Vietnam: Responsibilities of property auction organizations operating online auction websites

09:24, 31/10/2017

A property auction organization operating online auction website shall have the responsibilities specified in Article 16 of Decree No. 62/2017/ND-CP of Vietnam’s Government as follows:

1. Operate the online auction website; take responsibility for online auction results provided;

2. Provide infrastructure and operate the online auction website as prescribed in the Law on property auction, this Decree and relevant law provisions;

3. In case of any technical defects that prevent the auction from beginning, the property auction organization shall suspend the online auction and give a timely notice to the seller, who will decide another auction date and time; in case of any technical defects that prevent bidders from making bids after the auction has begun, the property auction organization shall cancel the online auction and give a notice to the seller, who will decide another auction date and time;

4. Protect information about bidders and their accounts, unless otherwise prescribed by law;

5. Compensate for damage at its faults during the operation of the website as prescribed by law;

6. Provide guidelines for registration of accounts, using accounts, making bids, types of auctions, opening time and closing time, bid increments, and auction results on the online auction website.

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

- Ngoc Duyen -

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