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THE NATIONAL
ASSEMBLY OF VIETNAM
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THE SOCIALIST
REPUBLIC OF VIET NAM
Independence-Freedom-Happiness
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No. 37/2024/QH15
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Hanoi, June 27,
2024
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LAW
AMENDMENTS TO LAW ON
PROPERTY AUCTION
Pursuant to the Constitution of the Socialist
Republic of Vietnam;
The National Assembly promulgates a Law
providing amendments to the Law on Property Auction No. 01/2016/QH14 as amended
in the Law No. 16/2023/QH15.
Article 1. Amendments to Law on Property Auction
1. Clause 2 Article 3 is
amended as follows:
“2. The auction of securities shall comply with
regulations of law on securities; the auction of public property of overseas
Vietnamese missions shall comply with regulations of law on management and use
of public property; the auction of vehicle license plates shall comply with
regulations of law on road traffic order and safety.”.
2. Article 4 is amended as
follows:
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1. Property which must be sold at auction as
prescribed by laws, including:
a) Land use rights (LURs) as
defined by regulations of law on land;
b) Mining rights as defined by
regulations of law on minerals;
c) Rights to use radio frequencies
as defined by regulations of law on radio frequencies;
d) Rights to use telecommunications codes/numbers
and the country-code domain name “.vn” as defined by regulations of law on
telecommunications;
dd) Rights to use forest and rights to lease forest
as defined by regulations of law on forestry;
e) Fixed assets of enterprises as defined by
regulations of law on management and use of state capital invested in
manufacturing and business operations of enterprises;
g) Property considered as national reserve goods as
defined by regulations of law on national reserve;
h) Public property at regulatory authorities,
organizations and units, infrastructure property, property under established
all-people ownership, and property of state-funded projects as defined by
regulations of law on management and use of public property;
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k) Collateral as defined by regulations of law on
security for fulfillment of obligations;
l) Property seized for ensuring the enforcement of
administrative penalty imposition decisions as defined by regulations of law on
penalties for administrative violations;
m) Property of cooperatives or cooperative unions
declared bankrupt as defined by regulations of law on cooperatives and law on
bankruptcy;
n) Property of
enterprises declared bankrupt as defined by regulations of law on
bankruptcy;
o) Bad debts and
collateral of such bad debts of the wholly state-owned organization that is
established by the State Bank of Vietnam (SBV) to settle bad debts of credit
institutions in accordance with regulations of law;
p) Other property
which must be sold at auction as prescribed by laws.
2. Property, other
than those prescribed in clause 1 of this Article, which is put up for sale at
auction at the discretion of property seller.”.
3. Some clauses of
Article 5 are amended as follows:
a) Clauses 1 and 2 are amended as follows:
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2. Property
auction means a form of offering and taking bids with the participation of
at least two bidders according to the rules and procedures set forth in this
Law, except the cases prescribed in Article 49 of this Law.”;
b) Clause 7 is
amended as follows:
“7. Bidder means
an individual or organization that participates in the property auction to buy
property in accordance with provisions of this Law and relevant laws.”;
c) Clauses 13 and 14 are added following clause 12
as follows:
“13. National property auction portal means
an information technology system that is developed, managed and operated by the
state authority in charge of property auction to serve the purpose of
consistently managing information on property auction and conduct of online
auctions. This system must meet management, connection and data sharing
requirements set out in this Law and relevant laws.
14. Business day means
any of the days from Monday to Friday and compensatory working days as
prescribed, except public holidays and compensatory time-off as prescribed.”.
4.
Clause 2 Article 7 is amended as
follows:
“2. In case a third
party involves in the dispute over the ownership of the property put up for
sale at the auction, the property ownership still belongs to the bona fide
buyer of the property.
Settlement of
disputes over ownership of auctioned property, filing of lawsuit against legal
validity of a successful auction, and cancellation of property auction results
as prescribed in clauses 2 and 3 Article 72 of this Law shall comply with
simplified procedures prescribed in the code of civil procedures.".
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a) Point c clause 1 is amended as follows:
“c) Making a fictitious list of registered bidders;
preparing fictitious or fake documents for participating in the property
auction; colluding or cooperating with owners of property put up for sale at
auction, bidders, valuation firms, organizations in charge of inspection of
auctioned property and/or other organizations and individuals in falsifying
information on the property put up for sale at auction, auction documents or
applications for participation in auction, suppressing or purposely raising the
price of the property, or falsifying property auction results;”;
b) Point dd1 is added following point dd clause 1
as follows:
“dd1) Disclosing information on registered
bidders;”;
c) Point b clause 2 is amended as follows:
“b) Making a fictitious list of registered bidders;
preparing fictitious or fake documents for participating in the property
auction; colluding or cooperating with owners of property put up for sale at
auction, bidders, valuation firms, organizations in charge of inspection of
auctioned property and/or other organizations and individuals in falsifying
information on the property put up for sale at auction, auction documents or
applications for participation in auction, suppressing or purposely raising the
price of the property, or falsifying property auction results;”;
d) Point d is amended; point d1 and point d2 are
added following point d clause 2 as follow:
“d) Disclosing information on registered bidders;
d1) Forging documents or deliberately providing
information to falsify applications for registration as property auction
practicing organization;
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dd) Points a and b are amended; point b1 is added
following point d clause 4 as follow:
“a) Colluding or cooperating with auctioneers,
property auction practicing organizations, and/or other relevant organizations
and individuals in falsifying information on the property put up for sale at
auction, auction documents or applications for participation in auction,
suppressing or purposely raising the price of the property, or falsifying
property auction results;
b) Receiving any amount of money, property or other
benefits from auctioneers, property auction practicing organizations, or
bidders for falsifying results of selection of property auction practicing
organizations or property auction results;
b1) Limiting the participation of
organizations/individuals in the auction against regulations of law;";
e) Point b clause 5 is amended as follows:
“b) Colluding or cooperating with auctioneers,
property auction practicing organizations, auctioned property sellers, other
bidders and/or other relevant organizations and individuals in suppressing or
purposely raising the price of the property, or falsifying property auction
results;”;
g) Points d1, d2 and d3 are added following point d
clause 5 as follows:
“d1) Acting as an
attorney of another bidder to participate in an auction for the same property
for which they are bidding for; acting as an attorney of two bidders or more
participate in an auction for the same property;
d2) Participating in an auction for the property
for which his/her spouse or natural sibling is also bidding;
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6. Clauses 2 and 3 Article
10 are amended as follows:
“2. Hold a bachelor’s degree, or higher, in law,
economics, business administration, accounting, auditing, finance or banking;
3. Have successfully completed an auction training
course as prescribed in Article 11 of this Law;”.
7. Clause 1 Article 11 is
amended as follows:
“1. Any person who satisfies the criteria set out
in clauses 1 and 2 Article 10 of this Law is entitled to attend auction
training courses.".
8. Some clauses of Article 13 are amended as
follows:
a) Clause 1 is amended as follows:
“1. A holder of certificate of completion of
auction training course may be admitted as interns at property auction
practicing organizations.";
b) Clause 4 is amended as follows:
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Contents of a post-internship assessment test
include auction practicing skills, laws on property auction and relevant laws,
and code of professional ethics for auctioneers.”.
9. Some points and clauses of Article 14 are
amended as follows:
a) Point b clause 1 is amended as follows:
“b) A certified true copy, or a copy presented
together with its original for verification purpose, of the applicant’s
bachelor’s degree, or higher, in law, economics, business administration,
accounting, auditing, finance or banking;”;
b) Clause 2a is added following clause 2 as follows:
“2a. During its appraisal of an application for
auctioneer’s practicing certificate, the authority competent to issue
auctioneer’s practicing certificate is entitled to request the criminal record
issuing authority to issue the criminal record No. 2 to the applicant according
to procedures laid down in laws on criminal records.“.
10. Clause 4 Article 15 is
amended as follows:
“4. A person who is liable to criminal prosecution;
has been convicted under a legally effective judgment; has been convicted but
fails to have his/her criminal record expunged; has been convicted of an
offense against regulations on property auction, obtaining property by
deception or a corruption-related crime regardless of whether his/her criminal
record has been expunged or not.”.
11. Points b and c clause
1 Article 16 are amended as follows:
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c) He/she incurs administrative penalties, as
prescribed by regulations of law on penalties for administrative violations,
for committing violations against regulations in points b, c or dd1 clause 1
Article 9 of this Law;”.
12. Point b clause 5
Article 17 is amended as follows:
“b) He/she has been convicted of an offense against
regulations on property auction, obtaining property by deception or a
corruption-related crime regardless of whether his/her criminal record has been
expunged or not.”.
13. Some points and clauses of Article 19 are
amended as follows:
a) Point b clause 1 is amended as follows:
“b) Directly manage the auction session; handle
situations that may arise during the auction session following the rules set out
in Article 6 of this Law;”;
b) Point dd1 is added following point dd clause 2
as follows:
“dd1) Attend professional refresher training
courses in auction as prescribed;”.
14. Some points and clauses of Article 24 are
amended as follows:
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“a) Provide property auction services;
a1) Reach an agreement with the owner of the
auctioned property on application of one, some or all of regulations regarding
auction procedures laid down in this Law to their auctioned property as
prescribed in clause 2 Article 4 of this Law;";
b) Points i1 and i2 are added following point i
clause 1 as follows:
“i1) Collect, manage and use proceeds from sale of
auction documents as prescribed by law;
i2) Cooperate with other property auction
practicing organizations in conduct of property auctions as prescribed in
clause 2 Article 4 of this Law;”;
c) Point a clause 2 is amended as follows:
“a) Conduct property auctions according to the
rules and procedures set out in this Law, except the cases prescribed in point
a1 clause 1 of this Article, and assume responsibility for auction results;”.
15. Clause 1 Article 25 is
amended as follows:
“1. The founder of an enterprise meeting the
conditions set out in Article 23 of this Law shall submit an application for
registration of property action operations to the Department of Justice of
province or city where his/her enterprise is headquartered, and pay application
fee as prescribed by law. Such an application includes:
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b) The Charter of enterprise that is an auction
partnership;
c) Certified true copy(ies), or copy(ies) presented
together with its/their original(s) for verification purpose, of the
auctioneer’s practicing certificate of the owner of the auction sole
proprietorship, or auctioneer’s practicing certificates of general partners,
General Director or Director of the auction partnership.".
16. Clause 1 is amended
and clause 1a is added following clause 1 Article 26 as follows:
“1. If a property auction enterprise is renamed or
relocates its headquarters within the same province or central-affiliated city
where it is headquartered or makes any change in its branch, representative
office, legal representative, or list of its auctioneers, it shall follow these
procedures:
a) Within 10 business days from the date of the
change decision, the property auction enterprise shall send an application for
approval of change to the provincial Department of Justice where it was
registered;
b) Within 05 business days from its receipt of the
application, the provincial Department of Justice shall make a decision to
change contents of operation registration and re-issue a certificate of
operation registration to the applicant. If an application is refused, written
reasons for such refusal must be provided. In this case, the applicant is
entitled to make complaint or file lawsuit against such refusal in accordance
with regulations of law.
1a. In case the headquarters of a property auction
enterprise is relocated to a province or city other than the one where it is
currently headquartered, it shall follow these procedures:
a) Within 10 business days from the date of the
change decision, the property auction enterprise shall send a notice of relocation
of its headquarters to the provincial Department of Justice where it was
registered, and send an application for approval of change, accompanied with a
certified true copy, electronic certified true copy, or copy presented together
with its original for verification purpose, of its certificate of operation
registration to the Department of Justice of province or city to which its
headquarters will be relocated;
b) Within 05 business days from its receipt of an
adequate and valid application, the receiving Department of Justice shall issue
a certificate of operation registration to the applicant, send a notice of such
issuance of certificate to the Department of Justice of province or city where
the property auction enterprise was previously headquartered, and provide
information on operation registration of the property auction enterprise as
prescribed in Article 27 of this Law. If an application is refused, written
reasons for such refusal must be provided. In this case, the applicant is
entitled to make complaint or file lawsuit against such refusal in accordance
with regulations of law.
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c) The property auction enterprise that is issued
with a certificate of operation registration shall publish its contents of
operation registration according to provisions of Article 28 of this Law.”.
