According to the latest update from the Traffic Police Department, as of August 8, the State Bank has collected a total of VND 2,900 billion from the auction of license plate numbers.
The 2024 Road Traffic Order and Safety Law, which will come into force on January 1, 2025, stipulates that the winner of the license plate auction is obliged to pay the full amount within 30 days of receiving the auction results. The winning bid does not include registration and 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 winner will not be refunded the deposit, the amount already paid, and will be ineligible to participate in license plate auctions for 12 months.
The auction winner must complete the vehicle registration procedure to attach the license plate within 12 months. In case of force majeure, this period may be extended by another 6 months. If the deadline is missed, the license plate will be auctioned again or transferred to the registration system, and the winner will not be refunded.
This is also a new point in the new law compared to the National Assembly’s resolution in mid-2023, which is currently in force. According to this resolution, winners of the auction who forfeit their results from previous rounds are still eligible to participate in subsequent auctions.
The reason for this new regulation is that there have been many participants in the auction who subsequently fail to fulfill their financial obligations.
For example, on January 13, the Hanoi license plate 30K-999.99 was once finalized at VND 75 billion, but the winner forfeited their deposit. On April 5, this license plate was auctioned for the second time and finalized at over VND 30 billion.
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The Great Number Plate Auction Ban: A 12-Month Wait for the Uncommitted
As of August 8th, the State Bank has successfully accumulated a total of VND 2,900 billion from the auction of license plate numbers, according to the Traffic Police Department.
