Vietnam: Professional responsibility when practicing as an auctioneer
Recently, the Ministry of Justice of Vietnam issued Circular No. 14/2018/TT-BTP issuing the professional ethics of auctioneers.
Article table of contents
According to new regulations, an auctioneer shall have the professional responsibility specified in Circular No. 14/2018/TT-BTP of the Ministry of Justice of Vietnam, specifically as follows:
- An auctioneer shall be prohibited from earning personal profits by making use of his/her reputation.
- An auctioneer must show his/her dedication and responsibility for his/her assigned duties, use his/her professional knowledge and skills to ensure effectiveness and legitimacy of auctions.
- The auctioneer undertaking an auction shall be obliged to carefully study legislative regulations and materials related to auctioned property, procedures and processes for auctioning and formulation and completion of property auctioning documentation, and conduct an auction in compliance with laws. After an auction ends, an auctioneer must hand over all required auctioning documentation for the purpose of being deposited with a property auction organizer in accordance with laws.
- An auctioneer shall be obliged to ensure security for information in accordance with laws and agreements between auction participants, and avoid using information collected from the conduct of an auction to serve private needs.
View relevant provisions at Circular No. 14/2018/TT-BTP of the Ministry of Justice of Vietnam, effective from December 12, 2018.
- Thanh Lam -
- Key word:
- Circular No. 14/2018/TT-BTP
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