Vietnam: The online auction website must make the highest bid visible to the bidders every 30 seconds

09:16, 20/05/2017

On May 16, 2017, the Government of Vietnam issued Decree No. 62/2017/ND-CP on guidelines for the Law on Property Auction.

According to Decree No. 62/2017/ND-CP of Vietnam’s Government, a property auction organization shall establish an online auction website, for which the infrastructure shall have at least functions below:

- Make the highest bid recorded by the online auction system visible to the bidders every 30 seconds;

- Display bid placed by bidders publicly and truthfully;

- Extract history of bid offering in the online auction system;

- Ensure the safety and confidentiality of the account, the integrity of data, bidders making bids, bid placed;

- Record and save all bid placed in the auction, withdrawal of bid placed and necessary information about the progress of the online auction.

View detailed procedures for conducting online auctions at Decree No. 62/2017/ND-CP of Vietnam’s Government effective from July 01, 2017, replacing Decree No. 17/2010/ND-CP.

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