The Government Decree No. 47/2023/ND-CP amending and supplementing certain provisions of Decree No. 62/2017/ND-CP dated 16 May 2017 of the Government regulating detailing certain articles and measures for the implementation of the Law on Property Auction, mainly related to the organization of online auctions came into force on 1 September 2023.

With respect to online auction page

So far, based on the Decree No.62/2017/ND-CP, the auction could only be conducted through the online auction website of the participating organization or through signing a contract with other property auction organizations that had online auction websites. The new Decree regulated the online auction website in more detail. Accordingly, the online auction page is established and operates in accordance with the Law on Information and Communication and the Law on E-commerce including:

1. A national online auction page,
2. An online auction page of an organization whose charter capital is 100% owned by the State established by the Government to handle non-performing loan of credit institutions, and
3. An online auction page of the property auction organization. 

With respect to auctioneers

Previously, auctioneers only needed to register to be granted an access account and bid according to the auction method using this account. As per the new Decree , the auctioneers must purchase an auction dossier to be granted an access account. With this account, auctioneers are instructed on how to submit an online auction dossier, make advance payments through online payment methods, participate in the auction, bid, and access other necessary information on the online auction website. Then, for each auction, auctioneers who submit a valid registration dossier and advance payment will be able to use their access account to participate in the auction according to the Auction Regulations.

In addition to the main points mentioned above, this Decree also regulates the authority and responsibilities of relevant government agencies, property auction organizations, and auctioneers when organizing or participating in auctions on the online auction pages.