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Official Gazette

Saturday, April 1, 2023

Revising regulations to do away shortcomings in online auction

Updated: 07:41’ - 25/02/2023
All steps of an online auction from making auction announcement and selling auction documents and receiving bidders’ dossiers to holding auction and announcing the winning bid would be carried out in the cyber environment.

This is provided by the Ministry of Justice (MOJ) in a draft decree to revise Decree 62 of 2017, detailing a number of articles of, and providing measures to implement, the 2016 Law on Property Auction.

Compared to Decree 62, the draft adds provisions on the building of a national online auction website which would be integrated with the existing National Property Auction Portal. The auction of all public assets and assets that must be put for auction as provided by law would be carried out online via this website. As explained by the MOJ, this would help make the process of selling public assets via auction more transparent and maximize the proceeds therefrom.

Noteworthily, the MOJ confirmed that once the national online auction website is commissioned, other online auction websites of property auction organizations would be permitted to continue operation but must be upgraded to meet several technical requirements, including unlimited access to information, real-time display, assurance of stable and uninterrupted operation, and connection, integration and sharing of data via the national data integration and sharing platform, among others.- (VLLF) 

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