An auction shall be conducted in the following order:

An auction shall be conducted in the following order:

Set-up-company-in-vietnam-Vinasc21. The auctioneer makes a roll call of registered participants in the goods auction;

2. The auctioneer presents each auctioned goods item, repeats their reserve prices, answer questions of the auction participants, and ask them to offer bids;

3. As for the upward bidding mode, the auctioneer must clearly and accurately repeat the latest offered price which is higher than the price offered by the previous bidder for at least three times with an interval of at least thirty seconds. The auctioneer shall announce the winning bidder to purchase the auctioned goods only if after repeating for three times the price offered by such person, no one offers a higher price;

4. As for the downward bidding mode, the auctioneer must clearly and accurately repeat every reduced price level below the reserve price for at least three times with an interval of at least thirty seconds. The auctioneer shall announce immediately the person who first accepts the reserve price or any reduced price level below the reserve price to have the right to purchase the auctioned goods.

5. In cases where many persons concurrently offer the last price as for the upward bidding mode, or the first price as for the downward bidding mode, the auctioneer shall have to organize a lot drawing among such persons and announce the person who has drawn the winning lot as the purchaser of auctioned goods.

6. The auctioneer shall have to prepare a document on goods auction right at the auction venue, even when the auction is unsuccessful. The auction document must clearly state the auction result and be signed by the auctioneer, the purchaser and two witnesses from among the auction participants. For auctioned goods which must be notarized by the State Notary according to the provisions of law, the auction document must also be notarized.

Article 202.- Unsuccessful auctions

An auction shall be considered unsuccessful in the following cases:

1. There is no auction participant or no bid price is offered;

2. The highest price offered is lower than the reserve price, for the upward bidding mode.

Article 203.- Goods auction documents

Set-up-company-in-vietnam-Vinasc11. Goods auction documents are documents certifying the goods purchase and sale. A goods auction document must have the following contents:

a/ The name and address of the auction organizer;

b/ The name and address of the auctioneer;

c/ The name and address of the goods seller;

d/ The name and address of the goods purchaser;

e/ The time and venue of the auction;

f/ The auctioned goods;

g/ The price at which the goods were sold;

h/ The names and addresses of two witnesses.

2. Auction documents must be sent to goods sellers, goods purchasers and related parties.

3. In case of unsuccessful auctions, auction documents must clearly state that the auctions were unsuccessful and have the contents specified at Points a, b, c, e, f and h, Clause 1 of this Article.