License plate sells for $1.3mn in Vietnam’s first-ever online license plate auction
Tuesday, September 19, 2023, 09:49 GMT+7
Vietnam put 11 special car license plates up for auction online last week, with the Ho Chi Minh City plate 51K-888.88 winning the highest bid of VND32.34 billion (US$1.32 million).
These 11 license plates, deemed 'super nice,' were initially placed up for auction on August 22 but they went unsold due to some technical issues.
Friday's online auction saw all 11 sold at a combined VND82.325 billion ($3.36 million), according to data from the Vietnam Partnership Auction Company.
The auction began with the 19A-555.55 license plate, registered in northern Phu Tho Province, which was sold at VND2.69 billion ($110,000) to Do Tien Thanh, a native of Phu Tho.
Thanh, an experienced collector of special license plates, said that he sought to own the 19A-555.55 license plate as it was the first one to be auctioned off in Vietnam and it is registered in his hometown.
The winner pledged to fully pay for the license plate, which will be attached to his white BMW 735i, he added.
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| Do Tien Thanh, a native of Phu Tho Province in northern Vietnam, won a bid for the Phu Tho-registered 19A-555.55 license plate at VND2.69 billion ($110,000). Photo: Supplied |
During the auction, the sale topper was the Ho Chi Minh City plate 51K-888.88, which sold for VND32.34 billion ($1.32 million) to H.X.H., a resident of north-central Thanh Hoa Province.
Commenting on the fact that some people are willing to spend huge sums of money buying nice license plates, D.T.H., a big name in the field in Hanoi, said that only an auction-winning license plate is eligible to be sold along with a car, and the car ownership can be transferred to the buyer, as per the new regulations for vehicles with five-digit plates that came into effect on August 15 this year.
This means the buyer can keep the plate after reselling the car, H. explained.
The auction winners have to pay in full within 15 days, lawyer Le Hong Hien, member of the Hanoi Bar Association, said, citing regulations in Government Decree 39.
Failure to do so will lead to the cancelation of the bidding results and the loss of the VND40-million ($1,637) deposit that each paid earlier to join the auction, according to the decree.
The lawyer added that no sanctions are available for those who fail to pay for auction-winning plates and accept the loss of the security deposit.
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