Approval of Online Auction Information Page

Approval of Online Auction Information Page is a crucial requirement to ensure that asset auction activities take place transparently and lawfully in the digital age. This is an administrative procedure that helps auction organizations operate online platforms according to standards, meeting the management requirements of state agencies. This article summarizes current regulations and provides specific instructions regarding the dossier, sequence, and authority for approval.

Requirements and conditions for approval of the online auction website.

Based on Article 5 of Decree 172/2024/ND-CP, to be approved, the Online Auction Information Page must meet the following requirements and conditions:

1. General Requirements:

• Transparency: Public, transparent, unrestricted access to information.
• Time Standard: Time on the National Asset Auction Portal and the online auction information page must be real-time and standard international time (GMT).
• Stability: Stable, continuous operation ensuring information system safety.
• Security: Ensuring safety and confidentiality of information for auction participants and access accounts.
• Infrastructure: Meeting technical infrastructure and IT standards to connect, integrate, and share data.

2. Specific Conditions:

• Achieving Level 3 according to laws on information system safety by classification.
• Ensuring each individual/organization registers only one unique account for participation and bidding.
• Ensuring bidding participation and price display use the participant’s unique code.
• Publicly displaying the time of registration, login, start, and end of the auction session.
• Publicly and truthfully displaying bid increments, prices paid by code, and the highest bid; recording and retrieving full auction data.
• Continuously displaying the starting price and the highest bid (for ascending price method) or current price (for descending price method) throughout the session.
• Ensuring no applications or bids can be submitted after the respective deadlines.

The competent authority approves the online auction information page.

Based on Article 6 of Decree 172/2024/ND-CP, the Department of Justice where the asset auction organization is headquartered is the authority competent to review and approve the Online Auction Information Page.

• Appraisal Council: The Director of the Department of Justice is responsible for establishing an Appraisal Council (including IT experts) to evaluate the feasibility, technical features, security level, and load capacity of the system before issuing the final approval decision.
• Publication: After approval, the list of eligible organizations is published on the Department’s portal and integrated into the national data system of the Ministry of Justice.

Required documents for online auction website approval

The dossier requesting Approval of Online Auction Information Page is prescribed in Clause 1, Article 6 of Decree 172/2024/ND-CP, including:

1. Written Request for approval of the online auction information page.
2. Construction Scheme (Proposal): The scheme must describe in detail how the page meets the requirements and conditions specified in Article 5 of Decree 172/2024/ND-CP.

Procedure for requesting approval of an online auction website.

The procedure follows strict appraisal steps as prescribed in Article 6 of Decree 172/2024/ND-CP:

Step 1: Submission and Receipt The asset auction organization sends 01 dossier set (Request and Scheme) to the Department of Justice where it is headquartered (directly or via post). The receiving officer checks the formal validity of the dossier.

Step 2: Actual Appraisal The Director of the Department of Justice establishes an Appraisal Council. The Council researches the Scheme and may require the organization to run a system test to check key features (account registration, bidding, result display, data security). This ensures the system meets Level 3 network information safety conditions.

Step 3: Decision and Announcement Within 90 days from the date of receiving a valid Scheme, the Director of the Department of Justice reviews and issues the decision on Approval of Online Auction Information Page. If refused, a written notice stating the reason must be provided. Upon approval, information is updated on the National Asset Auction Portal.

Long Phan provides consulting services for the approval process of online auction websites.

Long Phan Consulting Company provides comprehensive solutions to support asset auction organizations in obtaining licenses to operate online auction systems:

1. Scheme Construction Consulting: Drafting and reviewing the Technical Scheme; coordinating with technical teams to ensure technology explanations and security plans meet legal criteria; demonstrating system feasibility to the Council.
2. Representation: Representing Clients to work directly with the Department of Justice; submitting dossiers, monitoring progress, and explaining issues arising during the appraisal.
3. Compliance & Risk Management: Advising on periodic reporting regimes, electronic record storage, and internal auction regulations to avoid legal risks leading to suspension.

Frequently Asked Questions

Below are some frequently asked questions regarding the online auction website approval process; please refer to them:

Who inspects the operation of the Online Auction Information Page?

Periodically (annually) or unexpectedly, the Ministry of Justice and the Department of Justice will inspect the management and operation to ensure the system maintains technical and security conditions. (Legal Basis: Clause 3 Article 15 Decree 62/2017/ND-CP, amended by Decree 47/2023/ND-CP).

How much time is allowed to fix the page if it no longer meets conditions?

The organization has 90 days from the date of the request by the competent authority to upgrade the system. (Legal Basis: Clause 3 Article 15 Decree 62/2017/ND-CP, amended by Decree 47/2023/ND-CP).

What is the consequence of failing to upgrade on time?

After 90 days, if the system still fails to meet conditions, the competent authority will issue a decision to stop the implementation of the online auction form for that Information Page.

How is time displayed on the page?

It must be real-time and standard international time (GMT), independent of the user’s device. (Legal Basis: Point b Clause 1 Article 5 Decree 172/2024/ND-CP).

Must the participant’s real name be displayed?

No. The system must display bids using the participant’s unique identification code to ensure confidentiality and prevent collusion. (Legal Basis: Point c Clause 2 Article 5 Decree 172/2024/ND-CP).

Conclusion

The Approval of Online Auction Information Page requires thorough preparation regarding both technology infrastructure and legal dossiers. To ensure legal operation and enhance reputation, please contact Long Phan Consulting Company via Hotline 1900636389 for in-depth support on Scheme construction and full-package procedures.

>>> See more: Procedures for registering the operation of asset auction businesses.