Law No. 37/2024/QH15 Amending and Supplementing a Number of Articles of the Law on Property Auction

LAW

Amending and Supplementing a Number of Articles of the Law on Property Auction^[1]

Pursuant to the Constitution of the Socialist Republic of Vietnam;

The National Assembly promulgates the Law Amending and Supplementing a Number of Articles of Law No. 01/2016/QH14 on Property Auction, which has a number of articles amended and supplemented under Law No. 16/2023/QH15.

Article 1. To amend and supplement a number of articles of the Law on Property Auction

1. To amend and supplement Clause 2, Article 3 as follows:

“2. The auction of securities shall be carried out in accordance with the law on securities; the auction of public property of overseas Vietnamese missions shall be carried out in accordance with the law on management and use of public property; the auction of vehicle license plates shall be carried out in accordance with the law on road traffic order and safety.”.

2. To amend and supplement Article 4 as follows:

“Article 4. Property subject to auction

1. Property required by law to be subject to auction, including:

a/ Land use rights in accordance with the land law;

b/ The mining right in accordance with the mineral law;

c/ The right to use radio frequencies in accordance with the law on radio frequencies;

d/ The right to use telecommunications codes and numbers and Vietnam national domain names “.vn” in accordance with the law on telecommunications;

dd/ The right to use or lease forests in accordance with the law on forestry;

e/ Fixed assets of enterprises in accordance with the law on management and use of state capital invested in production and business at enterprises;

g/ Assets being national reserve goods in accordance with the law on national reserves;

h/ Public property at agencies, organizations and units, infrastructure assets, property for which all-people ownership has been established, and property of state-funded projects in accordance with the law on management and use of public property;

i/ Property for judgment enforcement in accordance with the law on enforcement of civil judgments;

k/ Collateral in accordance with the law on security for performance of obligations;

l/ Property distrained to secure the execution of administrative sanctioning decisions in accordance with the law on handling of administrative violations;

m/ Property of bankrupt cooperatives and unions of cooperatives in accordance with the cooperative and bankruptcy laws;

n/ Property of bankrupt enterprises in accordance with the bankruptcy law;

o/ Non-performing loans and collateral for non-performing loans of the organization with 100% charter capital held by the State that is established by the State Bank of Vietnam to settle non-performing loans of credit institutions in accordance with law;

p/ Other property required by law to be auctioned.

2. Property other than those specified in Clause 1 of this Article which are put for auction as selected by organizations or individuals on their own free will.”.

3. To amend and supplement a number of clauses of Article 5 as follows:

a/ To amend and supplement Clauses 1 and 2 as follows:

“1. Bid increment means the difference between the first bid and the reserve price, or between the subsequent bid and the immediately preceding bid.

2. Property auction means a method of offering bids and accepting set bids involving two or more bidders according to the principles, order and procedures specified in this Law, except the case specified in Article 49 of this Law.”;

b/ To amend and supplement Clause 7 as follows:

“7. Bidder means an individual or organization participating in an auction to buy the auctioned property in accordance with this Law and relevant regulations.”;

c/ To add Clauses 13 and 14 below Clause 12 as follows:

“13. The National Property Auction Portal is an information technology system that is established, managed and operated by the state management agency in charge of property auction with the aim of performing the unified management of information on property auction and conducting online auctions to meet the requirements on data management, connection and sharing in accordance with this Law and relevant regulations.

14. Working days refer to the days from Monday to Friday and compensatory working days under regulations, except public holidays and compensatory days-off under regulations.”.

4. To amend and supplement Clause 2, Article 7 as follows:

“2. In case a third party is involved in a dispute for the ownership of an auctioned property item, such ownership shall still belong to the bona fide buyer.

The settlement of a dispute over the ownership of an auctioned property item, the initiation of lawsuit about the legal validity of a successful auction, and the cancellation of property auction results specified in Clauses 2 and 3, Article 72 of this Law shall be carried out according to summary procedures specified by the civil procedure law.”.

