Part 1: Subjects of application and conditions for organising online auctions 

Law No. 37/2024/QH15 amending and supplementing a number of provisions of the Law on Property Auction, promulgated on 27 June 2024 and taking effect from 01 January 2025, marks a significant milestone in Vietnam’s auction sector.  

This article outlines the key new provisions regarding (i) the subjects to whom the online-auction regulations apply and (ii) the conditions required for organisations wishing to conduct online auctions, as follows: 

1. Subjects of application 

Eligible entities authorized to conduct online auctions include: 

Property auction practicing organizations, property auction councils, and wholly state-owned organizations that are established by the SBV to settle bad debts of credit institutions. 

2. Conditions for organising online auctions 

2.1. Conditions for operating online auction activities 

• An online auction will be conducted through the National property auction portal or an online auction website 

• Entities authorized to conduct online auctions may conduct online auctions on the National property auction portal or their own online auction websites or online auction websites of other property auction practicing organizations. 

• The National property auction portal and online auction websites shall be developed, managed and operated in accordance with regulations of law on information and communications, law on e-commerce and law on property auction. Costs of development, management, operation, maintenance and upgrading of the National property auction portal shall be covered with state budget-derived funding and other funding sources as prescribed by law 

• Costs of use of services on the National property auction portal or costs of hiring an online auction website for conducting an online auction shall be included in expenses of the auction 

Property auction expenses include the expense for public display and notification of information and other actual reasonable expenses for property auction as agreed upon by the property seller and property auction organization  

2.2. Requirements and conditions regarding national property auction portal or online auction websites 

(a) Requirements  

• Information on the national property auction portal or the online auction website shall be public and transparent and the access to information is not restricted. 

• The time displayed in the national property auction portal/online auction website shall be real time and Greenwich Mean Time (GMT) in online auction. 

• The national property auction portal or the website shall operate in a stable and continuous manner and ensure information system security. 

• Safety and security of information on bidders and login accounts shall be ensured. 

• Requirements for technical infrastructure and information technology standards shall be met to connect, integrate and share data through data integration and sharing platforms. 

• Requirements for technical infrastructure, facilities and human resources necessary for operation of the property auction portal or the website shall be satisfied. 

(b) Conditions 

• It shall reach level 3 according to regulations of law on assurance about information system security according to each level. 

• It shall ensure that each individual or organization may only register an account to participate in the auction and offer bid. 

• The bidding process and bids offered shall be displayed with the bidders’ codes.

• The date of application for participation in auction, the log in time, the opening time, ending time shall be publicly displayed. 

• Bids offered, bids placed by the bidders with their codes, the highest bid shall be displayed publicly and truthfully; it is possible to record and extract all information about the auction or the auction session. 

• The starting price of the auctioned property, the highest bid placed in respect to ascending price auction and the starting price or decreased price in respect to descending price auction shall be displayed continuously throughout the auction so that the bidders can conduct inspection. 

• It is ensured that the bidder cannot submit application for participation in the auction after the deadline for submission of the application; and offer bid after the end of the auction. 

The application of a more transparent legal framework for online auctions from 01 January 2025 marks a significant step forward in digitising and modernising property auction activities in Vietnam. 

Part 2: Procedures for conducting online auctions 

Law No. 37/2024/QH15 amending and supplementing a number of provisions of the Law on Property Auction, promulgated on 27 June 2024 and taking effect from 01 January 2025, marks a significant milestone in Vietnam’s auction sector.  

In general, the regulations on procedures for online auctions are largely similar to those applicable to conventional property auctions as set out in the 2016 Law on Property Auction. 

Specifically, the entities subject to the regulations on conducting online auctions include property auction practising organisations, property auction councils, and wholly state-owned organisations established by the State Bank of Vietnam to handle non-performing loans of credit institutions. These entities must conduct online auctions in accordance with the conditions outlined in Part 1 of this article and follow procedures similar to those of a conventional property auction as prescribed under the 2016 Law on Property Auction, as amended and supplemented by relevant current decrees. This includes, but is not limited to, matters such as: property auction service contracts, auction regulations, public announcement of the auction, inspection of auctioned assets, auction venue, registration for participation, deposit and handling of deposits, auction minutes, submission of auction dossiers, sale-purchase contracts for auctioned property, approval of auction results, rights and obligations of the property owner, rights and obligations of the successful bidder, auctions with only one participant, single bid or accepted bid, withdrawal of bids or accepted bids, refusal of auction results, failed auctions, simplified auction procedures, and record keeping. 

Additionally, from 01 January 2025, the procedures for organising online auctions include the following new provisions: 

Property auction practising organisations are required to assign an auctioneer to conduct the online auction session. Property auction councils and wholly state-owned organisations established by the State Bank of Vietnam to handle non-performing loans of credit institutions are also authorised to assign members to conduct online auction sessions. 

The amended law further introduces provisions on public disclosure of auction information online, requiring authorised entities to upload the auction regulations and publicly announce the auction on the National Property Auction Portal or the organisation’s online auction website. 

As for participants, they must register for the auction, submit auction participation documents, and place bids via the National Property Auction Portal or the online auction website; they must pay deposits as required and may inspect the auctioned assets either online or in person in accordance with the auction regulations. 

The results of an online auction session shall be publicly disclosed on the National Property Auction Portal or the online auction website and simultaneously sent to the email addresses of all auction participants. 

Date Written: 20/11/2025

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