Latest 04 funding sources for auctioning assets of asset holders in Vietnam

Tan Dai

16:02, 04/02/2025

On January 22, 2025, the Minister of Finance of Vietnam promulgated Circular 03/2025/TT-BTC providing guidance on financial policies in asset auction activities; stipulating the collection, expenditure, management, and use of proceeds from the sale of auction participation documents and the deposits of auction participants that are not refunded in accordance with legal regulations on asset auctions.

Latest 04 funding sources for auctioning assets of asset holders in Vietnam

The sources of funding for asset auctions conducted by the owner of the auctioned assets in Vietnam include:

- The state budget estimates allocated to the owner of the auctioned assets in cases where the entire proceeds from the auction must be submitted to the state budget. The preparation, utilization, and settlement of funds for asset auction are to be conducted in accordance with the provisions of the law on state budget;

- Proceeds from asset auction in the escrow account (including the sale proceeds of auction invitation documents in cases where a Property Auction Council is established; deposits of auction participants not refunded as regulated in Clause 6, Article 39 of the Law on Property Auction 2016) in cases where the entire proceeds from the asset auction are to be deposited into an escrow account at the State Treasury, with the agency establishing the Property Auction Council as the account holder, or the escrow account of the agency or unit assigned the task as account holder and deducted for asset handling costs before submission to the state budget;

- Funding sources for handling secured assets, handling bad debts, listed assets, assets of cooperatives, cooperative unions, bankrupt enterprises (including the proceeds from the sale of auction invitation documents in cases where a Property Auction Council is established; deposits of auction participants not refunded as regulated in Clause 6, Article 39 of the Law on Property Auction 2016) in cases where asset auctions are conducted to handle secured assets, bad debts, listed assets, assets of cooperatives, cooperative unions, bankrupt enterprises;

- Proceeds from asset auction (including the proceeds from the sale of auction invitation documents in cases where a Property Auction Council is established; deposits of auction participants not refunded as regulated in Clause 6, Article 39 of the Law on Property Auction 2016) in cases where proceeds from the asset auction are the source of revenue for the asset owners.

More details can be found in Circular 03/2025/TT-BTC effective from January 22, 2025.

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