5. To amend and supplement a number of points and clauses of Article 9 as follows:

a/ To amend and supplement Point c, Clause 1 as follows:

“c/ Making a list of fictitious registered bidders; making fictitious dossiers or fake dossiers for participation in property auction; colluding or being in cahoots with auctioned property sellers, bidders, price appraisal organizations, auctioned property assessment organizations and other individuals or organizations to falsify information about auctioned property, dossiers of invitation for participation in auction or dossiers for participation in auction, or to suppress prices, raise prices or falsify property auction results;”;

b/ To add Point dd1 below Point dd as follows:

“dd1/ Disclosing information about registered bidders;”;

c/ To amend and supplement Point b, Clause 2 as follows:

“b/ Making a list of fictitious registered bidders; making fictitious dossiers or fake dossiers for participation in property auction; colluding or being in cahoots with auctioned property sellers, bidders, price appraisal organizations, auctioned property assessment organizations and other individuals or organizations to falsify information about auctioned property, dossiers of invitation for participation in auction, dossiers for participation in auction, or to suppress prices, raise prices or falsify property auction results;”;

d/ To amend and supplement Point d; and add Points d1 and d2 below Point d, Clause 2 as follows:

“d/ Disclosing information about registered bidders;

d1/ Forging dossiers or deliberately providing information to falsify dossiers for participation in selection of property auction practicing organizations;

d2/ Using bidders’ advance payments for other purposes;”;

dd/ To amend and supplement Points a and b; and add Point b1 below Point b, Clause 4 as follows:

“a/ Colluding or being in cahoots with auctioneers, property auction practicing organizations, and other individuals or organizations to falsify information about auctioned property, dossiers of invitation for participation in auction or dossiers for participation in auction, or to suppress prices, raise prices or falsify property auction results;

b/ Receiving from auctioneers, property auction practicing organizations or bidders any money amount, property or benefit in order to falsify results of selection of property auction practicing organizations or property auction results;

b1/ Illegally preventing individuals and organizations from participating in auctions;”;

e/ To amend and supplement Point b, Clause 5 as follows:

“b/ Colluding or being in cahoots with auctioneers, property auction practicing organizations, auctioned property sellers, other bidders and other individuals or organizations to suppress prices, raise prices or falsify property auction results;”;

g/ To add Points d1, d2 and d3 below Point d, Clause 5 as follows:

“d1/ Accepting to be authorized by other bidders to participate in the auction of the property for which they also act as bidders; or accepting to be authorized by two or more bidders to participate in the auction of the same property item;

d2/ Participating in an auction session in case the participants’ spouses or biological siblings also act as bidders;

d3/ Participating in an auction session in case the parent companies, subsidiaries or enterprises in which individuals/organizations or groups of individuals/organizations that are capable of controlling the operation of such enterprises in accordance with the law on enterprises also act as bidders for such property;”.

6. To amend and supplement Clauses 2 and 3, Article 10 as follows:

“2. Possessing a university or higher degree in law, economics, business administration, accounting, auditing, finance or banking;

3. Having graduated from an auction training course as specified in Article 11 of this Law;”.

7. To amend and supplement Clause 1, Article 11 as follows:

“1. A person who fully satisfies the criteria specified in Clauses 1 and 2, Article 10 of this Law may join an auction training course.”.

8. To amend and supplement a number of clauses of Article 13 as follows:

a/ To amend and supplement Clause 1 as follows:

“1. Persons possessing a certificate of completion of an auction training course may be admitted as interns in property auction practicing organizations.”;

“b/ To amend and supplement Clause 4 as follows:

“4. A person who has completed the internship specified in Clause 2 of this Article shall make a written report on his/her internship results, which must bear remarks of the instructing auctioneer and confirmation of the property auction practicing organization, and sent it to the provincial-level Department of Justice of the locality where he/she has registered for the internship; and may take an examination of auction practice internship results.

The examination of auction practice internship results covers auction practice skills, the law on property auction and relevant laws, and code of professional ethics of auctioneers.”.

9. To amend and supplement a number of points and clauses of Article 14 as follows:

a/ To amend and supplement Point b, Clause 1 as follows:

“b/ A certified copy or a copy enclosed with the original for collation, of the applicant’s university or higher degree in law, economics, business administration, accounting, auditing, finance or banking;”;

b/ To add Clause 2a below Clause 2 as follows:

“2a. In the course of verifying a dossier of application for an auction practice certificate, the agency competent to issue auction practice certificates may request the criminal records certificate-issuing agency to issue the criminal records certificate No. 2 to the applicant according to the order and procedures specified in the law on criminal records.”.

10. To amend and supplement Clause 4, Article 15 as follows:

“4. Those who are currently examined for penal liability; had been convicted under judgments and such judgments have become legally effective; had been convicted but have not yet had their criminal records expunged; or have been convicted for the crime of violating regulations on property auction, the crime of swindling for appropriating property or corruption-related crimes, even when their criminal records have been expunged.”.

