First Vietnamese company authorised to hold online auction

May 19, 2020 | 17:02
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According to Decision No.112/QD-STP of the Department of Justice promulgated on May 12, No.5 National Auction Partnershipsis eligible to be the first company nationwide which is allowed to conduct online auctions under the Law on Property Auction 2016.
first vietnamese company authorised to hold online auction
Quan Van Minh, general director of No.5 National Auction Partnerships has a statement in the announcement

Quan Van Minh, general director of the company, said that the scheme will meet the demand of developing new norms, catching up with global trends, and preventing violations of the auction law. Additionally, it also helps the government develop a public and transparent auction market, as well as ensure customer information.

Along with globalisation and the rise of innovative technology, it is believed that online auctions will open up a new chapter by allowing auctions to be staged regardless of time, space, and location. Wherever the participants may be, provided that they have access to a smart device and the internet, they can join simultaneous auctions.

Phan Chi Hieu, Deputy Minister of Justice, stated that all auction activities in Vietnam will benefit greatly from online auctions and that it will help building a digital government and a digital market.

People can visit or to discover properties being sold at auctions and register.

Hieu said this is a commonplace format that many nations have applied. Online auctions will bring about benefits such as restricting collusion and reducing price, especially for government properties being auctioned off.

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