THE PROCEDURE FOR ORGANIZING ONLINE AUCTIONS FROM SEPTEMBER 01, 2023
On July 03, 2023, the Government issues Decree No. 47/2023/ND-CP on amending and supplementing a number of articles of Decree No. 62/2017/ND-CP on detailing a number of articles of and providing measures to implement the Law on Property Auction.
Accordingly, the procedures for organizing auctions in the form of online auctions are amended and supplemented as follows:
A property auction organization, property auction council shall post the Rules of the auction, notice on the auction, and the list of properties, pictures and documents related to the properties (if any) on its online auction website.
Bidders shall:
- Check the auctioned properties online or directly according to the Rules of the auction and register their participation in the auction on the online auction website.
- Buy auction dossiers shall be granted an access account via their email addresses registered.
- Use their access accounts for receiving guidance on methods of submitting online auction dossiers, making an advance payment via online payment forms, methods of participation in the auction, offer of bids, and other necessary contents when participating in the online auction website.
- Have submitted their auction dossiers and made an advance payment validly may use their access accounts to participate in the auction according to the Rules of the auction.
Persons who are eligible to participate in the auction but do not access their granted accounts for participating in the offer of bids according to the time specified in the Rules of the auction shall be considered not to participate in the auction except for force majeure events.
The auction’s time of offering bids shall be agreed upon by the property auction organization with the auctioned property seller but must be at least fifteen minutes.
The property auction organization shall assign an auctioneer, the property auction council to settle non-performing loans of credit institutions shall assign a member, to conduct the auction on its online auction website. At the end of the auction, the winning bidder shall be determined as follows:
- In case of ascending-price auction, the winning bidder shall be the bidder offering the highest bid recorded by the auction network system;
- In case of descending-price auction, the winning bidder shall be the first bidder accepting the reserve price or the decreased price recorded by the auction network system.
The winning bidder shall be announced in the online auction network system right after the end of the auction.
The results of the online auction shall be published on the online auction website and sent to the bidders’ email addresses registered with the property auction organization right after the winning bidder is announced on the online auction website
Decree No. 47/2023/ND-CP takes effect on September 01, 2023.