11. To amend and supplement Points b and c, Clause 1, Article 16 as follows:

“b/ He/she has failed to practice property auction under Clause 1, Article 18 of this Law for 2 consecutive years, except his/her failure is caused by a force majeure event;

c/ He/she is administratively sanctioned in accordance with the law on handling of administrative violations for the act specified at Point b, c, or dd1, Clause 1, Article 9 of this Law;”.

12. To amend and supplement Point b, Clause 5, Article 17 as follows:

“b/ He/she is convicted of the crime of violating regulations on property auction, the crime of swindling for appropriating property or corruption-related crimes, even if his/her criminal records have been expunged.”.

13. To amend and supplement a number of points and clauses of Article 19 as follows:

a/ To amend and supplement Point b, Clause 1 as follows:

“b/ To directly conduct auction sessions; to handle situations that arise during the auction sessions in adherence to the principles specified in Article 6 of this Law;”;

b/ To add Point dd1 below Point dd, Clause 2 as follows:

“dd1/ To attend further training courses on auction under regulations;”.

14. To amend and supplement a number of points and clauses of Article 24 as follows:

a/ To amend and supplement Point a, and add Point a1 below Point a, Clause 1 as follows:

“a/ To provide property auction services;

a1/ To reach agreement with the auctioned property seller on application of one, some or all of this Law’s provisions on order and procedures for property auction to auctioned property specified in Clause 2, Article 4 of this Law;”;

b/ To add Points i1 and i2 below Point i, Clause 1 as follows:

“i1/ To collect, manage and use proceeds from the sale of dossiers of invitation for participation in auction in accordance with law;

i2/ To collaborate with other property auction practicing organizations in conducting property auction as specified in Clause 2, Article 4 of this Law;”;

c/ To amend and supplement Point a, Clause 2 as follows:

“a/ To conduct property auction according to the principles, order and procedures specified in this Law, except the case specified at Point a1, Clause 1 of this Article, and take responsibility for property auction results;”.

15. To amend and supplement Clause 1, Article 25 as follows:

“1.  The founder of an enterprise that satisfies the conditions specified in Article 23 of this Law shall send a dossier of request for registration of property auction operation to the provincial-level Department of Justice of the locality where the enterprise’s head office is located and pay a charge in accordance with law. The dossier must comprise:

a/ A written request for operation registration;

b/ The enterprise’s charter, for an auction partnership;

c/ A certified copy or a copy enclosed with the original for collation, of the auction practice certificate of the owner of the auction sole proprietorship, the auction practice certificate of the general partner, or the chief executive officer of the auction partnership.”.

16. To amend and supplement Clause 1, and add Clause 1a below Clause 1, Article 26 as follows:

“1. In case a property auction enterprise changes its name, head office address within a province or centrally run city, branch, representative office or legal representative or the list of auctioneers employed by the enterprise:

a/ Within 10 working days after deciding to make the change, the enterprise shall send a written request for the change to the provincial-level Department of Justice of the locality where it has made the operation registration;

b/ Within 5 working days after receiving the request for the change, the provincial-level Department of Justice shall decide on the change in operation registration contents and re-grant an operation registration certificate for the enterprise. In case of rejection, the provincial-level Department of Justice shall issue a notice, stating the reason. The enterprise that has its request for the change in operation registration contents rejected may file a complaint or initiate a lawsuit in accordance with law.

1a. In case a property auction enterprise makes a change through relocating its head office from a province or centrally run city to another:

a/ Within 10 working days after deciding to make the change, the enterprise shall send a notice of relocation of its head office to the provincial-level Department of Justice of the locality where it has made the operation registration, and send a written request for the change, enclosed with a certified copy, electronic certified copy, or a copy enclosed with the original for collation, of its operation registration certificate to the provincial-level Department of Justice of the locality where the enterprise’s new head office will be located;

b/ Within 5 working days after receiving a complete and valid dossier, the provincial-level Department of Justice of the locality where the enterprise’s new head office will be located shall issue an operation registration certificate to the enterprise; send a notice thereof to the provincial-level Department of Justice of the locality where the enterprise’s former head office is located, and provide information on the enterprise’s operation registration contents under Article 27 of this Law. In case of rejection, the provincial-level Department of Justice shall issue a notice, stating the reason. The enterprise that has its request for issuance of the operation registration certificate rejected may file a complaint or initiate a lawsuit in accordance with law.

