What are the beautiful automobile license plates to be auctioned in Vietnam on May 8, 2024? What is the schedule for the auction of automobile license plates on May 8, 2024?

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• What are the beautiful automobile license plates to be auctioned in Vietnam on May 8, 2024?
• What is the schedule for the auction of automobile license plates in Vietnam on May 8, 2024?
• What is advance? Shall the bidder who has made the advance payment but failed to participate in the auction in Vietnam be entitled to an advance refund?

What are the beautiful automobile license plates to be auctioned in Vietnam on May 8, 2024?

Vietnam Partnership Auction Company (VPA), selected by the Ministry of Public Security to organize the auction of automobile license plates, announced the online auction session of automobile license plates on May 8, 2024.

According to the list of automobile license plates provided by VPA, the beautiful automobile license plates to be auctioned in Vietnam on May 8, 2024 include:

- 30K - 686.86

- 49A - 669.99

- 37K - 366.66

- 73A - 355.55

- 30K - 911.18

- 30L - 479.79

- 30K - 611.16

- 24A - 298.98

...

See the list of automobile license plates to be auctioned on May 8, 2024: HERE

What is the schedule for the auction of automobile license plates in Vietnam on May 8, 2024?

According to VPA, the online auction of automobile license plates shall be conducted in 2 shifts, including the morning shift and afternoon shift with an auction duration of 25 minutes/01 license plate, at the online auction portal https://vpa.com.vn/, specifically:

- Morning Shift:

+ 8:30 A.M. - 8:55 A.M.

+ 9:15 A.M. - 9:40 A.M.

+ 10:00 A.M.- 10:25 A.M.

+ 10:45 A.M.- 11:10 A.M.

- Afternoon Shift:

+ 1:30 P.M. - 2:55 P.M.

+ 2:15 P.M.- 2:40 P.M.

+ 3:00 P.M.- 3:25 P.M.

+ 3:45 P.M.- 4:10 P.M.

What is advance? Shall the bidder who has made the advance payment but failed to participate in the auction in Vietnam be entitled to an advance refund?

Under Article 39 of the Law on Property Auction 2016 on advance payment and handling thereof:

Advance payment and handling thereof

1. A bidder shall make an advance payment, which shall be agreed upon by the property auction organization and property seller and must be between five percent and twenty percent of the reserve price of the auctioned property.

The advance payment shall be deposited into a separate payment account opened by the property auction organization at a commercial bank or foreign bank branch in Vietnam. If the advance payment is valued at under five million Vietnam dong, a bidder may make it directly to the property auction organization. The bidder and property auction organization may reach agreement on substitution of bank guarantee for advance payment.

2. The property auction organization may only collect an advance payment from a bidder within 3 working days before the date an auction opens, unless otherwise agreed upon by this organization and bidder but the collection must be earlier than the date the auction opens. The property auction organization may not use the bidder’s advance payment for any other purpose.

3. The bidder may refuse to participate in an auction and be refunded the advance payment in case of a change in the reserve price, quantity or quality of property with information thereon already displayed or disclosed, and may receive any interest on such advance payment.

4. In case the bidder does not win the auction the property auction organization shall refund the advance payment and pay an interest thereon (if any) within 3 working days after the date the auction ends or within another time limit agreed upon by the parties, except the case specified in Clause 6 of this Article.

5. If the bidder wins the auction, the advance payment and interest thereon (if any) shall be converted into a deposit to secure the performance of a transaction or a contract on purchase and sale of the auctioned property or an obligation to buy the auctioned property after obtaining approval from a competent agency. The deposit shall be handled in accordance with the civil law and other relevant laws.

6. The bidder is not entitled to advance payment refund in the following cases:

a/ He/she has made the advance payment but fails to participate in the auction or price announcement session not due to a force majeure event;

b/ He/she is deprived of the right to participate in the auction for one of the violations prescribed in Clause 5, Article 9 of this Law;

c/ He/she refuses to sign the auction minutes under Clause 3, Article 44 of this Law;

d/ He/she withdraws the offered bid or accepted price under Article 50 of this Law;

dd/ He/she rejects the auction winning result under Article 51 of this Law.

7. In addition to the cases specified in Clause 6 of this Article, the property auction organization may not specify any other cases where the bidder is not entitled to advance payment refund in the rules of an auction.

8. The advance payment prescribed in Clause 6 of this Article belongs to the property seller. In case the property seller is a state agency, the advance payment, after subtracting property auction expenses, shall be remitted into the state budget in accordance with law.

Thus, the advance is the amount that shall be agreed upon by the property auction organization and property seller and must be between five percent and twenty percent of the reserve price of the auctioned property.

The bidder who has made the advance payment but failed to participate in the auction due to force majeures shall be entitled to an advance refund.