration according to regulations.

During the implementation of this Resolution, the Ministry of Public Security shall select a property auction organization among property auction organizations having an online auction website, ensuring compliance with network security requirements when connecting to the vehicle registration and management system to hold car license plate auctions.

2. The reverse price of a car license plate put up for auction in Vietnam is VND 40,000,000

According to Article 3 of Resolution 73/2022/QH15, reverse price, deposit, bid increment, proceeds from auction of car license plates

- The reverse price of a car license plate put up for auction is VND 40,000,000.

- The deposit is equal to the reverse price of a car license plate put up for auction.

- The bid increment is VND 5,000,000.

- The proceeds from the auto license plate auction, after deducting the expenditures for holding the auction, shall be transferred to the central budget in accordance with the law on state budget.

3. Form, method, procedures for auctioning car license plates in Vietnam

Form, method, procedures for auctioning car license plates are specified in Article 4 of Resolution 73/2022/QH15, specifically:

- Auction form is online auction.

- The auction method is ascending price auction.

- The Government shall elaborate the procedures for auctioning car license plates.

4. Rights and obligations of an auction winner of car license plate in Vietnam

According to Clauses 1 and 2, Article 6 of Resolution 73/2022/QH15, the rights and obligations of an auction winner of car license plate are prescribed as follows:

- Rights of an auction winner of car license plate include:

+ To be issued with a written certification of the winning car license plate after paying his/her own winning bid in full;

+ To register the winning car license plate attached to the car under his/her ownership at the police office where the winning car license plate is managed or where the auction winner registers his/her permanent residence or headquarters;

+ To keep the winning car license plate in case the car is lost, damaged, cannot be used or is transferred, exchanged or donated for registration of another vehicle under his/her ownership within 12 months from the time the car is lost, damaged, cannot be used or the ownership is transferred;

+ To be re-issued with the winning car license plate, and a written confirmation of the winning car license plate when it is lost, blurred or damaged;

+ Within the time limit 12 months from the date of being issued with a written confirmation of the winning car license plate, if the auction winner dies but has not yet carried out the procedures for car registration with the winning license plate:

The winning car license plate shall be transferred to the vehicle registration and management system, and the successor of that license plate, in accordance with the law on inheritance, is entitled to receive the amount paid by the auction winner after deducting the costs of holding the auction.

- Obligations of the auction winner of car license plate include:

+ Fully pay the winning bid within 15 days from the date of approval of the auction results in writing; the winning bid does not include the fee for registration and issuance of the car license plate;

+ Carry out procedures for car registration to attach the winning license plate within 12 months from the date of being issued with a written confirmation of the winning car license plate; in case of force majeure events or objective hindrance, this time limit may be extended for a maximum of 06 months.

After the specified time limit, if the auction winner of car license plate fails to carry out the procedures for car registration in order to attach the winning license plate, the winning car license plate will be transferred to the registration and management system and the auction winner is not entitled to a refund of the paid winning bid;

+ Not to transfer, exchange, gift, or bequeath the winning car license plate, except for the case of transfer, exchange, gifting or bequeathal of the car with the winning license plate.

Resolution 73/2022/QH15 takes effect from July 1, 2023 and will be implemented for 3 years.

Nhu Mai

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