17. Clause 1 Article 28 is
amended as follows:
“1. Within 30 days from the date on which it is
issued with a certificate of operation registration, the property auction
enterprise shall publish the following main contents of operation registration
on the National property auction portal, including:
a) Its name;
b) Its headquarters address, branch(es) and/or
representative office(s);
c) Number, issue date and issuing authority of its
certificate of operation registration;
d) Full name and number of auctioneer’s practicing
certificate of the owner of the auction sole proprietorship; or full names and
numbers of auctioneer’s practicing certificates of general partners, General
Director or Director of the auction partnership.".
18. Clauses 5, 6 and 7 are
added following clause 4 Article 29 as follows:
“5. If a branch of a property auction enterprise is
relocated within the same province or central-affiliated city or the branch’s
head is replaced, these procedures shall be followed:
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b) Within 05 business days from
its receipt of the application, the provincial Department of Justice shall make
a decision to change contents of operation registration and re-issue a
certificate of branch registration. If an application is refused, written
reasons for such refusal must be provided. In this case, the applicant is
entitled to make complaint or file lawsuit against such refusal in accordance
with regulations of law.
6. In case the branch of a property auction
enterprise is relocated to a province or city other than the one where it is
currently located, these procedures shall be followed:
a) Within 10 business days from the date of the
change decision, the property auction enterprise shall send a notice of
relocation of its branch to the provincial Department of Justice where its
branch was registered, and submit an application for approval of change,
accompanied with a certified true copy, electronic certified true copy, or copy
presented together with its original for verification purpose, of the issued
certificate of branch registration;
b) Within 05 business days from its receipt of an
adequate and valid application, the Department of Justice of province or city
to which the applicant's branch will be relocated shall issue a new certificate
of branch registration. If an application is refused, written reasons for such
refusal must be provided. In this case, the applicant is entitled to make
complaint or file lawsuit against such refusal in accordance with regulations
of law.
The certificate of branch registration issued by
the Department of Justice of province or city where the branch was previously
located shall cease to have legal effect from the date on which a new
certificate of branch registration is issued by the Department of Justice of
province or city to which the branch will be relocated. The Department of
Justice of province or city where the branch was previously located shall make
a decision to invalidate the issued certificate of branch registration, and
publish this decision on its web portal within 03 business days from its
receipt of a notice of issuance of a new certificate of branch registration
from the Department of Justice of province or city to which this branch will be
relocated.
7. In case a property auction
enterprise wishes to apply for re-issuance of a certificate of branch
registration which has been lost, torn, burned or otherwise destroyed, it shall
follow these procedures:
a) It shall submit an application
form to the provincial Department of Justice where the branch is registered;
b) Within 07 business days from
its receipt of the application form, the provincial Department of Justice shall
re-issue a certificate of branch registration. If an application is refused,
written reasons for such refusal must be provided. In this case, the applicant
is entitled to make complaint or file lawsuit against such refusal in
accordance with regulations of law.”.
19. Some points and clauses of
Article 32 are amended as follows:
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“d1) Such revocation is made at
the request of a competent authority;”;
b) Point dd is added following
point d clause 2 as follows:
“dd) In the case prescribed in
point d1 clause 1 of this Article, the revocation of certificate of operation
registration of the property auction enterprise shall comply with the
Government’s regulations.”.
20. Some points and clauses of Article 34 are
amended as follows:
a) Point a clause 2 is amended as follows:
“a) Name of the property or list of property items,
property lot or single item, quantity and quality of the auctioned property;
location of the auctioned property; documents proving the ownership or rights
to use the auctioned property;”;
b) Point c clause 2 is amended as follows:
“c) Start and end dates and time of the sale of
auction documents; date and time for receipt and deadline for submission of
applications for participation in the auction; place of selling auction
documents, and place of receipt of applications for participation in the
auction;”;
c) Point dd clause 2 is amended as follows:
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d) Points k, l and m are added following point i
clause 2 as follows:
“k) Bid increment and application of bid increment
in rounds of the auction in case the auction has bid increment and rounds;
valid and invalid bids in case of oral auction or online auction; valid and
invalid bid forms in case of auction where bidders cast their bid forms
directly at the auction or in case of sealed-bid auction;
l) Regulations on method of writing bid forms,
deadline for submission of bid forms, and procedures for sealing and breaking
the seal of the bid box in case of sealed-bid auction;
m) Bid for each of the auctioned property items,
including LURs and property on land, in case the holder of LURs is not the
owner of the property on land.”;
dd) Clause 3 is
amended as follows:
“3. The property auction
practicing organization must publicly post the rules of auction at its
headquarters, and the auction venue, and publish them on the National property
auction portal at the same time when information on the auction is published as
prescribed in Article 57 of this Law.”.
21. Some points and clauses of Article 35 are
amended as follows:
a) Clause 1 is amended and clause 1a is added
following clause 1 as follows:
“1. The property auction practicing organization shall post information on a
property auction as follows:
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b) If the auctioned property is
real estate, the property auction practicing organization shall post the information
specified in clause 2 of this Article at its headquarters, the headquarters of
the auctioned property seller, the auction venue and the People’s Committee of
commune where the property is located for a consecutive period of at least 15
business days before the planned date of auction.
In case of auction of LURs over a
land plot which is allocated or leased for executing an investment project or
mining rights, the property auction practicing organization shall post the
information specified in clause 2 of this Article at its headquarters, the
headquarters of the auctioned property seller and the auction venue for a consecutive period of at least 30 business days
before the planned date of auction.
1a. Where an auction is conducted following the simplified
auction procedures in Article 53 of this Law, the property auction practicing
organization shall post the information on the auction at the locations
prescribed in clause 1 of this Article for the following periods of time:
a) If the auctioned property is
movable property, information shall be posted for a consecutive period of at
least 03 business days before the planned date of auction;
b) If the auctioned property is
real estate, information shall be posted for a consecutive period of at least 05
business days before the planned date of auction.”;
b) Point b clause 2 is amended as
follows:
“b)
The contents specified in points a, b, c, d, dd, e, g, h, k and l clause 2
Article 34 of this Law.”.
c)
Clause 3 is amended as follows:
“3. The property auction
practicing organization shall include documents and images of its posting of
information on the auction as prescribed in clauses 1 and 2 of this Article in
its retained auction dossier. If the information is posted at the People’s
Committee of commune where the auctioned real estate is located, the property
auction practicing organization shall retain documents and images of its
posting of information or make a record of such posting which must indicate the
end date of posting and bear certification of the relevant Commune-level
People’s Committee.”.
