Guidelines on evaluation and scoring criteria for selecting asset auction organizations in Vietnam

Guidelines on evaluation and scoring criteria for selecting asset auction organizations in Vietnam​ (Image from the Internet)

1. Guidelines on evaluation and scoring criteria for selecting asset auction organizations in Vietnam

According to Article 5 of Circular 02/2022/TT-BTP, the evaluation and scoring criteria for selecting asset auction organizations in Vietnam are as follows:

- The asset owner may conduct a self-evaluation, establish an evaluation team, or select another form to evaluate the criteria for selecting asset auction organizations and is responsible for such evaluation.

- The asset owner scores based on information in the registration dossier for participation submitted by the asset auction organization, evaluates according to all criteria specified in Appendix I issued with Circular 02/2022/TT-BTP, and handles situations according to the provisions of Clauses 4, 5, 6, and 7, Article 5 of Circular 02/2022/TT-BTP.

- The selected asset auction organization is the one with the highest combined score for all criteria. In case two or more organizations have the highest equal total score, the asset owner considers and decides on one of those organizations.

- In case within 12 months until the dossier submission date, if the asset auction organization has a legal representative or auctioneer convicted by an effective judgment for a crime related to asset auction activity conducted in the name or for the benefit of the organization, the asset auction organization is deducted 50% of the total score.

- In case within 12 months until the dossier submission date, if the asset auction organization falls into any of the following situations, actions are taken as follows:

+ If an auctioneer from the organization is administratively sanctioned for violations in asset auction activities, for each sanctioned auctioneer, the organization is deducted 5% of the total score;

+ If the asset auction organization is administratively sanctioned for violating asset auction regulations, except for offenses sanctioned as per point c of this clause, each administrative violation results in a 5% deduction from the total score;

+ If the asset auction organization fails to publicly announce asset auctions on the national e-portal for asset auctions as announced by authorities, the organization is deducted 20% of the total score;

+ If an auctioneer from the organization is convicted by an effective judgment for a crime related to asset auction activity not under the provision of Clause 4, Article 5 of Circular 02/2022/TT-BTP, the organization is deducted 20% of the total score.

- If within 12 months until the dossier submission date, the asset auction organization was previously rejected for dossier consideration as per Clause 7, Article 5 of Circular 02/2022/TT-BTP, or if the selection result was canceled as per Clause 2, Article 6 of Circular 02/2022/TT-BTP, the organization is deducted 70% of the total score.

- If there is evidence that the asset auction organization deliberately provided inaccurate or falsified information regarding criteria in the dossier, the asset owner refuses to consider or evaluate the organization's dossier.

- If by the end of the submission date, only one asset auction organization registers, the asset owner considers and decides to select that organization if it complies with the 2016 Law on Asset Auction, Circular 02/2022/TT-BTP, and relevant laws.

2. Content of criteria for selecting asset auction organizations in Vietnam

The content of criteria for selecting asset auction organizations in Vietnam according to Article 3 of Circular 02/2022/TT-BTP is as follows:

- Group of criteria on the necessary facilities and equipment ensuring auction activities for auctioned assets.

- Group of criteria on feasible and effective auction plans.

- Group of criteria on the capacity, experience, and reputation of the asset auction organization.

- Group of criteria on appropriate auction service fees and asset auction costs.

- Listing in the directory of asset auction organizations published by the Ministry of Justice.

- Other groups of criteria appropriate for the auctioned assets as decided by the asset owner.

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