Vietnam: Bracket of property auction fees

According to Circular No. 45/2017/TT-BTC of the Ministry of Finance of Vietnam, the fee bracket applicable to a property auction contract in case of successful auction is defined as follows:

- Minimum fee: VND 1,000,000 per contract;

- Maximum fee equivalent to each bracket of property value by starting prices prescribed in Appendix issued herewith, but not exceeding VND 300,000,000 per contract.

Auction fees prescribed above excludes VAT but includes reasonable and valid expenses charged by auction companies for the property which have been put up for auction as prescribed.

In case of unsuccessful auction, the seller must pay to the auction company for reasonable and valid expenses as specified in the auction contract in accordance with regulations, but not exceeding the amount of auction fee in case of successful auction.

The seller shall come into an agreement with an auction company on fee and specific auction expenses and specify it in an auction contract according to the results of auction company selection and regulations on auction fees in accordance with the Law on property auction, but not exceeding the maximum and not less than the minimum of the fee bracket prescribed.

Notably, within 20 working days from the date on which the closing day of auction, regardless of successful or unsuccessful case, the seller must pay to the auction company for fee or expenses associated with public notices on bulletin board, and other reasonable expenses; unless otherwise agreed upon by the parties or prescribed by law.

View more details at Circular No. 45/2017/TT-BTC of the Ministry of Finance of Vietnam, effective from July 01, 2017.

-Thao Uyen-

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