06 criteria for selecting an asset auction organization

Accordingly, choosing an asset auction organization  is specified as follows:

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- Comply with the provisions of the law, ensure the criteria specified in Article 56 of the Law on Property Auction, Article 3 and Appendix I issued together with this Circular.

- Ensure the accuracy, independence, honesty, publicity, transparency, fairness and objectivity.

- The asset auction organization is solely responsible for the completeness and accuracy of the information in the application for registration to participate in the selection and must bear adverse consequences due to incomplete and inaccurate declaration of information in Articles 5 and 6 of this Circular. Specifically, Article 3 of this Circular prescribes 06 groups of criteria for selecting an asset auction organization as follows:

- Group of criteria on necessary facilities and equipment to secure the auction for the type of auctioned asset.

- Group of criteria on feasible and effective auction plans.

- Group of criteria on the capacity, experience and reputation of the asset auction organization.

- Group of criteria on remuneration for auction services and appropriate property auction costs.

- Being on the list of asset auction organizations announced by the Ministry of Justice.

- Other groups of criteria relevant to the auctioned asset shall be decided by the person having the auctioned asset

After a competent person's decision on the asset auction, the asset owner shall publicly announce on his/her website and the national web portal on asset auction about the selection of an asset auction organization with full criteria specified in Article 3 and Appendix I of Circular 02/2022/TT-BTP.

The asset owner shall publicly announce the selection of the asset auction organization within at least 03 working days before the decision on selection is made, otherwise provided by law.

This Circular takes effect from March 25, 2022.