Vietnam: A deposit is required when registering to purchase public property

Duy Thinh

10:20, 05/02/2018

This is a new point mentioned in Circular No. 144/2017/TT-BTC of the Ministry of Finance of Vietnam guiding Decree No. 151/2017/ND-CP of Vietnam’s Government elaborating the Law on Management and Use of Public Property.

According to Circular No. 144/2017/TT-BTC of the Ministry of Finance of Vietnam, when registering to purchase public property in the form of price listing, registrants shall make advance payment upon registration which ranges from 10% up to 20% of the listed sale price.

The specific amount is determined by heads of agencies assigned to organize selling of public property. The deposit shall be returned to registering individuals who do not manage to purchase public property, except for cases below where registering individuals do not receive their deposit:

- Registering individuals refuse to purchase public property after obtaining the right to purchase the property;

- Registering individuals fail to enter into contract for sale of property in a timely manner after obtaining the right to purchase the property;

- Registering individuals fail to pay for the property or obtain the property after obtaining the right to purchase the property and entering into contract for sale of the property;

- Individuals mentioned under Clause 3 Article 26 of Decree No. 151/2017/ND-CP of Vietnam’s Government register for purchase of property.

Circular No. 144/2017/TT-BTC of the Ministry of Finance of Vietnam takes effect from February 15, 2018 and applies from January 01, 2018.

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