Amendments to regulations on organization of online auction in Vietnam

Amendments to regulations on organization of online auction in Vietnam

- In the case of an auction conducted via online auction, the property auction organization, the property auction Council, the organization with 100% charter capital owned by the Government of Vietnam established to handle non-performing loans of credit institutions shall carry out the procedures for property auction as prescribed in Chapter III and Chapter IV of the Law on property auction, and as stipulated in Chapter III of Decree 62/2017/ND-CP.

- The property auction organization, the property auction Council, the organization with 100% charter capital owned by the Government of Vietnam established to handle non-performing loans of credit institutions shall organize the auction via online auction by renting and using the Online Auction Information Portal.

The Online Auction Information Portal is established and operated in accordance with the legal provisions on information and communication, e-commerce law, including the National Online Auction Information Portal, the Online Auction Information Portal of the organization with 100% charter capital owned by the Government of Vietnam established to handle non-performing loans of credit institutions, and the Online Auction Information Portal of the property auction organization.

- The organization with 100% charter capital owned by the Government of Vietnam established to handle non-performing loans of credit institutions is only allowed to use its own Online Auction Information Portal to organize auctions via online auction for assets that are non-performing loans and secured assets of non-performing loans as prescribed by law.

- Cost of participating in the National Online Auction Information Portal, the cost of renting property auction organizations with Online Auction Information Portals to organize auctions via online auction shall be included in the property auction costs stipulated in Clause 2, Article 66 of the Law on property auction.

- The Ministry of Justice shall preside and coordinate with the Ministry of Finance, relevant ministries, and central authorities to stipulate the usage costs of the National Online Auction Information Portal belonging to the National property auction Information Portal.

Decree 47/2023/ND-CP takes effect in Vietnam from September 1, 2023.

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