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| New rule to improve legal framework for online auctions__Photo: Internet |
Property auction organizations, property auction councils and wholly state-owned organizations established by the Government to settle non-performing loans of credit institutions may use their online auction websites or hire others to organize online auctions.
Under Decree 47 issued by the Government on July 3, which replaces Decree 62 of 2017, online auction websites, which may be the National Online Auction Website and online auction websites of wholly state-owned organizations established by the Government to deal with non-performing loans of credit institutions and property auction organizations, must be set up and operate in accordance with the laws on information and communications, and e-commerce.
Notably, organizations in which the State owns 100 percent of charter capital and which are established by the Government to deal with non-performing loans of credit institutions may only use their online auction websites to organize online auctions for property being non-performing loans and their collateral.
Property auction organizations will assign auctioneers, property auction councils and wholly state-owned organizations established by the Government to deal with non-performing loans of credit institutions to administer auctions on the websites.
In case of an ascending-price auction, the auction winner is the one with the highest bid recorded by the auction network.
In case of a descending-price auction, the auction winner is the first to accept the reserve price or the reduced price recorded by the auction network.
An auction winner will be announced on the online auction network right after the auction ends.- (VLLF)
