What are types of property put up for sale at auction in Vietnam under Law on amending the Law on Property Auction 202 from January 1, 2025?
What are details of Law on amending the Law on Property Auction 2024 which comes into force in Vietnam from January 1, 2025?
On June 27, 2024, the National Assembly passed the Law on amending the Law on Property Auction 2024. The Law on amending the Law on Property Auction 2024 takes effect from January 1, 2025, except as stipulated in Article 3 of the Law on amending the Law on Property Auction 2024.
>> Download: Full text of the Law on amending the Law on Property Auction 2024.
Which assets are required to be auctioned from January 1, 2025, according to the Law on amending the Law on Property Auction 2024? (Image from Internet)
What are the Transitional Provisions of the Law on amending the Law on Property Auction 2024 of Vietnam?
According to Article 3 of the Law on amending the Law on Property Auction 2024, the provisions are as follows:
Transitional Provisions
In cases where the property owner has notified the selection of a property auction organization before this Law takes effect but there is no result of selection yet, the property owner shall continue to select the property auction organization in accordance with the Property Auction Law No. 01/2016/QH14, which was amended and supplemented with several articles by Law No. 16/2023/QH15.
In cases where the property owner and the property auction organization have signed a service contract for property auction before this Law takes effect, the auction shall continue according to the Property Auction Law No. 01/2016/QH14, which was amended and supplemented with several articles by Law No. 16/2023/QH15.
In cases where a person exempted from auction training is interning in the auction profession or has completed the internship in the auction profession according to Property Auction Law No. 01/2016/QH14, which was amended and supplemented with several articles by Law No. 16/2023/QH15 before this Law takes effect, when requesting the issuance of the Auction Practice Certificate, the issuance shall continue according to the regulations of Property Auction Law No. 01/2016/QH14, which was amended and supplemented with several articles by Law No. 16/2023/QH15.
Therefore, the transitional provisions of the Law on amending the Law on Property Auction 2024 are stipulated as follows:
- In cases where the property owner has notified the selection of a property auction organization before the Law on amending the Law on Property Auction 2024 takes effect but there is no result of selection yet, the property owner shall continue to select the property auction organization in accordance with the Property Auction Law 2016, which has been amended and supplemented by the Pricing Law 2023.
- In cases where the property owner and the property auction organization have signed a service contract for property auction before the Law on amending the Law on Property Auction 2024 takes effect, the auction shall continue according to the Property Auction Law 2016, which has been amended and supplemented by the Pricing Law 2023.
- In cases where a person exempted from auction training is interning in the auction profession or has completed the internship in the auction profession according to the Property Auction Law 2016, which has been amended and supplemented by the Pricing Law 2023 before the Law on amending the Law on Property Auction 2024 takes effect, when requesting the issuance of the Auction Practice Certificate, the issuance shall continue according to the regulations of the Property Auction Law 2016, which has been amended and supplemented by the Pricing Law 2023.
What are types of property put up for sale at auction in Vietnam from January 1, 2025?
According to Clause 2, Article 1 of the Law on amending the Law on Property Auction 2024, types of property put up for sale at auction in Vietnam from January 1, 2025, include:
- Land use rights as prescribed by the law on land;- Mineral exploitation rights as prescribed by the law on minerals;
- Rights to use radio frequencies as prescribed by the law on radio frequencies;
- Rights to use telecommunication codes, numbers, and Vietnam’s national domain name “.vn” as prescribed by the law on telecommunications;
- Rights to use forests, forest leasing as prescribed by the law on forestry;
- Fixed assets of enterprises as prescribed by the law on the management and use of state capital invested in production and business at enterprises;
- National reserve assets as prescribed by the law on national reserves;
- Public property at agencies, organizations, units, infrastructure property, property established for ownership by the entire people, property of projects using state capital as prescribed by the law on the management and use of public property;
- Assets for judgment enforcement as prescribed by the law on civil judgment enforcement;
- Secured assets as prescribed by the law on securing the performance of obligations;
- Assets impounded to ensure the execution of administrative penalty decisions as prescribed by the law on handling of administrative violations;
- Property of cooperatives, unions of cooperatives that go bankrupt as prescribed by the law on cooperatives and the law on bankruptcy;
- Property of enterprises that go bankrupt as prescribed by the law on bankruptcy;
- Bad debts and collateral of bad debts of entities where the State owns 100% of charter capital formed by the State Bank of Vietnam to handle bad debts of credit institutions as prescribed by law;
- Other assets as prescribed by law that must be auctioned.
*Assets not falling under the above categories that individuals and organizations voluntarily choose to auction.
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