Vietnam’s Ministry of Public Security proposes auctioning motorcycle license plates with a starting bid of VND 5 million.
According to the Ministry of Public Security, the addition of auctioning license plates for motorcycles and scooters aims to meet the demands and wishes of the people, offering an alternative to the current random registration system.
Similar to the ongoing auction process for car license plates, the draft regulations stipulate that motorcycle and scooter license plates will be auctioned online, adhering to the laws governing asset auctions and maintaining confidentiality regarding participant information and access accounts.
The starting bid for a motorcycle or scooter license plate is set at VND 5 million, with a reservation price of the same amount. The increment for each bid is VND 500,000.
Individuals interested in participating in the auction can register and submit their applications on the online auction website. They will then be able to choose their desired license plate number from a list of available options for all provinces and centrally-controlled municipalities nationwide.
Subsequently, participants will be required to pay the application fee and the reservation price for their chosen license plate and will be assigned a unique code for the auction. To join the auction, they will need to access the online auction website using their login credentials.
At the conclusion of the online auction, the auction website will determine the winning bidder, announce the auction results, and display the auction minutes. The winner will be notified via the email address they provided during registration with the asset auction organization.
If only one person registers to participate in the auction, they will be declared the winner of the license plate auction. The winner will receive a notification and the auction minutes for the license plate before the auction is held.
Within 30 days from the announcement of the auction results, the winning bidder must pay the full auction price, excluding the reservation price. The auction price does not include vehicle registration fees.
The draft decree clearly states that the auctioned license plate will only be issued to the winning bidder. The procedure for registering the auctioned license plate will follow the existing regulations for vehicle registration.
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As of August 2, the Ministry of Public Security has organized four auctions, offering 188 days of bidding. A total of 1,184,352 license plates were up for auction, of which 32,151 were successfully auctioned, generating a total value of VND 2,832,725,000,000.
So far, the winning bidders have contributed VND 2,723,136,883,397 to the state budget through the specialized account of the Ministry of Public Security.
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