Latest criteria for auctioneers in Vietnam

Latest criteria for auctioneers in Vietnam (Internet image)

Regarding this matter, LawNet would like to answer as follows: 

1. Latest criteria for auctioneers in Vietnam

An auctioneer must fully satisfy 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 the Law on Property Auction 2016, except where he/she is exempted from such a course under Article 12 of the Law on Property Auction 2016;

- Having passed the examination of auction practice internship results.

(Article 10 of the Law on Property Auction 2016)

2. Forms of practice by auctioneers in Vietnam

Auctioneers may practice in:

- Property auction service centers;

The practice by auctioneers must comply with the Law on Property Auction 2016, the law on cadres and civil servants and the law on public employees.

- Property auction businesses;

The practice by auctioneers 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 the Law on Property Auction 2016 and other relevant regulations.

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

The practice by auctioneers must comply with the Law on Property Auction 2016 and the labor law.

(Article 18 of the Law on Property Auction 2016)

3. Rights and obligations of auctioneers in Vietnam

- 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 the 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.

- Auctioneers have the following obligations:

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

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

+ Other obligations prescribed by law.

(Article 19 of the Law on Property Auction 2016)

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