From the time the enterprise is issued an operation registration certificate by the provincial-level Department of Justice of the locality where the enterprise’s new head office is relocated, the operation registration certificate issued by the provincial-level Department of Justice of the locality where the enterprise’s former head office is located becomes legally invalid. The provincial-level Department of Justice of the locality where the enterprise’s former head office is located shall issue a decision to invalidate the issued operation registration certificate and publish such on its portal within 3 working days after receiving the notice of issuance of the operation registration certificate to the enterprise from the provincial-level Department of Justice of the locality where the enterprise’s new head office is located;

c/ The property auction enterprise that is issued an operation registration certificate shall publish its operation registration contents under Article 28 of this Law.”.

17. To amend and supplement Clause 1, Article 28 as follows:

“1. Within 30 days after being granted an operation registration certificate, a property auction enterprise shall publish on the National Property Auction Portal the following principal contents:

a/ The enterprise’s name;

b/ Addresses of the enterprise’s head office, branches and representative offices;

c/ Serial number and date of grant of the enterprise’s operation registration certificate, and place of operation registration;

d/ Full name and serial number of the auction practice certificate of the owner, for sole proprietorships; or full names and serial numbers of auction practice certificates of general partners and chief executive officer, for auction partnerships.”.

18. To add Clauses 5, 6 and 7 below Clause 4, Article 29 as follows:

“5. In case a property auction enterprise’s branch changes its office address within a province or centrally run city or changes the branch’s head:

a/ Within 10 working days after deciding to make the change, the enterprise shall send a written request for the change to the provincial-level Department of Justice of the locality where its branch has made the operation registration; in case of changing the branch’s head, the enterprise shall send a written request for the change, enclosed with a certified copy, electronic certified copy, or a copy enclosed with the original for collation, of the auction practice certificate of the branch’s head;

b/ Within 5 working days after receiving the request for the change, the provincial-level Department of Justice shall decide on the change in operation registration contents and re-grant an operation registration certificate for the enterprise’s branch. In case of rejection, the provincial-level Department of Justice shall issue a notice, stating the reason. The enterprise that has its request for the change in its branch’s operation registration contents rejected may file a complaint or initiate a lawsuit in accordance with law.

6. In case the office of a property auction enterprise’s branch is relocated from a province or centrally run city to another:

a/ Within 10 working days after deciding to make the change, the enterprise shall send a notice of relocation of its branch’s office to the provincial-level Department of Justice of the locality where the branch has made the operation registration, and send a written request for the change of the branch’s office, enclosed with a certified copy, electronic certified copy, or a copy enclosed with the original for collation, of the branch’s operation registration certificate;

b/ Within 5 working days after receiving a complete and valid dossier, the provincial-level Department of Justice of the locality where the branch’s new office will be located shall issue an operation registration certificate to the branch; and send a notice thereof to the provincial-level Department of Justice of the locality where the branch’s former office is located. In case of rejection, the provincial-level Department of Justice shall issue a notice, stating the reason. The enterprise that has its request for grant of its branch’s operation registration certificate rejected may file a complaint or initiate a lawsuit in accordance with law.

From the time the branch is granted an operation registration certificate by the provincial-level Department of Justice of the locality where the branch’s new office is located, the operation registration certificate granted by the provincial-level Department of Justice of the locality where the branch’s former office is located becomes legally invalid. The provincial-level Department of Justice of the locality where the branch’s former office is located shall issue a decision to cancel the issued operation registration certificate and publish it on its portal within 3 working days after receiving the notice of grant of the operation registration certificate to the branch from the provincial-level Department of Justice of the locality where the branch’s new office will be relocated.

7. In case a property auction enterprise requests re-grant of its branch’s operation registration certificate which is lost, torn, burnt or otherwise destroyed:

a/ The enterprise shall send a written request for re-grant of the certificate to the provincial-level Department of Justice of the locality where the branch has made the operation registration;

b/ Within 7 working days after receiving the request, the provincial-level Department of Justice shall re-grant the operation registration certificate to the branch. In case of rejection, the provincial-level Department of Justice shall issue a notice, stating the reason. The enterprise that has its request for grant of its branch’s operation registration certificate rejected may file a complaint or initiate a lawsuit in accordance with law.”.          

19. To amend and supplement a number of points and clauses of Article 32 as follows:

a/ To add Point d1 below Point d, Clause 1 as follows:

“d1/ At the request of a competent agency;”;

b/ To add Point dd below Point d, Clause 2 as follows:

“dd/ For the case specified at Point d1, Clause 1 of this Article, the revocation of the operation registration certificate of the property auction enterprise must comply with the Government’s regulations.”.

