Vietnam: Sequence and procedures for performance of duties by the Mineral Mining Rights Auction Council

Vietnam: Sequence and procedures for performance of duties by the Mineral Mining Rights Auction Council (Illustrative Image)

According to Article 11 of Circular 16/2014/TT-BTNMT, the sequence and procedures for performance of duties by the Mineral Mining Rights Auction Council in Vietnam are prescribed as follows:

- No later than 15 (fifteen) days from the date the Standing Committee of the Auction Council submits the auction regulations; internal rules for the auction session; estimated deposit; and the bid increment for the auction session, the Auction Council must reach a final conclusion either through a meeting or by collecting opinions via ballots to proceed to the next step. Where multiple meetings are required for determination, the total duration should not exceed 30 (thirty) days.

- No later than 15 (fifteen) working days from the date the Standing Committee of the Auction Council submits a complete dossier as stipulated, the Auction Council must organize the mineral mining rights auction.

- Within no more than 05 (five) working days from the end of the auction session, the Auction Council must submit the auction results to the licensing authority for approval.

In addition, the Auction Council is responsible for making periodical reports on the Council's operations on a quarter basis to the Minister of Natural Resources and Environment of Vietnam and the Chairman of the provincial People's Committee according to the licensing authority.

Members of the Auction Council and the Standing Committee of the Auction Council are responsible for ensuring the confidentiality of information during the organization of the mineral mining rights auction.

In cases of information leakage and colludiion with organizations or individuals participating in the auction that cause damage to the state, all involved parties will be held accountable as per legal regulations.

More details can be found in Circular 16/2014/TT-BTNMT effective from June 2, 2014.

Thuy Tram

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