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| Photo vietnamnet |
HA NOI (Biz Hub) — Online auctions provide an effective way of improving the transparency of buying and selling and preventing corruption, according to Deputy Minister of Planning and Investment Dao Quang Thu.
At a conference in Ha Noi last week, participants discussed online auctions and Thu expressed his belief that with the new Law on Tendering taking effect on July 1, the carrying out of auctions will be further expanded.
Online auctions have become popular in many countries, as they help save from 3 to 20 per cent of auction package values, according to reports.
In Viet Nam, the total value of auction packages bid every year is over US$20 billion. Therefore, expanding online auctions will contribute billions of dollars to the State budget annually.— VNS