The Prime Minister of Vietnam requests regulation on shortening the deadline for payment of winning bid for land use rights in Vietnam

The Prime Minister of Vietnam requests regulation on shortening the deadline for payment of winning bid for land use rights in Vietnam

To enhance the effectiveness and efficiency of land use rights auction activities, contribute to the healthy development of the real estate market, improve the investment and business environment, and promote socio-economic development, the Prime Minister of the Government of Vietnam requires the Chairpersons of the People's Committees of provinces and centrally-run cities to direct relevant agencies and units to review the organization of land use rights auctions in their areas to ensure legality, openness, and transparency; promptly detect and strictly handle violations of legal provisions in land use rights auctions, and prevent acts of exploiting land use rights auctions for profit and market disruption.

Focus should be placed on directing the development of land use rights auction plans to ensure they are rigorous, scientific, and under the control of competent authorities, avoiding the exploitation of auctions for profit and market disruption. Particular attention should be given to regulations on shortening the payment deadline for the winning bid and determining an appropriate initial payment amount to limit the situation of deposit abandonment; direct the units tasked with organizing land use rights auctions and asset auction practicing organizations to select suitable auction forms and methods to restrict acts of collusion, price suppression, or price inflation;

Additionally, enhance the application of information technology and digital transformation in the organization of land use rights auctions to ensure publicity and transparency; based on current legal provisions, implement appropriate measures to closely manage information on the history of auction participation and the flow of funds in the payment accounts of winning bidders, especially in cases showing unusual auction behavior, such as one person or group registering to bid for multiple parcels in the same auctioned land area, participants placing unusually high bids, or winning high bids but abandoning deposits,... to limit any possible negative occurrences;

Refer to the detailed content at Official Telegram 134/CD-TTg dated December 14, 2024.

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