Online auctions provide an effective way of improving the transparency of transactions and preventing corruption, Deputy Minister of Planning and Investment Dao Quang Thu has stated.
At a conference in Hanoi on February 28, participants discussed online auctions and Thu expressed his belief that with the new Law on Tendering taking effect on July 1, the implementation of the auctions will be further expanded.
Online auctions have become popular in many countries around the world as they can help save from 3 to 20 percent of the auction package value, according to reports.
In Vietnam, the total value of auction packages bid every year is over 20 billion USD. Therefore, expanding online auctions will contribute billions of USD to the State budget annually.
Director of the Tender Management Department Le Van Tang said that this form of tendering brings in a high efficiency and creates an equal and competitive environment for bidders.
Participants also discussed ways to limit the arrangement of bidding.
Since September 2009, offices and businesses nationwide have successfully made more than 1,000 online auctions.-VNA
At a conference in Hanoi on February 28, participants discussed online auctions and Thu expressed his belief that with the new Law on Tendering taking effect on July 1, the implementation of the auctions will be further expanded.
Online auctions have become popular in many countries around the world as they can help save from 3 to 20 percent of the auction package value, according to reports.
In Vietnam, the total value of auction packages bid every year is over 20 billion USD. Therefore, expanding online auctions will contribute billions of USD to the State budget annually.
Director of the Tender Management Department Le Van Tang said that this form of tendering brings in a high efficiency and creates an equal and competitive environment for bidders.
Participants also discussed ways to limit the arrangement of bidding.
Since September 2009, offices and businesses nationwide have successfully made more than 1,000 online auctions.-VNA