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Article 36. Property viewings
1. The property auction practicing
organization shall cooperate with the auctioned property seller in organizing viewings
for bidders to visit the property or model property, and check documents on the
ownership and rights to use the property and relevant documents (if any) in
person. The owner's name and information on the property must be
available on the property or model property.
If the property rights are put up
for auction, the property auction practicing organization shall cooperate with
the auctioned property seller in enabling bidders to check documents on the
ownership and rights to use the property and relevant documents (if any).
2. The property auction practicing
organization shall cooperate with the auctioned property seller in organizing
viewings for bidders to visit the property during office hours for a
consecutive period of at least 03 business days from the day on which
information on the property auction is posted to the planned date of auction.
Article 37. Auction venue
1. The auctioned property seller
and the property auction practicing organization shall each an agreement on the
auction venue as follows:
a) If the auctioned property is
movable property, the auction venue shall be within the same province or
central-affiliated city where the property auction practicing organization or
the auctioned property seller is headquartered, or where the auctioned property
is located;
b) If the auctioned property is
real estate, the auction venue shall be within the same province or
central-affiliated city where the auctioned property is located. If the
auctioned property includes real estate pieces located in different provinces
or central-affiliated cities, the auctioned property seller and the property
auction practicing organization shall reach an agreement to conduct the auction
in one of the provinces or central-affiliated cities where the real estate is
located or where the auctioned property seller or the property auction
practicing organization is headquartered.
2. In case a selected auction
venue still fails meet conditions for conducting an auction after the deadlines
for submission of applications for participation in auction and payment of EMD
prescribed in the rules of auction have passed, the property auction practicing
organization shall:
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b) notify eligible bidders of the
new auction venue in writing. Such notification must be made at least 01
business day before the auction date defined in the issued rules of auction.”.
23. Clause 2 is amended;
clauses 2a, 2b, 2c, 2d and 2dd are added following clause 2 Article 38 as
follows:
“2. The property auction
practicing organization shall sell auction documents and receive applications
for participation in auction at its headquarters during office hours for a
consecutive period from the day on which information on property auction is
posted to the date which is at least 02 business days before the planned date
of auction, except the cases prescribed in clause 2b and clause 2c of this
Article. The property auction practicing
organization shall give notification to ineligible bidders at least 01 business
day before the planned date of auction.
Where
the auction is conducted following simplified procedures as prescribed in
Article 53 of this Law, the property auction practicing organization shall sell
auction documents and receive applications for participation in auction at its
headquarters during office hours for a consecutive period from the day on which
information on property auction is posted to the date which is at least 01
business day before the planned date of auction.
2a. A set of auction documents
includes:
a) Application form for
participation in auction;
b) Rules of auction;
c) Bid form, in case of sealed-bid
auction;
d) Documents on the property put
up for auction.
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Each
bidder shall send 02 sealed bid packages to the property auction
practicing organization. Within 01 business day
from the deadline for submission of bid packages, the property auction
practicing organization shall send one of two sealed bid packages received from
bidder to the auctioned property seller. Pursuant
to regulations of laws applicable to their property, the auctioned property seller
shall consider evaluating the eligibility of bidders and provide the property
auction practicing organization with the list of eligible bidders and the list
of ineligible bidders at least 05 business days before the planned date of
auction.
The property auction practicing
organization shall give separate notification to each bidder of whether they
are eligible to participate in the auction or not at least 03 business days
before the planned date of auction.
2c. Where the property auction
practicing organization is headquartered in a province or central-affiliated city different from the one where
the auctioned property is located, in addition to the sale of auction documents
and receipt of applications for participation in auction at its headquarters, the
property auction practicing organization shall also sell auction documents and receive applications for
participation in auction at the headquarters of the auctioned property seller
or at another location as agreed upon with the auctioned property seller,
provided this location must be within the same province or central-affiliated city where the auctioned property
is located within the periods specified in clause 2 and clause 2b of this
Article.
2d. In addition to the sale of auction documents and receipt of applications for
participation in auction as prescribed in clauses 2, 2b and 2c of this
Article, the property auction practicing organization and the auctioned property seller may reach an agreement to
sell auction documents and receive applications for participation in auction at
other locations or electronically on their website(s) or the National property
auction portal.
2dd. An application for participation in auction includes:
a) An application form for participation in
auction;
b) Documents proving the bidder’s eligibility to
participate in auction or certification of the bidder's eligibility to
participate in auction given by a competent authority in case the bidder must
satisfy eligibility requirements laid down by laws.”.
24. Some points and clauses of Article 39 are
amended as follows:
a) Clause 1 is amended, and clauses 1a and 1b are
added following Clause 1 as follows:
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The bidder, the auctioned property
seller and the property auction practicing organization may reach an agreement
to pay EMD in the form of bank guarantee.
In case of auction of LURs over a
land plot which is allocated or leased for executing an investment project or
rights to use radio frequencies, the auctioned property seller may request that
the received EMD amount on the separate checking account of the property
auction practicing organization should be frozen in accordance with regulations
of law on credit institutions.
1a. The required EMD shall be
agreed upon by the property auction practicing organization and the auctioned
property seller but not be smaller than 5% or higher than 20% of the starting
price of the auctioned property, except the case specified in clause 1b of this
Article and the following cases:
a) In case of auction of mining
rights where the starting price in cash cannot be determined, the EMD shall be
determined in accordance with regulations of law on minerals. In case of
auction of mining rights where the starting price in cash can be determined,
the required EMD shall not be smaller than 10% or higher than 20% of the starting
price;
b) In case of auction of LURs over
a land plot which is allocated or leased for executing an investment project,
the required EMD shall not be smaller than 10% or higher than 20% of the
starting price;
c) In case of auction of rights to
lease out property where the starting price equals the annual rent, the
required EMD shall not be smaller than 5% or higher than 20% of the product of
the starting price and the lease term.
