Latest procedures for approval of the online auction information page in Vietnam

Latest procedures for approval of the online auction information page in Vietnam (Internet image) 

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

Latest procedures for approval of the online auction information page in Vietnam

(1) Implementation sequence

Asset auction organizations, organizations where the State owns 100% of charter capital established by the Government to handle bad debts of credit institutions, send a project to build an online auction information page to the Ministry of Justice.

The Minister of Justice decides to establish an Appraisal Council for the online auction information page and promulgates the Council's operating regulations; The Council consists of a representative of the Ministry of Justice as Chairman of the Council, representatives of relevant agencies and organizations, and qualified and experienced experts in the field of auctions and information technology.

The Council for the appraisal of conditions for the online auction information page shall consider and appraise the following contents:

(i) Technical infrastructure, facilities, and staff operating the online auction information page of the asset auction organization;

(ii) Requirements specified in Clause 3, Article 1 of Decree 47/2023/ND-CP, including:

- Open, transparent, and unrestricted access to information.

- The time on the online auction information page is in real time and is the standard time for online auctions.

- Operate stably and continuously and must reach level 3 according to legal regulations on ensuring information system security by level.

- Meet requirements for connection, integration, and data sharing through the national data sharing and integration platform; technical infrastructure requirements; and information technology standards.

- Have the following minimum business functions:

+ Allow individuals and organizations to register accounts to participate in the auction. Each individual or organization is allowed to register only one account to participate in the auction and bid.

+ Ensure safety and confidentiality of auction participants' information, access to accounts, bidding participation, and prices paid using unique identification codes.

+ Publicly and honestly display the prices paid by auction participants; Record information and retrieve transaction history, prices paid at auctions, withdrawals of prices paid, and other necessary information during the auction process on the online auction information page.

+ Continuously display throughout the auction the highest price paid for the upbid method and the price equal to the starting price or lowest reduced price for the method of setting prices down so that they can be viewed by auction participants; people who are eligible to participate in the auction but do not participate in the auction;

+ Ensure that auction participants cannot submit their registration documents to participate in the auction after the deadline for submitting documents; make the bid after the end of the auction.

Within 90 days from the date of receipt of the Project to build an online auction information page for an asset auction organization, an organization whose charter capital is 100% owned by the State and established by the Government to handle bad debts of credit institutions, the Minister of Justice reviews and approves the online auction information page for asset auction organizations and organizations in which the State owns 100% of the charter capital established by the Government to handle bad debts of credit institutions.

(2) Submission methods: Documents are sent directly, through the postal system or online (if administrative procedures have been upgraded online), to the Ministry of Justice.

(3) Document components: Project to build an online auction information page

(4) Number of documents: 01 set.

(5) Time limit for resolution:

Within 90 days from the date of receipt of the Project to build an online auction information page for an asset auction organization or organization in which the State owns 100% of the charter capital established by the Government to handle bad debts of credit institutions, the Minister of Justice reviews and approves the online auction information page for asset auction organizations and organizations whose charter capital is 100% owned by the State and established by the Government to handle bad debts of credit institutions.

(Decision 2576/QD-BTP 2023)

Ho Quoc Tuan

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