20. To amend and supplement a number of points and clauses of Article 34 as follows:

a/ To amend and supplement Point a, Clause 2 as follows:

“a/ Name of property or list of property items, property lots or single property items, quantity and quality of the auctioned property; place where the auctioned property is located; and documents proving the ownership or use rights over the auctioned property;”;

b/ To amend and supplement Point c, Clause 2 as follows:

““c/ Starting and ending dates and hours for the sale of dossiers of invitation for participation in auction; starting and ending dates and hours for receipt of dossiers for participation in auction; venues for selling dossiers of invitation for participation in auction and receiving dossiers for participation in auction;”;

c/ To amend and supplement Point dd, Clause 2 as follows:

“dd/ Money amounts paid for buying dossiers of invitation for participation in auction, and advance payments; starting and ending dates and hours for making advance payments;”;

d/ To add Points k, l and m below Point i, Clause 2 as follows:

 “k/ Bid increments and application of bid increments in rounds of auction in case the auction has bid increments and auction rounds; valid and invalid offered bids in case of oral auction or online auction; valid and invalid bid tickets in case of auction in the form of directly casting bid tickets at the auction sessions or auction in the form of delivering sealed bid tickets;

l/ The method of writing in bid tickets, deadline for submitting bid tickets, and order and procedures for sealing, and breaking the seals of, the bid ticket box in case of auction in the form of delivering sealed bid tickets;

m/ Offered bids for each type of auctioned property items, including land use rights and land-attached assets, in case the holder of land use rights is not the owner of the land-attached assets.”;

dd/ To amend and supplement Clause 3 as follows:

“3. Property auction practicing organizations shall publicly display rules of auction at their head offices and venues for organizing auction sessions, and publicize rules of auction on the National Property Auction Portal simultaneously with disclosing information on auction specified in Article 57 of this Law.”.

21. To amend and supplement a number of points and clauses of Article 35 as follows:

a/ To amend and supplement Clause 1, and add Clause 1a below Clause 1 as follows:

“1. A property auction practicing organization shall publicly display information on property auction as follows:

a/ For auctioned movable property, the property auction practicing organization shall publicly display the information specified in Clause 2 of this Article in a consecutive manner at its head office, the head office of the auctioned property seller, the place where the property is displayed (if any) and the place where the auction session is to be held at least 7 working days before the auction session opens;

b/ For auctioned immovable property, the property auction practicing organization shall publicly display the information specified in Clause 2 of this Article in a consecutive manner at its head office, the head office of the auctioned property seller, the place where the auction session is to be held, and the office of the commune-level People’s Committee of the locality where the property is located at least 15 days before the auction session is opened.

For auction of land use rights in case of land allocation or land lease to implement an investment project or auction of the mining rights, the property auction practicing organization shall publicly display the information specified in Clause 2 of this Article in a consecutive manner at its head office, the head office of the auctioned property seller, and the place where the auction session is to be held at least 30 days before the auction session opened.

1a. In case of auction according to the fast-track procedures specified in Article 53 of this Law, the auction practicing organization shall publicly display information on property auction at the places specified in Clause 1 of this Article for:

a/ At least 3 consecutive working days before an auction session is opened, for movable property;

b/ At least 5 consecutive working days before an auction session is opened, for immovable property.”;

b/ To amend and supplement Point b, Clause 2 as follows:

“b/ The contents specified at Points a, b, c, d, dd, e, g, h, k and l, Clause 2, Article 34 of this Law.”.

c/ To amend and supplement Clause 3 as follows:

“3. The property auction practicing organization shall include documents and images on the public display of information on property auction specified in Clauses 1 and 2 of this Article in auction dossiers. In case of public display of information on property auction at the commune-level People’s Committee of the locality where the auctioned immovable property is located, the property auction practicing organization shall keep documents and images on the display or make documents of the display and completion of the display, which must bear the certification by the commune-level People’s Committee.”.

22. To amend and supplement Articles 36 and 37 as follows:

“Article 36. Viewing of auctioned property

1. A property auction practicing organization shall coordinate with an auctioned property seller in organizing a display for bidders to view property or property samples, papers related to the property ownership and use rights and relevant documents (if any). The name of the auctioned property seller and information on the property shall be shown on the property or property samples.

In case the auctioned property is the property rights, the property auction practicing organization shall coordinate with the auctioned property seller in organizing a display for bidders to view documents of title related to the property ownership and use rights and relevant documents (if any).