1b. In case of auction of rights
to use radio frequencies, the required EMD shall be agreed upon by the property
auction practicing organization and the auctioned property seller but comply
with the following provisions:
a) If bids are offered according
to point a clause 1 Article 59 of this Law, the required EMD shall not be smaller
than 5% or higher than 20% of the starting price of the auctioned frequency
band unit;
b) If bids are offered and
accepted according to point b clause 1 Article 59 of this Law, the required EMD
shall not be smaller than 5% or higher than 20% of the product of the starting
price of a frequency band unit and the number of frequency band units bidded
for;
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b) Clauses 2, 3, 4 and 5 are amended as follows:
“2. Each bidder shall pay the required EMD to the
property auction practicing organization after information on property auction
is posted but at least 02 business days before the planned date of auction.
Where the auction is
conducted following simplified procedures as prescribed in Article 53 of this
Law, each bidder shall pay the required EMD to the property auction practicing
organization after information on property auction is posted but at least 01
business day before the planned date of auction.
In case of auction of LURs over a land plot which
is allocated or leased for executing an investment project or mining rights,
each eligible bidder as notified by the property auction practicing
organization as prescribed in clause 2b Article 38 of this Law shall pay the required EMD to the property auction
practicing organization at least 01
business day before the planned date of auction.
3. Bidders are
entitled to refuse to participate in the auction and get back their paid EMD
amounts in case there is any change in the posted or notified starting price,
quantity or quality of the auctioned property, time or venue of the auction,
form or method of auction.
4. Within 03
business days from the end of the auction or another agreed-upon time limit,
the property auction practicing organization shall return received EMD amounts
and interests thereon (if any) to the bidders that refuse to participate in the
auction as prescribed in clause 3 of this Article, or are ineligible to
participate in the auction as notified by the property auction practicing
organization, or are unsuccessful bidders, except the case in clause 6 of this
Article.
5. The EMD amount
paid by the successful bidder and interest thereon (if any) shall be treated as
deposit for ensuring the conclusion or performance of the contract for sale and
purchase of the auctioned property or fulfillment of the obligation to buy the
auctioned property after obtaining an approval from a competent authority.
The property auction practicing organization shall transfer such
deposit to the auctioned property seller within 03 business days from the end
of the auction, unless otherwise prescribed by law.
Settlement of such
deposit shall comply with provisions of the civil code and relevant laws.”.
25.
Point d clause 2 Article 41 is
amended as follows:
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26. Some points of clause 2 Article 42 are amended
as follows:
a) Point a is amended as follows:
“a) Each bidder will write the
amount they would like to bid in the provided bid form. Upon expiration of the
time limit for filling up bid forms, bidders shall put their bid forms into the
bid box; the auctioneer counts and announces the number of bid forms delivered,
the number of bid forms received, the number of valid bid forms, and the number
of invalid bid forms, and announces each bid and the highest bid under the
supervision of at least one bidder. In case of auction of LURs to allocate
residential land to an individual, only the highest bid will be announced under
the supervision of at least one bidder;”;
b) Point d is amended as follows:
“d) If two or more bidders offer
the same bid which is the highest one, the auctioneer will hold another auction
among these bidders to find out the auction winner. If one of these bidders
wishes to offer another bid, the auctioneer shall deliver a bid form to this
bidder. This bidder will be announced by the auctioneer to be the auction
winner if a higher bid has been offered. If all of these bidders refuse
to participate in another auction, the auctioneer will hold a lot draw to find
out the auction winner.”.
27. Article 43 is amended
as follows:
“Article 43. Sealed-bid auction
1. Each bidder shall place their
bid form in a sealed envelope and append their signatures on the edges of this
envelop. Sealed envelopes containing bid forms shall be sent by post or
directly submitted to the property auction practicing organization for putting
into the bid box. The bid form must be sealed immediately after the deadline
for submission of bid forms.
The deadline for submission of bid
forms is decided by the property auction practicing organization and specified
in the rules of auction but is at least 02 business days before the planned
date of auction. The session in which bids are announced shall be considered
the auction session.
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a) Comply with provisions of
points a, b, c, d and e clause 1 Article 41 of this Law;
b) Repeat requirements regarding
validity of bid forms;
c) Invite the auctioned property
seller and at least one bidder to supervise the intactness of the bid box. If
no opinion on the supervision result is given, the auctioneer shall break the
seal of the bid box;
d) Invite the auctioned property
seller and at least one bidder to supervise the intactness of every sealed
bid-containing envelope;
dd) Tear open each sealed
bid-containing envelope, except those of bidders that are not present at the
auction session, announces the number of valid bid forms, and the number of
invalid bid forms, and then announces each bid and the highest bid under the
supervision of the auctioned property seller and at least one bidder. In case
of auction of LURs to allocate residential land to an individual, only the
highest bid will be announced under the supervision of the auctioned property
seller and at least one bidder;
e) Announce the bidder that has
offered the highest bid to be the auction winner.
3.
If two or more bidders offer the same bid which is the highest one, immediately
after bid forms containing the highest bid are announced, the auctioneer will
hold another auction among these bidders to find out the auction winner. The
auctioneer shall decide to hold an oral auction or adopt the form of directly
casting bid forms at the auction. If one of these bidders wishes to offer
another bid, the auctioneer shall enable this bidder to offer their bid. This
bidder will be announced by the auctioneer to be the auction winner if a higher
bid has been offered. If all of these bidders refuse to
participate in another auction, the auctioneer will hold a lot draw to find out
the auction winner.”.
28. Article
43a and Article 43b are added following Article 43 as follows:
“Article 43a. Online auction
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2. The National property auction
portal and online auction websites shall be developed, managed and operated in
accordance with regulations of law on information and communications, law on
e-commerce and law on property auction.
Costs of development, management,
operation, maintenance and upgrading of the National property auction portal
shall be covered with state budget-derived funding and other funding sources as
prescribed by law.
3. Property auction practicing
organizations, property auction councils, and wholly
state-owned organizations that are established by the SBV to settle bad debts
of credit institutions may conduct online auctions on the National property
auction portal or their own online auction websites or online auction websites
of other property auction practicing organizations.
4. Costs of use of services on the
National property auction portal or costs
of hiring an online auction website for conducting an online auction shall be
included in expenses of the auction as prescribed in clause 2 Article 66 of
this Law.
5. The Government shall elaborate
requirements regarding the National property
auction portal and requirements, appraisal and approval of online auction
websites; responsibilities of regulatory authorities, organizations and
individuals for development, management, operation and use of the National property auction portal and online
auction websites.
