Does participation in auction have to make an advance payment in Vietnam?

Does participation in auction have to make an advance payment in Vietnam?

Pursuant to Clause 1, Article 38 of the Law on Property Auction 2016 has the following provisions:

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.

Thus, according to the above provisions, the auction organization requires you to make an advance payment before participating in the auction is in accordance with the law in Vietnam.

Can I get a refund if I has made the advance payment but fails to participate in the auction in Vietnam? 

Pursuant to Clause 6, Article 39 of the Law on Property Auction 2016 stipulates that the bidder is not entitled to advance payment refund in the following cases:

a/ He/she has made the advance payment but fails to participate in the auction or price announcement session not due to a force majeure event;

b/ He/she is deprived of the right to participate in the auction for one of the violations prescribed in Clause 5, Article 9 of this Law;

c/ He/she refuses to sign the auction minutes under Clause 3, Article 44 of this Law;

d/ He/she withdraws the offered bid or accepted price under Article 50 of this Law;

dd/ He/she rejects the auction winning result under Article 51 of this Law.

According to this Article, if you have made the advance payment but fails to participate in the auction or price announcement session, you will not be refunded the advance payment, except in force majeure event in Vietnam.

Best Regards!