The Government has just issued Decree 17/2010/ND-CP on asset auction to tighten the current asset auction process.
According to the old regulations, the conditions for being granted an auctioneer card are relatively simple, only a person with a university degree is required
In any field, one can become an auctioneer without any training or retraining.
However, according to Decree 17, individuals to become auctioneers must have graduated from a university in law or economics and have passed a vocational training course in auction.
These auctioneers are entitled to use their rights to directly and promptly handle acts of collusion to lower prices or violate auction rules by auction participants. The new Decree also adds regulations on the re-issuance and revocation of practice certificates in order to strictly manage the activities of the auctioneer team.
For the deposit amount agreed upon by the auction organization and the person having the auctioned asset to be raised higher (minimum 1% and maximum 15%) compared to the previously prescribed level (Resolution). Decree 05/2005) is not more than 5%, in order to overcome the situation of auction participants linking together to lower prices, causing difficulties for those whose properties are auctioned.
It is worth noting that the new decree stipulates stricter sanctions for those who refuse to buy and limits collusion between some participants in the auction. In particular, the person who refuses to buy the property is not entitled to a refund of the deposit and this money belongs to the person with the auctioned property.
In addition, the property can only be sold to the adjacent bidder if that adjacent price plus the down payment is at least equal to the price paid by the rejecter.
This regulation is intended to ensure the interests of property owners, not to reduce the value of the auctioned property, and to ensure that the auction has a higher probability of success.