2. The property auction practicing organization shall coordinate with the auctioned property seller in organizing a display for bidders to view the auctioned property during working hours for at least 3 consecutive working days from the date of public display of the information on property auction to the date before an auction session opens.

Article 37. Venues of auction sessions

1. An auctioned property seller and a property auction practicing organization shall reach agreement on selecting a venue for organization of an auction session, specifically as follows:

a/ For movable property, such venue is a place within the province or centrally run city where the head office of the property auction practicing organization, the head office of the auctioned property seller, or the auctioned property is located;

b/ For immovable property, such venue is a place within the province or centrally run city where the auctioned property is located; in case the auctioned immovable property is located in different provinces and/or centrally run cities, the auctioned property seller and the property auction practicing organization shall select a place in one of such provinces or centrally run cities where the immovable property, the head office of the auctioned property seller or the head office of the property auction practicing organization is located.

2. Upon the expiration of the time limit for submission of a dossier for participation in auction and making of advance payment according to rules of auction, if the venue for organization of the auction session fails to meet the law-specified conditions, the property auction practicing organization shall:

a/ Reach agreement in writing with the auctioned property seller on the change of the venue for organization of the auction session provided that the new venue is located within the notified urban district/rural district/town/provincial city/municipal city;

b/ Notify in writing the venue for organization of the auction session to qualified bidders. The notification shall be made at least 1 working day prior to the opening date of the auction session as identified in the issued rules of auction.”.

23. To amend and supplement Clause 2, and add Clauses 2a, 2b, 2c, 2d and 2dd below Clause 2, Article 38 as follows:

“2. A property auction practicing organization shall sell dossiers of invitation for participation in auction and receive dossiers for participation in auction at its head office during working hours consecutively from the date of public display of information on property auction to the date which is 2 working days earlier than the date an auction session opens, except the cases specified in Clauses 2b and 2c of this Article. The property auction practicing organization shall notify unqualified bidders at least 1 working day prior to the opening date of the auction session.

In case of auction according to the fast-track procedures as specified in Article 53 of this Law, the property auction practicing organization shall sell dossiers of invitation for participation in auction and receive dossiers for participation in auction at its head office during working hours consecutively from the date of public display of information on property auction to the date which is 1 working day earlier than the date an auction session opens.

2a. A dossier of invitation for participation in auction must comprise:

a/ A registration form for participation in the auction;

b/ Rules of the auction;

c/ A bid ticket, in case of auction in the form of delivering sealed bid tickets;

d/ Documents related to the auctioned property.

2b. For auction of land use rights in case of land allocation or land lease to implement an investment project or auction of the mining rights, the property auction practicing organization shall sell dossiers of invitation for participation in auction and receive dossiers for participation in auction at its head office during working hours consecutively from the date of public display of information on property auction to the date which is 15 days earlier than the date an auction session is opened.

A bidder shall submit 2 sets of sealed dossier to the property auction practicing organization. Within 1 working day after the deadline for dossier receipt, the property auction practicing organization shall send 1 set of sealed dossier of the bidder to the auctioned property seller. The auctioned property seller shall, pursuant to the law applicable to the auctioned property type, consider whether the bidder satisfies the law-specified conditions and notify the property auction practicing organization of the list of qualified and unqualified bidders at least 5 working days before the auction session is opened.

The property auction practicing organization shall notify in writing to each bidder of its/his/her satisfaction of the requirements and conditions for participation in the auction at least 3 working days before the auction session is opened.

2c. In case the property auction practicing organization’s head office is located in a province or centrally run city other than the province or centrally run city where the auctioned property is located, in addition to selling dossiers of invitation for participation in auction and receiving dossiers for participation in auction at its head office, the property auction practicing organization shall also sell dossiers of invitation for participation in auction and receive dossiers for participation in auction at the head office of the auctioned property seller or another place as agreed upon with the auctioned property seller provided that such place is located within the province or centrally run city where the auctioned property is located within the time limits specified in under Clauses 2 and 2b of this Article.

2d. In addition to selling dossiers of invitation for participation in auction and receiving dossiers for participation in auction specified in Clauses 2, 2b and 2c of this Article, the property auction practicing organization and the auctioned property seller shall reach agreement on the sale of dossiers of invitation for participation in auction and receipt of dossiers for participation in auction at other places, or online on the websites of the auctioned property seller and the property auction practicing organization or via the National Property Auction Portal.

2dd. A dossier for participation in an auction must comprise:

a/ A registration form for participation in the auction;

b/ Papers proving the bidder’s satisfaction of requirements and conditions for participation in the auction or a competent agency’s written certification of the bidder’s satisfaction of requirements and conditions for participation in the auction in case requirements and conditions for participation in the auction are specified by law.”.

24. To amend and supplement a number of points and clauses of Article 39 as follows:

a/ To amend and supplement Clause 1; and add Clauses 1a and 1b below Clause 1 as follows:

“1. A bidder shall make an advance payment. The advance payment shall be deposited into a separate payment account opened by the property auction practicing organization at a commercial bank or foreign bank branch in Vietnam.

The bidder, auctioned property seller and the property auction practicing organization may reach agreement on the use of bank guarantee instead of advance payment.

For auction of land use rights in case of land allocation or land lease to implement an investment project or auction of rights to use radio frequencies, the auctioned property seller may request the freezing of the property auction practicing organization’s separate payment account for the advance payment in accordance with the law on credit institutions.

1a. The advance payment shall be agreed upon by the property auction practicing organization and the auctioned property seller, which must be between five percent and twenty percent of the reserve price of the auctioned property, except the case specified in Clause 1b of this Article and the following cases:

a/ In case of auction of the mining rights in which the reserve price has not been calculated in a money amount, the advance payment shall be determined in accordance with the law on minerals; in case of auction of the mining rights in which the reserve price has been calculated in a money amount, the advance payment must be between ten percent and twenty percent of the reserve price;

b/ For auction of land use rights in case of land allocation or land lease to implement an investment project, the advance payment must be between ten percent and twenty percent of the reserve price;

c/ In case of auction of the rights to lease property in which the reserve price is determined according to the annual unit rate of rental, the advance payment must be between five percent and twenty percent of the reserve price multiplied by the lease term.

1b. In case of auction of the rights to use radio frequencies, the advance payment shall be agreed upon by the property auction practicing organization and the auctioned property seller, and shall be determined as follows:

a/ In case of bid offering as specified at Point a, Clause 1, Article 59 of this Law, the advance payment must be between five percent and twenty percent of the reserve price of the auctioned radio frequency band;

b/ In case of bid offering and acceptance of the set price as specified at Point b, Clause 1, Article 59 of this Law, the advance payment must be between five percent and twenty percent of the reserve price of the auctioned radio frequency band multiplied by the quantity of radio frequency bands registered for purchase;

c/ In case of bid offering as specified at Point c, Clause 1, Article 59 of this Law, the advance payment must be between five percent and twenty percent of the reserve price of the auctioned radio frequency band winning the highest reserve price among the radio frequency bands put for auction, which is multiplied by the quantity of radio frequency bands registered for purchase.”;

b/ To amend and supplement Clauses 2, 3, 4 and 5 as follows:

“2. A bidder shall make advance payment to the property auction practicing organization during the period from the date of public display of information on property auction to the date which is 2 working days earlier than the date an auction session opens.

In case of auction according to the fast-track procedures specified in Article 53 of this Law, a bidder shall make advance payment to the property auction practicing organization during the period from the date of public display of information on property auction to the date which is 1 working day earlier than the date an auction session opens.

For auction of land use rights in case of land allocation or land lease to implement an investment project or auction of the mining rights, a bidder satisfying the requirements and conditions for participating in the auction as notified by the property auction practicing organization under Clause 2b, Article 38 of this Law shall make advance payment to the property auction practicing organization at least 1 working day before the opening date of an auction session.

3. A bidder may refuse to participate in the auction and be refunded the advance payment in case of a change in the publicly displayed or notified reserve price, quantity or quality of the auctioned property, time and venue for organization of the auction session, form of auction, auction method.

4. Within 3 working days after the end of the auction session or within another time limit as agreed upon, the property auction practicing organization shall refund the advance payment and interest thereon (if any) to the bidder that refuses to participate in the auction under Clause 3 of this Article, the bidder that has made the advance payment but fails to satisfy the requirements and conditions for participating in the auction as notified by the property auction practicing organization, or the unsuccessful bidder, except the case specified in Clause 6 of this Article. 

5. For the winning bidder, the advance payment and interest thereon (if any) shall be converted into a deposit to secure the performance of a commitment or a contract on purchase and sale of the auctioned property or an obligation to buy the auctioned property after obtaining approval from a competent agency. The property auction practicing organization shall transfer the deposit to the auctioned property seller within 3 working days from the closing date of the auction session, unless otherwise specified by law.