Article 43b. Online auction
procedures
1. Property auction practicing
organizations, property auction councils, and wholly
state-owned organizations that are established by the SBV to settle bad debts
of credit institutions shall follow online auction procedures in this Law, and
in Articles 33 through 39, Article 43a, Articles 44 through 54, and Chapter IV
of this Law.
2. Property auction practicing
organizations, property auction councils, and wholly state-owned organizations
that are established by the SBV to settle bad debts of credit institutions
shall publish rules of auction and information on their auctions on the
National property auction portal or online auction websites.
3. Bidders shall submit their
applications for participation in auction and offer bids on the National
property auction portal or online auction websites; pay the required EMD as
prescribed; view the auctioned property online or visit it in person according
to the rules of auction.
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5. Online auction results shall be
published on the National property auction portal or online auction website and
sent to emails of bidders.
6. The Government shall elaborate
this Article.”.
29. Clause
2a is added following clause 2 Article 46 as follows:
“2a. Within 07 business days
from their receipt of the auction-related documents as prescribed in clause 2
Article 45 of this Law, the auctioned property seller and the auction winner
shall enter into a contract for sale and purchase of the auctioned property,
unless otherwise prescribed by law.”.
30. Some points and clauses of Article 47 are
amended as follows:
a) Points dd1, dd2 and dd3 are
added following point dd clause 1 as follows:
“dd1) Decide whether the bid
increment will be applied or not. If the bid increment is applied, it shall be
a fixed bid increment, or a range of bid increments including minimum bid
increment and maximum bid increment, or minimum bid increment;
dd2) Request the property auction
practicing organization or auctioneer to suspend, terminate or cancel the
auction or auction session in accordance with regulations of law on enforcement
of civil judgments in case of auction of property serving judgment enforcement;
dd3) Reach an agreement with the
property auction practicing organization on application of one, some or all of
regulations regarding auction procedures laid down in this Law to the auctioned
property as prescribed in clause 2 Article 4 of this Law;";
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“d)
Submit reports to competent authorities on selection of property auction
practicing organization and supervision of the auction in case of auction of
the property prescribed in clause 1 Article 4 of this Law;
d1) Determine the starting price and bid decrement
in accordance with regulations of law applied to the auctioned property;
d2) Do not provide information on
a bidder to another bidder during their consideration of eligibility of bidders
until the end of the auction;
d3) Pay auction
costs and auction service charges to the property auction practicing
organization under terms and conditions of the signed property auction service
contract;
d4) Cooperate with
the property auction practicing organization in organizing viewings of
auctioned property for bidders as prescribed in Article 36 of this Law;
d5)
Notify in writing of application of bid increments at auction rounds to the
property auction practicing organization and include them in the property auction
service contract in case of application of bid increments;”.
31. Some clauses of
Article 49 are amended as follows:
a) Clause 1 is
amended as follows:
“1. In case of
auction where there is only one applicant for participation in auction or one
bidder actually attending the auction, offering the bid or accepting the price,
these provisions shall apply:
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b) In case of a
descending-price auction where only one application for participation in
auction is received, or only one of eligible bidders actually attends the
auction and accepts the starting price or the decreased price, the auctioned
property shall be sold to this applicant or bidder.”;
b) Clause 2a is
added following clause 2 as follows:
“2a.
Provisions of clause 1 of this Article do not apply to the property which
cannot be put up at auction in case there is only one applicant for
participation in auction or only one bidder actually attending the auction or
offering bid in accordance with regulations of law applicable to such
property.".
32.
Clause 1 Article 50 is amended as
follows:
“1. At an ascending-price
auction where bids are orally offered or bid forms are casted directly at the
auction session or bids are offered online, if the bidder offering the highest
bid withdraws their bid before the auctioneer announces the auction winner, the
auction shall still proceed with the second highest bid.".
33. Some points of clause 1 Article 52 are amended
as follows:
a) Point a1 is added following Point a as follows:
“a1) None of eligible bidders attends the auction
session;”;
b) Point g is amended as follows:
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34.
Clause 2 Article 53 is amended as
follows:
“2. Simplified
auction procedures in clause 1 of this Article do not apply to auctions of LURs
over the land plot which is allocated or leased for executing an investment
project, mining rights, rights to use radio frequencies and other property
types as prescribed by relevant laws.”.
35.
Article 54 is amended as follows:
“Article 54.
Document retention
1. Auctioned
property sellers, property auction practicing organizations, and persons
competent to make decision on establishment of property auction councils shall
retain auction-related documents in accordance with regulations of law on
archives for a period of at least 05 years from the end of the auction, except
the case prescribed in clause 2 of this Article.
2. Individuals
and organizations that choose to sell property at auction as prescribed in
clause 2 Article 4 of this Law shall retain auction-related documents at their
discretion in accordance with regulations of law on archives.”.
36.
Clause 6 is added to Article 56 as
follows:
“6. The Minister of
Justice of Vietnam shall elaborate this Article.”.
37. Some clauses of Article 57 are amended as
follows:
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“1. Besides posting information on property auction
as prescribed in clauses 1 and 2 Article 35 of this Law, for an auction of
movable property whose starting price is VND 50 million or higher or for an
auction of real estate, the property auction practicing organization shall
publish information on the auction two times on the National property auction
portal at an interval of 02 days, and at least one time on a printed newspaper
or television newspaper of a central authority or the province or central-affiliated city where the auctioned property
is located, except a change in the auction venue which is made after the
deadlines for submission of applications for participation in auction and
payment of EMD prescribed in clause 2 Article 37 of this Law.
If there is any change in the disclosed information
on property auction as prescribed in clause 4 of this Article or the auction suspension
is made before the deadlines for submission of applications for participation
in auction and payment of EMD has passed, the property auction practicing
organization shall post the change within the time limit prescribed in clause 1
Article 35 of this Law and make the change available to the public within the
time limit prescribed in clause 3 of this Article.
1a. Besides publishing information on the National
property auction portal and printed newspaper or television newspaper of a
central authority or the province or central-affiliated
city where the auctioned property is located as prescribed in clause 1 of this
Article, the property auction practicing organization shall also publish
information on property auction on other means of mass media at the request of
the auctioned property seller.”;
b) Clauses 2 and 3 are amended as
follows:
“2. If an auction is conducted
following simplified procedures as prescribed in clause 1 Article 53 of this
Law, in addition to posting of information on property auction as prescribed in
clause 1a Article 35 of this Law, the property auction practicing organization
shall also publish such information on the National property auction portal.
