Vietnam: Procedures for conducting online auctions

1. The property auction organization shall post the Regulation on auction on the online auction website.

2. When a bidder registers to bid online, he/she shall be issued with an account, provided with guidelines for using the account, how to bid and necessary information on the online auction website.

3. Bidders shall use their accounts and make their bids according to types of auctions, opening time and closing time, bid increments that are announced.

4. At the closing of the auction, the auctioneer who is assigned by the property auction organization, property auction council, or bad debt management organization to conduct the online auction shall determine the successful bidder as follows:

- In case of ascending price auction, the successful bidder is the person who makes the highest bid recorded by the online auction system at the closing time;

- In case of descending price auction, the successful bidder is the first person who accepts the starting price or decreased price recorded by the online auction system.

5. As soon as practicable after determining the successful bidder prescribed in Clause 4 of this Article, the auctioneer who is assigned by the property auction organization, property auction council, or bad debt management organization to conduct the online auction shall announce the successful bidder on the online auction system.

6. As soon as practicable after announcing the successful bidder on the online auction system, the results of online auction shall be published on the online auction system and sent to emails of bidders who registered with the property auction organization, property auction council, or bad debt management organization.

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

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