Vietnam: Auction winning results on mineral extraction right shall be notified within 05 days after an auction closes

Specifically, according to Article 23 of Decree No. 22/2012/NĐ-CP of Vietnam’s Government, auction winning results shall be notified publicly at the office of the agency that receives the bidder dossier and the website of the agency competent to issue licenses right after an auction closes. The notification of auction winning results includes:

- The name of the auction winner;

- The name of the minerals; location of the area of which the mineral extraction right is acquired;

- The winner’s bid.

The time limit for notifying and publishing auction winning results is 5 (five) days after an auction closes. The results of the mineral extraction right auction licensed by the Ministry of Natural Resources and Environment shall also be published on the websites of provincial People’s Committees of the localities with mineral areas put up for auction.

Besides, the mineral extraction right auction winning value for an area with mineral exploration results is the bidder’s auction winning amount calculated in VND. The mineral extraction right auction winning value for an area without mineral exploration results is a percentage of the mineral deposit in that area.

Note: Time of determination the mineral extraction right auction winning amount is prescribed as follows:

- For mineral extraction right auction in an area with mineral exploration results, the time for determining the auction winning amount is right after the auction is done.

- For mineral extraction right to auction in an area without mineral exploration results, the time for determining the auction winning amount is before granting a mineral extraction license.

- The Ministry of Natural Resources and Environment shall be in charge and cooperate with the Ministry of Finance in, detailing the collection method and regimes on management and use of mineral extraction right auction winning amounts.

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

Le Vy

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