3. The disclosure of information
prescribed in clause 1 of this Article must be made at least 07 business days,
for an auction of movable property, or 15 business days, for an auction of real
estate, before the planned date of auction. The disclosure of information
prescribed in clause 2 of this Article shall be made at the same time when the
information on property auction is posted as prescribed in clause 1a Article 35
of this Law.”.
38. Article 59 is amended
as follows:
“Article 59. Offering bids or
accepting prices in auctions of rights to use radio frequencies
1. Offering bids or accepting prices in auctions of
rights to use radio frequencies shall be made adopting the following methods:
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b) Offering bids or accepting prices according to
two stages, including the stage of determination of number of frequency band
units allocated to the winner bidder and the stage of determination of the
locations of frequency band units allocated to the winner bidder;
c) Offering bids for the number of frequency band
units to be bought and changing frequency band units bidded for in the auction
rounds.
2. Based on the frequency bands and number of
frequency band units put up at auction, the property seller adopts the method
for offering bids or accepting prices as prescribed in clause 1 of this
Article.
3. The Government shall elaborate Points b and c
Clauses 1 and 2 of this Article.”.
39. Point a Clause 2
Article 62 is amended as follows:
“a) Discharge the obligations in points a, b, c and
d clause 2 Article 24 of this Law;”.
40. Clause 3 is added
following clause 2 Article 66 as follows:
“3. Proceeds from sale of auction documents shall
be revenues of property auction practicing organizations. Proceeds from sale of
auction documents shall be collected, managed and used in accordance with
regulations of law.”.
41. Article 70 is amended
as follows:
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1. Any bidder, auction winner or another relevant
organization or individual that commits a violation against provisions of
clause 5 Article 9 or other provisions of this Law shall, depending on the
nature and severity of the violation, be disciplined or liable to
administrative penalties or criminal prosecution, and make compensation for
damage (if any) in accordance with regulations of law.
2. The winner of an auction of LURs over a land
plot allocated or leased for executing an investment project or mining rights
that fails to fulfill the obligations to pay the winning bid resulting in
invalidation of the decision to recognize auction result shall, depending on
the nature and severity of the violation, be prohibited from participating in
auctions of such property types for 06 months to 05 years.
3. The authority that is competent to approve
results of the auction of LURs over a land plot allocated or leased for
executing an investment project or mining rights shall have the power to issue
a decision on prohibition from participating in auction as prescribed in clause
2 of this Article.
4. Decision on prohibition from participating in
auction must be sent to the violating entity and the Ministry of Justice of
Vietnam, and be also published on the National property auction portal.
5. The Government shall elaborate clauses 2, 3 and
4 of this Article.”.
42. Clause 4 Article 72 is
amended as follows:
“4. The auction result is
cancelled according to a decision issued by a person competent to impose
administrative penalties on any of the grounds specified in clause 6 Article 33
of this Law or in case the property seller, bidder, auction winner, property
auction practicing organization or auctioneer is found to have colluded or
cooperated with each other, or suppressed the price during the auction resulting
in falsified information on the auctioned property or application for
participation in bid or property auction result.”.
43. Article 73 is amended
as follows:
“Article 73. Legal consequences
of cancellation of property auction result
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2. In case the property auction
result is cancelled as prescribed in clause 3 or 4 Article 72 of this Law, the
following provisions shall apply:
a) The authority competent to
approve the property auction result shall take charge of invalidating the
issued decision on approval of property auction result. Procedures for
invalidating the decision on approval of property auction result shall be followed
in accordance with regulations of relevant laws;
b) The property seller shall
cancel conclusion of the contract for sale and purchase of the auctioned
property, invalidate the signed contract for sale and purchase of the auctioned
property, or request the competent Court to invalidate or declare the contract
for sale and purchase of the auctioned property to be invalid in accordance
with regulations of law.”.
44. Some points of clause 2 Article 77 are amended
as follows:
a) Point d is amended as follows:
“d) Promulgate regulations on the framework program
for auction training courses and auction training institutions; professional
refresher training courses for auctioneers and organization of these programs;
auction internship and post-internship assessment test;”;
b) Points e and g are amended as follows:
“e) Develop, manage
and provide guidelines for use of the National property auction portal in a
manner that meets confidentiality and information safety and security
requirements; assign a specialized agency or its affiliated unit to take charge
of operating this portal;
g) Carry out inspection and handle violations
against regulations on organization and activities relating to property
auction; organization and operation of socio-professional organizations of
auctioneers within its jurisdiction;”;
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“i1) Play the
leading role and cooperate with relevant ministries and central-government
authorities in setting fees for publishing notice of selection of property
auction practicing organization and information on property auction on the
National property auction portal, user fees for use of the National property
auction portal and other relevant fees as prescribed by law;”.
