Online auctions help improve transparency: conference
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.
Online auctions provide an effective way of improving the transparencyof transactions and preventing corruption, Deputy Minister of Planningand Investment Dao Quang Thu has stated.
At aconference in Hanoi on February 28, participants discussed onlineauctions and Thu expressed his belief that with the new Law on Tenderingtaking effect on July 1, the implementation of the auctions will befurther expanded.
Online auctions have becomepopular in many countries around the world as they can help save from 3to 20 percent of the auction package value, according to reports.
In Vietnam, the total value of auction packages bid every year isover 20 billion USD. Therefore, expanding online auctions willcontribute billions of USD to the State budget annually.
Director of the Tender Management Department Le Van Tang said thatthis form of tendering brings in a high efficiency and creates an equaland 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
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