Who is an auctioneer? Criteria for auctioneers in Vietnam

Who is an auctioneer? Criteria for auctioneers in Vietnam (Internet image)

1. Who is an auctioneer?

Auctioneer is a judicial assistant title of an individual who is granted an auctioneer practice certificate by a competent state agency when conditions and criteria for auctioneer are satisfied.

2. Criteria for auctioneers in Vietnam

Pursuant to Article 10 of the Law on Property Auction 2016 stipulates that an auctioneer must fully meet the following criteria:

- Being a Vietnamese citizen permanently residing in Vietnam, abiding by the Constitution and law, and possessing good ethical quality;

- Possessing a university or postgraduate degree in law, economics, accounting, finance or banking;

- Having graduated from an auction training course prescribed in Article 11 of Law on Property Auction 2016, except where he/she is exempted from such a course under Article 12 of Law on Property Auction 2016;

- Having passed the examination of auction practice internship results.

3. Auction training for auctioneer in Vietnam

Article 11 of the Law on Property Auction 2016 provides for vocational training in auctioning as follows:

- A person who fully satisfies the criteria prescribed in Clauses 1 and 2, Article 10 of Law on Property Auction 2016 and has worked in the trained field for at least 3 years may join an auction training course.

- The duration of an auction training course is 6 months. A person who completes such a course shall be granted an auction training certificate by the auction training institution.

4. Persons exempt from auction training in Vietnam

Article 12 of the Law on Property Auction 2016 stipulates that persons exempt from auction training include:

- Lawyers, public notaries, bailiff, property management officers or arbiters who have practiced their profession for at least 2 years.

- Judges, procurators or executors.

5. Forms of practice by auctioneers in Vietnam

Pursuant to Article 18 of the Law on Property Auction 2016 stipulates the practice form of auctioneers as follows:

- Auctioneers may practice in:

+ Property auction service centers;

+ Property auction businesses;

+ The wholly state-owned organization established by the Government to settle non- performing loans of credit institutions.

- The practice by auctioneers specified at Point a, Clause 1 of Article 18 of the Law on Property Auction 2016 must comply with Law on Property Auction 2016, the law on cadres and civil servants and the law on public employees.

- The practice by auctioneers specified at Point b, Clause 1 of Article 18 of the Law on Property Auction 2016 may be carried out through establishing, participating in the establishment of, or working under labor contracts in, property auction businesses.

An auctioneer may establish, or participate in the establishment of, or sign a labor contract with, only one property auction business in accordance with Law on Property Auction 2016 and other relevant regulations.

- The practice by auctioneers specified at Point c, Clause 1 of Article 18 of the Law on Property Auction 2016 must comply with Law on Property Auction 2016 and the labor law.

6. Rights and obligations of auctioneers in Vietnam

Article 19 of the Law on Property Auction 2016 stipulates the rights and obligations of auctioneers as follows:

6.1. Rights of the Auctioneers

Auctioneers have the following rights:

- To practice throughout the territory of Vietnam;

- To directly conduct auctions;

- To deprive bidders who commit the acts prescribed in Clause 5, Article 9 of Law on Property Auction 2016 of their right to participate in an auction;

- To stop an auction when detecting an act of collusion, suppressing prices or disturbing or causing disorder at the auction, and to notify such to the property auction organization;

- To conduct auctions under contracts between the property auction council and property auction organizations where they practice in case such auctions are held by the council or by the wholly state-owned organization established by the Government to settle non-performing loans of credit institutions;

- To instruct and supervise the internship of auction practice interns;

- Other rights provided by law.

6.2. Obligations of the Auctioneers

Auctioneers have the following obligations:

- To comply with the property auction principles, order and procedures prescribed in Law on Property Auction 2016;

- To comply with the professional code of ethics of auctioneers;

- To take responsibility before law and property auction organizations for auctions they conduct;

- To take responsibility for jobs performed by auction practice interns whom they instruct under Clause 3, Article 13 of taw on Property Auction 2016;

- To participate in professional liability insurance prescribed in Article 20 of Law on Property Auction 2016;

- Other obligations prescribed by law.

Ngoc Nhi

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