Can property sellers set out other requirements or conditions on bidders to participate in the auction in Vietnam?

Can property sellers set out other requirements or conditions on bidders to participate in the auction in Vietnam?

Pursuant to the provisions of Article 38 of the 2016 Law on Property Auctions, regulations on registration for participation in auction are as follows:

1. An individual or organization shall register for participation in an auction by submitting a valid auction dossier and making an advance payment to a property auction organization in accordance with this Law and other relevant laws. A bidder must satisfy the law-prescribed conditions, if any, for participation in an auction, and may authorize in writing another person to participate in the auction on the bidder’s behalf.

2. A property auction organization shall sell auction dossiers and receive them within working hours continuously from the date of public display of information on property auction to the date which is 2 days earlier than the date an auction opens.

3. In addition to the conditions for registration for participation in an auction prescribed in this Law and other relevant laws, the property seller or property auction organization may not set out any other requirements or conditions on bidders.

4. The following persons may not register for participation in an auction:

a/ A person having no civil act capacity, person having lost his/her civil act capacity or having his/her civil act capacity restricted, person having difficulties in cognition or behavior control, or person having no cognition or behavior control ability at the time of registration for participation in auction;

b/ A person working in the property auction organization that conducts the auction; parent, spouse, child or blood sibling of the auctioneer; person directly engaged in property appraisal or valuation; or parent, spouse, child or blood sibling of the person directly engaged in property appraisal or valuation;

c/ A person authorized by the property owner to realize property, person entitled to decide on the sale of property, person signing the property auction service contract, or person entitled to decide on the sale of others’ property in accordance with law;

d/ A parent, spouse, child or blood sibling of the person defined at Point c of this Clause;

dd/ A person not entitled to buy the auctioned property under regulations applicable to such kind of property.

According to this Article, the asset auction law stipulates that when dealing with assets that must be auctioned, the owner of the property does not have the right to stipulate the selection of customers to participate in the auction in Vietnam.

What are rights of the property seller in Vietnam?

Pursuant to Clause 1, Article 47 of the 2016 Law on Property Auctions, rights of the property seller are as follows:

1. The property seller has the following rights:

a/ To supervise the process of holding an auction;

b/ To participate in the auction;

c/ To request the property auction organization to stop the auction when having grounds to believe that this organization commits a violation prescribed at Point b or c, Clause 2, Article 9 of this Law;

d/ To request the auctioneer to stop the auction when having grounds to believe that the auctioneer commits a violation prescribed at Point c. Clause 1, Article 9 of this Law or that a bidder commits a violation prescribed at Point b, c or d, Clause 5, Article 9 of this Law;

dd/ To unilaterally terminate or cancel the property auction service contract or contract on purchase and sale of the auctioned property or request the court to declare such contract to be null and void in accordance with this Law and civil law;

e/ Other rights as provided by law.

Best Regards!