Regulations on failing property auctions in Vietnam from January 1, 2025

Regulations on failing property auctions in Vietnam from January 1, 2025 (Image from the Internet)

Which types of property to be auctioned in Vietnam?

Property required by law in Vietnam to be sold through auction includes:

- Land use rights according to the provisions of land law;

- Mineral exploitation rights under the regulations of the mineral law;

- Frequency use rights of radio frequencies as stipulated by the law on radio frequencies;

- Rights to use telecommunication codes, numbering, and Vietnam national domain names “.vn” in accordance with telecommunications law;

- Forest use rights and forest lease rights under the forestry law;

- Fixed assets of enterprises as stipulated by the law on the management and use of state capital invested in production and business in enterprises;

- National reserve property as regulated by the law on national reserves;

- Public assets in agencies, organizations, units, infrastructural assets, assets established under public ownership, and assets of projects using state capital in accordance with the law on the management and use of public assets;

- Execution assets according to the provisions of civil judgment enforcement law;

- Secured assets according to the provisions of the law on securing the performance of obligations;

- Seized assets to ensure execution of the decision on sanctioning administrative violations under the law on handling administrative violations;

- Assets of cooperatives and cooperative unions bankrupt under the provisions of cooperative law and bankruptcy law;

- Assets of bankrupt enterprises as stipulated by bankruptcy law;

- Bad debts and collateral of bad debts of organizations wholly owned by the State established by the State Bank of Vietnam to handle bad debts of credit institutions according to legal regulations;

- Other assets required by law to be auctioned.

(Clause 1, Article 4 Law on on Property Auction 2016 (amended 2024)

Regulations on failing property auctions in Vietnam from January 1, 2025

According to Clause 1, Article 52 Law on on Property Auction 2016 (amended 2024), cases of failing property auctions in Vietnam from January 1, 2025, are as follows:

- The registration period has expired, but no one has registered to participate in the auction;

- All those who have registered to participate in the auction validly did not attend the auction session;

- At the auction session, no one bids or no one accepts the price;

- The highest bid is still lower than the starting price if the starting price is not disclosed and the auction is conducted by the ascending price method;

- The winning bidder refuses to sign the auction minutes as stipulated in Clause 3, Article 44 Law on on Property Auction 2016 (amended 2024);

- The person who has made a bid withdraws their bid, the person who has accepted the price withdraws their acceptance according to Article 50 Law on on Property Auction 2016 (amended 2024) without any further bids;

- Cases of refusal of the auction result according to Article 51 Law on on Property Auction 2016 (amended 2024);

- The registration period has expired with only one person registering to participate in the auction, or multiple registrations but only one person attends the auction session, or multiple attendees but only one bids, or multiple bids but only one valid bid in the case of property auctions specified in Clause 2a, Article 49 Law on on Property Auction 2016 (amended 2024).

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