According to the National Traffic Safety Bureau, as of August 8, the State Bank has collected a total of VND 2.9 trillion from license plate auctions.
The 2024 Road Traffic Safety Law, which takes effect on January 1, 2025, stipulates that auction winners have an obligation to pay the full amount within 30 days of receiving the auction results. The winning bid does not include registration fees or license plate fees.
After the above deadline, if the winner fails to pay or pays insufficiently, the license plate will be auctioned again or transferred to the vehicle registration and management system. At the same time, the auction winner will not be refunded their deposit or any payments made and will be ineligible to participate in license plate auctions for 12 months.
Auction winners must complete vehicle registration procedures to attach the license plate within 12 months; this period may be extended by an additional 6 months in cases of force majeure. If the winner fails to meet this deadline, the license plate will be auctioned again or transferred to the registration system, and the winner will not be refunded their payment.
This is also a new point in the new law compared to the National Assembly’s resolution from mid-2023, which is currently in effect. According to this resolution, those who forfeit their auction results are still eligible to participate in subsequent auctions.
The reason for this new regulation is that many people participate in the auctions but then fail to fulfill their financial obligations.
For example, on January 13, the Hanoi license plate 30K-999.99 was auctioned for VND 75 billion, but the winner forfeited their deposit. On April 5, the same license plate was auctioned for the second time and sold for over VND 30 billion.
TH (Tuoitrethudo)
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