What are the regulations on auction in form of delivering sealed bid tickets in Vietnam in 2025? What is guidance on keeping of dossiers on auctioned properties in Vietnam?
What are the regulations on keeping of dossiers on auctioned properties in Vietnam?
Based on Article 54 of the Law on Property Auction 2016 as amended by Clause 35, Article 1 of the Law amending Law on Property Auction 2024, the regulations on keeping of dossiers on auctioned properties in Vietnam are stipulated as follows:
(1) Individuals with auctioned properties, property auction practice organizations, and individuals with the authority to establish the property Auction Council shall carry out the storage of auction documents and records according to the provisions of the law on archives for a minimum period of 05 years from the end of the auction, except as provided in (2).
(2) Individuals and organizations that voluntarily choose to auction under the provisions of Clause 2, Article 4 of the Law on Property Auction 2016 as amended by Clause 2, Article 1 of the Law amending Law on Property Auction 2024 shall determine the storage of auction documents and records according to the provisions of the law on archives.
What are the regulations on auction in form of delivering sealed bid tickets in Vietnam in 2025? What is guidance on keeping of dossiers on auctioned properties in Vietnam? (Image from the Internet)
What are the regulations on auction in form of delivering sealed bid tickets in Vietnam in 2025 under the Law amending Law on Property Auction 2024?
Based on Article 43 of the Law on Property Auction 2016 as amended by Clause 27, Article 1 of the Law amending Law on Property Auction 2024, the auction in form of delivering sealed bid tickets in Vietnam is conducted as follows:
(1) Bids of auction participants must be placed in a sealed envelope with the bidder's signature across the seams of the envelope containing the bid.
Bids are sent via postal service or submitted to the property auction organization for placement in the ballot box.
The ballot box must be sealed immediately after the deadline for receiving the bids.
The deadline for receiving bids from auction participants is determined by the property auction organization in the Auction Rules but must be at least 02 working days before the auction session.
The bid announcement session is considered the auction session.
(2) At the bid announcement session of the auction participants, the auctioneer shall conduct the auction session in the following sequence:
(i) Implement the following regulations:
The auctioneer conducts the auction session in the form of direct oral bidding in the auction session in the following sequence:
+ Introduce self and assistants; announce the list of auction participants and call attendance to identify those participating in the auction;
+ Read the Auction Rules;
+ Introduce each auctioned property;
+ Recall the starting price in case of public starting price;
+ Distribute numbers to auction participants;
(ii) Recall the requirements for valid bids and invalid bids;
(iii) Invite the property owner and at least one auction participant to supervise the integrity of the ballot box.
If there are no further opinions on the results of the supervision, the auctioneer proceeds to unseal the ballot box;
(iv) Invite the property owner and at least one auction participant to supervise the integrity of each envelope containing the bids;
(v) Open each envelope containing the bids, except for the envelope of those not present at the bid announcement session, announce the valid and invalid bids, announce the bid of each envelope, and the highest bid under the supervision of the property owner and at least one auction participant;
In the case of auctioning land use rights to hand over homestead land to individuals, only the highest bid needs to be announced under the supervision of the property owner and at least one auction participant;
(vi) Announce the highest bidder as the auction winner.
(3) In case there are two or more highest bidders, immediately after announcing the highest bids for the property, the auctioneer shall organize a continued auction among those with the highest bids to select the auction winner.
The auctioneer decides on the form of direct oral bidding or direct voting.
If one of those with the highest bid continues to bid, the auctioneer organizes the bidding; the auctioneer announces that the individual is the winner if the bid is higher.
If all the highest bidders do not agree to continue bidding, the auctioneer organizes a draw to select the auction winner.
What are the regulations on transfer of auction dossiers in Vietnam?
Based on Article 45 of the Law on Property Auction 2016 with this phrase replaced by point b, Clause 45, Article 1 of the Law amending Law on Property Auction 2024, the transfer of auction dossiers in Vietnam is stipulated as follows:
- Within 01 working day from the end of the auction, the property auction organization must record the auction results in the property Auction Registration Book and notify the property owner in writing.
In case the auction is conducted by the property Auction Council, within 01 working day from the end of the auction, the Council must notify the auction results in writing to the individual with the authority to establish the Council.
- Within 03 working days from the end of the auction, the property auction organization or the property Auction Council must transfer the auction results, auction minutes, and the list of auction winners to the property owner for signing the property sale contract or to the competent authority for approving the auction results, completing related procedures, unless otherwise provided by law.
>> The Law amending Law on Property Auction 2024 comes into effect in Vietnam on January 01, 2025, except as stipulated in Article 3 of the Law amending Law on Property Auction 2024.
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