Requirements for the National Asset Auction Portal, Online Auction Website in Vietnam from January 1, 2025

Requirements for the National Asset Auction Portal, Online Auction Website in Vietnam from January 1, 2025

The National Asset Auction Portal, Online Auction Website in Vietnam effective from January 1, 2025, must meet the following requirements:

- Achieve level 3 according to the legal provisions on ensuring information system security by level;

- Ensure that each individual or organization is registered with only one account for participating in auctions and bidding;

- Ensure participation in bidding and display of bids using the unique code of the auction participant;

- Publicly display the time of registration for auction participation, the time of accessing the auction session account, and the start and end time of the auction session;

- Publicly and honestly display each bid, the bid amount of the auction participant according to their unique code, the highest bid; record and retrieve all information about the auction, auction session;

- Continuously display the starting price of the auctioned asset, the highest bid offered for the bid increase method, and the price equal to the starting price or the lowest reduced price for the bid decrease method throughout the auction session for participants to view;

- Ensure that auction participants cannot submit applications for auction participation after the deadline for submission and cannot place bids after the auction ends.

Additionally, the following requirements must also be met:

- Publicly accessible, transparent, without limitations on accessing and obtaining information;

- The time displayed on the National Asset Auction Portal and the Online Auction Website is real-time and standard time according to international standards (GMT) in online auctions;

- Operate stably, continuously, and ensure the security of information systems;

- Ensure the safety and confidentiality of auction participants' information and access accounts;

- Meet the infrastructure, information technology standards required for connection, integration, and data sharing through the integration and data-sharing platform;

- Fulfill the requirements regarding technical infrastructure, facilities, and necessary personnel for operating the National Asset Auction Portal and Online Auction Website.

More details can be found in Decree 172/2024/ND-CP effective from January 1, 2025.

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