After more than 5 years, a regulations on auction and sale of Internet domain names in Vietnam is finally issue last month. In 2009, the Law on Telecommunications first contemplate the ability to transfer internet domain names in Vietnam. However, due to lack of implementing regulations, few transfers have occurred. Under Decision 38/2014 of the Prime Minister.
Auction of the rights to use Internet domain name
- Internet domain name subject to auction are those having high demand for usage and subsequently approved by the MIC. Auction of the rights to use Internet domain name may be conducted directly or via the specific website established by the MIC for auction (“the Website”). Registrations to auction must be made via the Website.
- Before making a bid, participating individuals and organizations are required to pay a deposit amounted from 1% - 15% of the starting price as specified in the auction invitation notification and announced on the websites of MIC and Vietnam Internet Network Information Center. Only those having paid the deposit at least 15 working days before the auction date are allowed to make a bid at the auction.
- Payment of the winning price (after deduction of the deposit) must be paid to designated account of MIC within 15 working days from the date of notification of auction result.
Transfer of the right to use Internet domain name
- Restrictions on transfer are applied to (i) domain names being the names of state agencies, Party organizations or other domain names relating to national interests as specified by the MIC, and (ii) domain names under disputes or temporary suspension from usage.
- Transfer of Internet domain names are completed through relevant internet domain service providers in accordance with regulations of the MIC.
- Transfer of Internet domain names which have been auctioned by the MIC must be approved by the MIC.