Digital transformation in administrative reform is one of the goals that the Government has been promoting in recent years. In asset auction activities, to meet the goal of digital transformation, on July 3, 2023, the Government issued Decree 47/2023/ND-CP ("Decree 47")to amend and supplement a number of articles of Decree 62/2017/ND-CP ("Decree 62") on measures to implement the law on property auction, which focuses on the rules on property auctions through the Online Auction Information Portal ("Auction Portal").
Accordingly, in addition to adding contents in accordance with practical implementation, Decree 47 sets out more stringent conditions that Auction Portral must meet to be approved for operation, and also recognizes the change in management and licensing authority for Auction Portal as follows:
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Criteria |
Decree 62 |
Decree 47 |
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Supplement the Auction Portral model to implement online auctions |
The online auction through the Property Auction Organization's Auction Portal;
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In addition to the Property Auction Organization's Auction Portral, the implementation of online auctions can be implemented on the following Auction Portal: - National Auction Portal - Auction Portral of an organization in which the State owns 100% of the charter capital established by the Government to handle bad debts of a credit institution ("Bad Debt Settlement Organization"). In particular, the Bad Debt Settlement Organization may only use its Auction Portral to organize the auction for assets that are bad debts and collaterals of bad debts. |
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Increase technical requirements for Auction Portal |
Only stipulate in principle technical requirements such as: having a technical infrastructure system, having a team of system operators, having technical plans and solutions to ensure the safe operation of the system. |
Specific regulations, very high technical requirements such as: - Publicity, transparency, no restriction of access to information. - The time on the Online Auction Portal is real-time and is the standard time in the online auction. - Stable and continuous operation and must reach level 3 according to the law on security assurance of information systems by classification. - Meet requirements on data connection, integration and sharing through the national data sharing and integration platform; requirements on technical infrastructure and information technology standards. |
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Changes in eligibility review authority and approval of the Auction Portal |
The Department of Justice where the property auction is located |
Ministry of Justice |
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Enhance reviews and authorize shutdowns for unqualified Auction Portal |
No regulations |
- The Ministry of Justice and the Department of Justice periodically or irregularly review the management and operation of the Auction Portal; - In case the Auction Portal does not meet the specified conditions, it must be upgraded within 90 days from the date of request. - After the requested period, if the Auction Portal still does not meet the conditions, it will be considered to stop the online auction. |
Decree 47 takes effect from September 1, 2023.
- If the Auction Portal Scheme has been submitted validly under Decree 62 before September 1, 2023, it shall continue to comply with Decree 62.
- Within 02 years from September 1, 2023, the auction organization of assets with auction pages approved under Decree 62 must upgrade to meet the conditions in Decree 47.
Comment: