Requirements for Online Auction Information Page in Vietnam

Regulations on organizing auctions in the form of online auctions in Vietnam

- In case of online auction, the asset auction organization, the Asset Auction Council, organization in which the State owns 100% charter capital established by the Government to handle bad debts of credit institutions, implements the order and procedures for asset auction specified in Chapter III and Chapter IV of the Law on Property Auction, specified in Chapter III of Decree 62/2017/ND-CP and regulations of Decree 47/2023/ND-CP.

- Asset auction organizations, Asset Auction Councils, organizations in which the State owns 100% charter capital established by the Government to handle bad debts of credit institutions, organize auctions in the form of online auctions through renting and using the online auction information page. The online auction information page is established and operated in accordance with the law on information and communication and the law on e-commerce, including the national online auction information page, the online auction information page of organizations whose charter capital is 100% owned by the State established by the Government to handle bad debts of credit institutions, and the online auction information page of asset auction organizations.

- Organizations in which the State owns 100% of charter capital established by the Government to deal with bad debts of credit institutions may only use their online auction website to organize the auction in the form of an online auction for assets being bad debts and collateral for bad debts in accordance with the law.

- The cost of participating in the National Online Auction Information Page and the cost of hiring an asset auction organization with an Online Auction Information Page to organize an auction in the form of an online auction shall be included in the cost of the asset auction specified in Clause 2, Article 66 of the Law on Property Auction.

- The Ministry of Justice shall preside over and coordinate with the Ministry of Finance, relevant ministries and branches to regulate costs for using the National Online Auction Information Page under the National Asset Auction Information Portal.

Pursuant to: Clause 1, Article 1 of Decree 47/2023/ND-CP

Requirements for Online Auction Information Page in Vietnam (Internet image)

Requirements for Online Auction Information Page in Vietnam

- Open, transparent, and unrestricted access to information.

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

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

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

- Having the following minimum business functions:

+ Allowing 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.

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

+ Publicly and honestly displaying the prices paid by auction participants; recording information and retrieving transaction history, prices paid at auctions, withdrawals of bids paid, and other necessary information during the auction process on the online auction information page

+ Continuous display during the auction period of the highest price paid for the up bid and the starting price or the lowest reduced price for the down bid to be viewable by auction participants; people who are eligible to participate in the auction but do not participate in the auction;

+ Ensuring 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.

Pursuant to: Clause 3, Article 1 of Decree 47/2023/ND-CP

Mai Thanh Loi

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE