Vietnamese
Scheduled to take effect on January 1 next year, the Law Amending and Supplementing a Number of Articles of the Law on Asset Auction, which was passed by the National Assembly on June 29, is expected to contribute to improving the quality and professionalism of operations of asset auction organizations.
Accordingly, the new Law additionally specifies prohibited acts of auction participants as well as auction winners, including getting authorized by other auction participants to participate in the auction of assets for which they are also auction participants or getting authorized by two or more auction participants to participate in the auction of the same asset; and participate in an auction in which their spouses or biological siblings are also participants.
The new Law also revises Article 11 of the current law regarding the auction training period in order to ensure that all persons who wish to become auctioneers will be equipped with professional knowledge and practice skills suitable to the profession.
The provisions on sale and receipt of dossiers and dossier components, and time limit for submitting dossier of registration for auction participation have been revised to ensure the uniformity and feasibility of the verification of dossiers and evaluation of the capacity and conditions of auction participants.
The new Law adds new provisions on online auctions and online auction order and procedures. Accordingly, an online auction may be held via the National Asset Auction Portal or auction information webpages.
An asset auction organization is required by the new Law to publicly announce an auction it is going to hold twice (at least two days apart) on the National Asset Auction Portal and at least once in a printed newspaper or on a centrally or provincially run television in the locality the auctioned asset is located.
By: VLLF
