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Experts call for amendment of Auction Law

VietNamNet Bridge - Many auctions failed recently because the bidders gave up after winning the right to buy assets. Experts said the current laws need to be amended.
VietNamNet Bridge - Many auctions failed recently because the bidders gave up after winning the right to buy assets. Experts said the current laws need to be amended.


In late 2004, at an auction for charity on a Vietnam Television (VTV) channel, a businessman paid VND1.1 billion for simcard No 0988888888. Eight is seen as good luck for businessmen. 

VTV said that the money raised from the auction would be contributed to the ‘For the Poor’ fund.

However, for many reasons, the businessman later changed his mind and refused to pay. As a result, the simcard was kept in the store of Viettel, the mobile network operator, for six years until it was sold to another man.

Many auctions failed recently because the bidders gave up after winning the right to buy assets. Experts said the current laws need to be amended.
At an auction held on May 28, 2016, the representative of Tan Hoang Minh Group – Vu Manh Hung - won the bid to buy a pair of jars named  'Tu Linh' (Four Sacred Animals) made in 2010 by artisan Pham Anh Dao from the Bat Trang Pottery Village at VND6.05 billion.

However, days later, Lac Viet Company, the auction organizer, released a notice that Do Anh Dung, president of Tan Hoang Minh Group, refused to buy the asset.

Dung authorized Hung to attend the auction and told Hung to bid at VND3 billion at maximum. However, Dung did not follow the instruction.

In 2010, at a charity auction titled ‘Miss Earth and businessmen turn towards the Central Region’, a lot of items were put on sale, including a gemstone painting with the signatures of 80 contestants of the Miss Earth pageant, a giant ruby stone and a pair of jars which won first prize at the competition held on the occasion of the 1,000th anniversary of Thang Long – Hanoi.

The total sum of money bidders accepted to pay for the items was VND74 billion. The information about the auction and bidders was broadcast on domestic TV channels and international channels such as NBC and StarWorld.

However, the HCMC Red Cross Association later said that it only received VND1 billion, while those who won the bid unexpectedly refused to pay money to get the auctioned items.

Also in 2010, at a Gala Dinner in Quy Nhon City, a painting created from rice was put into auction. A buyer accepted to buy it at $10,000 and asked the organization board to carry the picture to an office in HCMC. 

The Binh Dinh provincial Fatherland Front said it sent the picture to the address given by the bidder, but it did not get the payment.



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