Vietnam: Increase in maximum fees for property auction services from February 02, 2021

Duc Thao

10:55, 01/01/2021

This is a notable content of the Circular No. 108/2020/TT-BTC on amendments to Circular No. 45/2017/TT-BTC on bracket of property auction fees in accordance with the Law on Property Auction of Vietnam.

According to the Circular No. 108/2020/TT-BTC of the Ministry of Finance of Vietnam, 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; (Still applying current regulations in Circular No. 45/2017/TT-BTC)

- Maximum fee equivalent to each bracket of property value by starting prices prescribed in Appendix I, II issued with the Circular No. 108/2020/TT-BTC, but not exceeding VND 400,000,000 per contract; (According to current provision of the Circular No. 45/2017/TT-BTC, the fee does not exceed VND 300,000,000 per contract)

- Auction fees excludes: VAT and the property auction costs; (According to current provision of the Circular No. 45/2017/TT-BTC, auction fees include reasonable and valid expenses charged by auction companies for the property which have been put up for auction)

- In case of unsuccessful auction, the seller must pay to the auction company for the property auction costs as prescribed in clause 2 Article 66 of the Law on Property Auction under the auction contract. (According to current provision of the Circular No. 45/2017/TT-BTC, the seller must pay to the auction company for the reasonable and valid expenses)

View more details at the Circular No. 108/2020/TT-BTC of the Ministry of Finance of Vietnam, effective from February 04, 2021.

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