What is criteria for auctioneers in Vietnam? What are forms of practice by auctioneers in Vietnam?

1. What is criteria for auctioneers in Vietnam?

Pursuant to Article 10 of the Law on Property Auction 2016 stipulates criteria for auctioneers as follows:

An auctioneer must fully satisfy the following criteria:

1. Being a Vietnamese citizen permanently residing in Vietnam, abiding by the Constitution and law, and possessing good ethical quality;

2. Possessing a university or postgraduate degree in law, economics, accounting, finance or banking;

3. Having graduated from an auction training course prescribed in Article 11 of this Law, except where he/she is exempted from such a course under Article 12 of this Law;

4. Having passed the examination of auction practice internship results.

Thus, to become an auctioneer, you need to fully meet the conditions as specified above in Vietnam.

2. What are forms of practice by auctioneers in Vietnam?

According to Article 18 of the Law on Property Auction 2016, forms of practice by auctioneers are as follows:

1. Auctioneers may practice in:

a/ Property auction service centers;

b/ Property auction businesses;

c/ The wholly state-owned organization established by the Government to settle non- performing loans of credit institutions.

2. The practice by auctioneers specified at Point a, Clause 1 of this Article must comply with this Law, the law on cadres and civil servants and the law on public employees.

3. The practice by auctioneers specified at Point b, Clause 1 of this Article may be carried out through establishing, participating in the establishment of, or working under labor contracts in, property auction businesses. An auctioneer may establish, or participate in the establishment of, or sign a labor contract with, only one property auction business in accordance with this Law and other relevant regulations.

4. The practice by auctioneers specified at Point c, Clause 1 of this Article must comply with this Law and the labor law.

According to this Article, an auctioneer has three forms of practice in Vietnam: practicing in property auction service centers, practicing in property auction businesses and practicing in wholly state-owned organization established by the Government to settle non- performing loans of credit institutions.

Best Regards!