Following recent approval from the Da Nang Department of Justice, the Rong Viet Auction House, located at 48 Tran Phu, Hai Chau District, has become the first of its kind in Da Nang, and the third in Viet Nam at large, to conduct online auctions under Viet Nam's national Law on Property Auction 2016.

Along with growing globalisation and the rise of innovative technology, it is believed that online auctions will open up a new development chapter by allowing auctions to be staged regardless of time, space, and location.

Wherever the participants may be, provided that they have access to a smart device and the internet, they can join simultaneous auctions.

Online auctions will bring about such benefits as restricting collusion and reducing price, especially for national government properties being auctioned off. Thanks to these, the openness, objectivity and transparency of the auctioned asset are totally guaranteed.

Previously, two companies based in Ha Noi had been eligible for running online auctions.

By TRIEU TUNG-Translated by A.T