What is minimum number of people required to participate in land auction in Vietnam?
My name is Hanh, I have registered to participate in the auction of 01 land plot at the People's Committee of Hong Ngu district, Dong Thap province, Vietnam. However, I was informed that the auction was canceled due to insufficient number of participants. I want to ask is the minimum number of people participating in the land auction can take place?
What is minimum number of people required to participate in land auction in Vietnam?
Pursuant to Clause 2, Article 5 of the 2016 Law on Property Auctions, property auctions are regulated as follows:
2. Property auction means a method of selling property involving two or more bidders according to the order and procedures prescribed in this Law, except the case specified in Article 49 of this Law.
In addition, in Clause 3, Article 118 of the 2013 Land Law, cases subject to auction of land use rights and cases not subject to auction of land use rights:
3. In case the land has been put up for auction of land use rights as prescribed in Clause 1 of this Article but nobody participates in the auction or only one person registers or the auction fails after at least 2 times, the State may allocate or lease land without organizing auctions of land use rights.
Thus, to be able to conduct a land auction in Vietnam, at least 02 participants are required to conduct the auction. If the participants are less than at least 2 times or fail, the State will allocate or lease land without organizing auctions of land use rights.
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