Ministry of Justice's request for implementation of the Law amending Law on Property Auction in Vietnam

Ministry of Justice's request for implementation of the Law amending Law on Property Auction in Vietnam (Image from the Internet)

On August 12, 2024, the Ministry of Justice issued Official Dispatch 4525/BTP-BTTP regarding the implementation of the Law amending Law on Property Auction.

Ministry of Justice's request for implementation of the Law amending Law on Property Auction in Vietnam

The Law amending Law on Property Auction was passed by the XV National Assembly at its 7th session on June 27, 2024, and will take effect in Vietnam on January 1, 2025.

To ensure the prompt, comprehensive, and effective implementation of the Law amending Law on Property Auction, the Ministry of Justice of Vietnam respectfully requests that the People’s Committees of the provinces and centrally-administered cities lead and direct the Department of Justice to take the lead, cooperate with relevant departments, agencies in performing the following tasks:

- Study, report, and advise the People’s Committees of the provinces and centrally-administered cities on organizing the implementation of the Law amending Law on Property Auction at the local level; promptly and effectively organize the implementation of the assigned tasks.

- Continue to review current legal documents related to asset auction activities at the local level, propose amendments, additions, replacements, abolishments, or issuance of new legal documents to ensure compliance with the Law amending Law on Property Auction, including regulations on auctioning land use rights for land allocation and land lease issued by the locality.

- Review, implement the announcement of administrative procedures on asset auctions under the authority of the Department of Justice based on the set of administrative procedures in the field of asset auctions issued by the Ministry of Justice according to the Law amending Law on Property Auction; prepare the necessary conditions to ensure the convenient and prompt implementation of registration and changes in the registration contents of asset auction enterprises and branches of asset auction enterprises as prescribed by the Law amending Law on Property Auction.

- Continue to review, update, and publish the list of auctioneers, asset auction organizations in the locality and publish it on the electronic information page of the Department of Justice to provide a basis for asset holders to select asset auction organizations; compile and send the Ministry of Justice the list of asset auction organizations in the locality to carry out the announcement of the list of asset auction organizations on the National Asset Auction Portal.

- Continue to pay attention to and proactively implement tasks and solutions within their jurisdiction to ensure the comprehensive and effective implementation of the Law amending Law on Property Auction at the local level; promptly address or report and propose solutions to difficulties and obstacles that arise during the implementation process to the Ministry of Justice and competent authorities for guidance and resolution.

Types of property put up for sale at auction in Vietnam from January 1, 2025

According to Clause 1, Article 4 of the Law on Asset Auction 2016 (amended 2024), the property which must be sold at auction as prescribed by laws, including:

- Land use rights as per the laws on land;- Mineral exploitation rights as per the laws on minerals;

- The right to use radio frequencies as per laws on radio frequencies;

- The right to use telecommunications codes, numbers, and the ".vn" national domain name as per telecommunications laws

;- Forest use rights, forest lease rights as per forestry laws;

- Fixed assets of enterprises as per laws on managing and using state capital invested in production and business in enterprises;

- National reserve assets as per national reserve laws;

- Public assets at agencies, organizations, units, infrastructural assets, assets established as public ownership, and project assets using state capital as per laws on public asset management and use;

- Judicially enforced assets as per laws on civil enforcement;

- Secured assets as per laws on ensuring the performance of obligations;

- Seized assets to ensure the execution of administrative penalty decisions as per laws on handling administrative violations;

- Assets of bankrupt cooperatives, unions of cooperatives as per cooperative and bankruptcy laws;

- Assets of bankrupt enterprises as per bankruptcy laws;

- Bad debts and secured assets of bad debts of organizations completely owned by the state established by the State Bank of Vietnam to handle bad debts of credit institutions as per the law;

- Other assets required by law to be auctioned.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE