Latest procedures for issuance of auctioneer cards in Vietnam

Latest procedures for issuance of auctioneer cards in Vietnam (Internet image)

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

1. Procedures for issuance of auctioneer cards in Vietnam

Procedures for issuance of auctioneer cards according to Article 3 of Decree 62/2017/ND-CP are as follows:

- A property auction organization or bad debt management organization shall submit an application for issuance of auctioneer cards held by its auctioneers directly, by post, or in any form deemed appropriate to the Service of Justice in the province where it is headquartered. An application includes:

+ An application form for issuance of auctioneer cards;

+ Certified true copies or copies of auction licenses enclosed with original copies;

+ 1 color photo size 2cm x 3cm (taken not longer than 6 months from the date of submission of photo)

- Within 5 working days from the date on which the satisfactory application is received as prescribed in Clause 1 of Article 3 of Decree 62/2017/ND-CP, the Service of Justice shall issue auctioneer cards; if the application is rejected, it shall provide explanation in writing.

Within 3 working days from the date on which the auctioneer cards are issued, the Service of Justice shall post the list of auctioneers on its website, and forward it to the Ministry of Justice.

- An auctioneer card shall maintain valid only when its holder practices in the organization for which the auctioneer card is applied. The auctioneer is entitled to conduct an actual auction only if he/she is issued with an auctioneer card. The auctioneer has to wear his/her auctioneer card when conducting an auction. The holder of auctioneer card may not work as a notary or bailiff as a part-time job.

- The template of auctioneer card shall be issued by the Ministry of Justice.

2. Forms of practice by auctioneers in Vietnam

Forms of practice by auctioneers in Vietnam according to Article 18 of the Law on Property Auction 2016 is as follows:

- Auctioneers may practice in:

+ Property auction service centers;

+ Property auction businesses;

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

- The practice by auctioneers specified at Point a, Clause 1 of Article 18 of the Law on Property Auction 2016 must comply with this Law, the law on cadres and civil servants and the law on public employees.

- The practice by auctioneers specified at Point b, Clause 1 of Article 18 of the Law on Property Auction 2016 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 this Law and other relevant regulations.

- The practice by auctioneers specified at Point c, Clause 1 of Article 18 of the Law on Property Auction 2016 must comply with this Law and the labor law.

3. Rights and obligations of auctioneers in Vietnam

Rights and obligations of auctioneers according to Article 19 of the Law on Property Auction 2016 are as follows:

* 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 this Law; e/ Other obligations prescribed by law.

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