45. Some words or phrases
in the following points and clauses are replaced or removed:
a) The phrase “hồ sơ tham gia tổ chức đấu giá của
tổ chức đấu giá tài sản” (“application for participation in organization of
auction of the property auction organization”) is replaced with the phrase “hồ
sơ tham gia lựa chọn tổ chức hành nghề đấu giá tài sản” (“application for
registration as property auction practicing organization”) in clause 3 Article
56;
b) The phrase “tổ chức đấu giá tài sản” (“property
auction organization”) is replaced with the phrase “tổ chức hành nghề đấu giá
tài sản” (“property auction practicing organization”) in Article 1; Clause 1 Article 2; Clause 4 and Clause 12
Article 5; Clause 3 Article 6; point b Clause 2 Article 8; Clause 2 Article 9;
heading of Chapter II; Clause 2 and Clause 3 Article 13; point d, point dd
Clause 1 and point c Clause 2 Article 19; Article 20; heading of Section 2
Chapter II; Article 24; Article 33; Clause 1 Article 34; point a Clause 2 and
Clause 4 Article 35; Clause 1, Clause 3 and point b Clause 4 Article 38; Clause
7 Article 39; Clause 1 Article 40; Clause 4 Article 42; Clause 4 Article 44;
Article 45; Clause 2 Article 46; point c Clause 1 Article 47; Clause 2 and
Clause 3 Article 52; Clause 1 Article 53; Article 56; point a Clause 4 and
Clause 5 Article 57; point b Clause 1 and Clause 3 Article 60; Clause 2 Article
64; Clause 1 and Clause 2 Article 66; Article 67; heading of Article 69 and
Clause 2 Article 69; Clause 1 Article 72; point d Clause 1 Article 79;
c) The phrase “Chính phủ” (“Government”) is
replaced with the phrase “Ngân hàng Nhà nước Việt Nam” (“the State Bank of
Vietnam") in clause 2 Article 2;
point c clause 1 Article 8; point c
clause 1 Article 18; point dd clause 1 Article 19; Article
20; Article 64; clauses 1, 2 and 3
Article 65; heading
of Article 69 and clause 2 Article 69;
d) The phrase “bán thông qua đấu giá” (“sold
through auction") is replaced with the phrase "đấu giá” (“auctioned”)
in heading of Chapter IV; heading of Article 55; clause 1 Article 60;
dd) The phrase “bán đấu giá” (“sold at auction”) is
replaced with the phrase "đấu giá” (“auctioned”) in clause 5 Article 5;
point g clause 1 Article 24; clause 2 Article 64;
e) The phrase “Trang thông tin điện tử chuyên ngành
về đấu giá tài sản” (“Specialized property auction website”) is replaced with
the phrase “Cổng Đấu giá tài sản quốc gia” (“National property auction portal”)
in clause 1 Article 56;
g) The phrase “hồ sơ đăng ký tham gia đấu giá”
(“application for participation in auction”) is replaced with the phrase “hồ sơ
mời tham gia đấu giá” (“auction documents”) in point c clause 6 Article 33;
point b clause 3 Article 65;
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i) The phrase “hồ sơ đăng ký tham gia tổ chức đấu
giá” (“application for participation in organization of auction”) is replaced
with the phrase “hồ sơ tham gia lựa chọn tổ chức hành nghề đấu giá tài sản”
(“application for registration as property auction practicing organization”) in
point dd clause 2 Article 56;
k) The phrase “tham gia cuộc đấu giá” (“participate
in auction”) is replaced with the phrase “tham dự phiên đấu giá” (“participate
in auction session”) in point c clause 2 and point a clause 5 Article 9; point
a clause 6 Article 39; clause 4 Article 50; point a clause 1 Article 62; point
b clause 3 Article 65;
l) The phrase “điều hành cuộc đấu giá” (“manage the
auction”) is replaced with the phrase “điều hành phiên đấu giá” (“manage the
auction session”) in point dd clause 1 Article 19; point a clause 6 Article 33;
point b clause 4 Article 38; clause 2 Article 44; Article 51;
m) The phrase “tại cuộc đấu giá” (“at the auction”)
is replaced with the phrase “tại phiên đấu giá” (“at the auction session”) in
clause 2 Article 44; Article 51;
n) The phrase “tổ chức cuộc đấu giá” (“organize the
auction”) is replaced with the phrase “tổ chức phiên đấu giá” (“organize the
auction session”) in point c clause 1 Article 65;
o) The phrase “Cuộc đấu giá phải do đấu giá viên
điều hành” (“The auction must be managed by an auctioneer”) is replaced with
the phrase “Phiên đấu giá phải do đấu giá viên điều hành” (“The auction session
must be managed by an auctioneer”) in clause 4 Article 6;
p) The phrase “Diễn biến của cuộc đấu giá”
(“Development of the auction”) is replaced with the phrase “Diễn biến của phiên
đấu giá” (“Development of the auction session”) in clause 2 Article 44;
q) The phrase “cuộc đấu giá” (“auction”) is
replaced with the phrase “phiên đấu giá” (“auction session”) in point c clause
5 Article 9; clause 3 Article 13; point c, point d clause 1 and point c clause
2 Article 19; point dd clause 1 and point c clause 2 Article 24; point g clause
2 Article 34; point a and point b clause 1 Article 40; heading of Article 41
and the introductory sentence of clause 1 Article 41; heading of Article 42,
clause 1 and point c clause 2 Article 42; point b and point d clause 1 Article
47; clause 2 Article 49; clause 2 and clause 3 Article 50; point b and point c
clause 1 Article 52; clause 3 Article 60; clause 1 Article 61; point a and
point b clause 1 Article 62; point c clause 1 Article 63; point b clause 1
Article 65;
r) The phrase “hòm phiếu” is replaced with the
phrase “thùng phiếu” (two phrases have the same meaning as "bid box”) in
point a clause 3 Article 42.
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a) Article 12;
b) Points c, d, dd Clause 1 and Clause 3 Article
14;
c) Point h Clause 2 Article 24;
d) Point dd Clause 2 Article 29;
dd) Clause 4 Article 40;
e) Clause 3 Article 49;
g) Clause 3 Article 53;
h) Point d Clause 4 Article 56;
i) Point h Clause 2 Article 65;
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l) Article 76;
m) Point c Clause 1
Article 79.
Article 2. Effect
This Law comes into force from January 01, 2025,
except the cases prescribed in Article 3 of this Law.
Article 3. Transition
1. If a property
seller has notified their selection of property auction practicing organization
before the effective date of this Law but has not yet obtained the selection
result, the property seller may continue selecting the property auction
practicing organization in accordance with provisions of the Law on Property
Auction No. 01/2016/QH14, as amended by the Law No. 16/2023/QH15.
2. If a property
seller and a property auction practicing organization have entered into a
property auction service contract before the effective date of this Law, the
auction shall be conducted in accordance with provisions of the Law on Property
Auction No. 01/2016/QH14, as amended by the Law No. 16/2023/QH15.
3. When a person who
is exempted from auction training course and is working as an intern or has
completed the auction internship as prescribed in the Law on Property Auction
No. 01/2016/QH14, as amended by the Law No. 16/2023/QH15 before the effective
date of this Law submits an application for auctioneer’s practicing
certificate, this application shall be processed in accordance with provisions
of the Law on Property Auction No. 01/2016/QH14, as amended by the Law No.
16/2023/QH15.
This Law is ratified by the 15th
National Assembly of the Socialist Republic of Vietnam during its 7th
session held on June 27, 2024.
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CHAIRMAN OF THE
NATIONAL ASSEMBLY OF VIETNAM
Tran Thanh Man