Guidance on implementing the Law on amending Law on property auction 2024 of Vietnam

Guidance on implementing the Law on amending Law on property auction 2024 of Vietnam (Image from the internet)

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

Guidance on implementing the Law on amending Law on property auction 2024 of Vietnam

Law on amending Law on property auction was passed by the 15th National Assembly at the 7th session on June 27, 2024, and comes into effect from January 1, 2025. To ensure prompt, uniform, and effective implementation of the Law on amending Law on property auction, the Ministry of Justice of Vietnam respectfully requests the People's Committees of provinces and centrally governed cities to pay attention to leading and directing the Departments of Justice in coordinating with relevant departments, branches, and agencies to undertake the following tasks:

- Research, report, and advise the People's Committees of provinces and centrally governed cities on organizing the implementation of the Law on amending Law on property auction in their localities; promptly and effectively organize the implementation of the stipulated tasks.

- Continue to organize the review of existing legal documents related to asset auction activities in their localities, propose amendments, supplements, replacements, abolishment, or issuance of new legal documents to ensure compliance with the provisions of the Law on amending Law on property auction, including regulations on auctioning land use rights for land allocation and land lease issued by local authorities.

- Review and publish administrative procedures related to asset auctions under the jurisdiction of the Department of Justice based on the set of administrative procedures in the field of asset auction issued by the Ministry of Justice of Vietnam per the regulations of the Law on amending Law on property auction; prepare the necessary conditions to ensure favorable and prompt implementation of the registration and changes in registration information for asset auction enterprises and branches of asset auction enterprises according to the regulations of the Law on amending Law on property auction.

- Continue to review, update, and publish the list of auctioneers and asset auction practicing organizations in their localities on the Portal of the Department of Justice to serve as a basis for asset owners to select asset auction practicing organizations; compile and send the Ministry of Justice of Vietnam a list of asset auction practicing organizations in their localities for publication on the National Asset Auction Portal.

- Continue to pay attention to, and proactively carry out tasks and solutions within their authority to effectively and uniformly implement the Law on amending Law on property auction in their localities; promptly address any difficulties or arising obstacles during the implementation process or promptly reflect and recommend them to the Ministry of Justice of Vietnam and competent authorities for guidance and resolution.

Above are several contents for implementing the Law on amending Law on property auction. The Ministry of Justice of Vietnam respectfully requests the People's Committees of provinces and centrally governed cities to pay attention and direct the organization of the implementation.

More details can be found in Official Dispatch 4525/BTP-BTTP dated August 12, 2024.

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