The deposit shall be handled in accordance with the civil law and other relevant laws.”.

25. To amend and supplement Point d, Clause 2, Article 41 as follows:

“d/ The auctioneer declares the bidder who has offered the highest bid to be the winning bidder after he/she has repeated 3 times the highest bid but no one else offers a higher bid.”.

26. To amend and supplement a number of points of Clause 2, Article 42 as follows:

a/ To amend and supplement Point a as follows:

“a/ Each of the bidders is delivered a bid ticket for him/her to write a bid he/she wants to offer. Upon the expiration of the time limit for writing in the bid ticket, the bidders shall cast their bid tickets into the ticket box; the auctioneer shall count and announce the number of tickets delivered, the number of tickets collected, the number of valid tickets, and the number of invalid tickets, and announce each of the offered bids and the highest bid under the supervision of at least one bidder; in case of auction of land use rights for allocation of residential land for an individual, the auctioneer is only required to announce the highest bid under the supervision of at least one bidder;”;

b/ To amend and supplement Point d as follows:

“d/ If two or more bidders offer the same highest bid, the auctioneer shall hold another auction among these bidders for selecting the winning bidder. The auctioneer shall deliver a bid ticket to the bidder who wishes to continue to offer a bid, and declares such person as the winning bidder if he/she offers the higher bid as compared to other bidders. If all the bidders who offer the same highest bid do not agree to holding another auction, the auctioneer shall hold a lucky draw to select the winning bidder.”.

27. To amend and supplement Article 43 as follows:

“Article 43. Auction in the form of delivering sealed bid tickets

1. A bidder’s bid ticket shall be put into a sealed envelope bearing the signature of the bidder at the edges of the envelope. The bid ticket shall be sent by post or submitted directly to the property auction practicing organization for being put into the ticket box. The ticket box shall be sealed right after the deadline for ticket receipt.

The deadline for receipt of bidders’ bid tickets shall be specified by the property auction practicing organization in the rules of auction, which must be 2 working days earlier than the date the auction session opens. A session for announcement of offered bids shall be considered an auction session.

2. At the session for announcement of bidders’ offered bids, the auctioneer shall conduct the auction session according to the following procedures:

a/ To comply with Points a, b, c, d and e, Clause 1, Article 41 of this Law;

b/ To repeat requirements for valid bid tickets and invalid bid tickets;

c/ To invite the auctioned property seller and at least one bidder to supervise the intactness of the ticket box. If no opinion else is given on the supervision result, the auctioneer shall break the seal of the ticket box;

d/ To invite the auctioned property seller and at least one bidder to supervise the intactness of the ticket envelopes;

dd/ To open every ticket envelope, except the envelopes of bid tickets of the bidders who do not participate in the session for announcement of bidders’ offered bids, announce the number of valid tickets and the number of invalid tickets, and announce every bid ticket and the bid ticket with the highest bid under the supervision of the auctioned property seller and at least one bidder; in case of auction of land use rights for allocation of residential land to an individual, to announce only the highest bid under the supervision of the auctioned property seller and at least one bidder;

e/ To declare the bidder who has offered the highest bid to be the winning bidder.

3. If two or more bidders offer the highest bid, right after the announcement of the highest bid tickets, the auctioneer shall hold another auction for these bidders in order to select the winning bidder. The auctioneer shall decide to hold an oral auction or an auction in the form of directly casting bid tickets. The auctioneer shall hold another auction for the bidder who wishes to continue to offer a bid, and declare such bidder as the winning bidder if he/she offers the higher bid as compared to other bidders. If all the bidders who offer the same highest bid do not agree to holding another auction, the auctioneer shall hold a lucky draw to select the winning bidder.”.

28. To add Articles 43a and 43b below Article 43 as follows:

“Article 43a. Online auction

1. Online auctions shall be conducted through the National Property Auction Portal or online auction websites.

2. The establishment, management and operation of the National Property Auction Portal and online auction websites must comply with the law on information and communications, the law on e-commerce and the law on property auction.

Funds for establishment, management, operation, maintenance and upgrading of the National Property Auction Portal shall be allocated from the state budget and other sources in accordance with law.

3. Property auction practicing organizations, property auction councils, and the organization with 100% charter capital owned by by the State which is established by the State Bank of Vietnam to deal with non-performing loans of credit institutions shall organize online auctions through the National Property Auction Portal or their own online auction websites or may hire or use online auction websites of other property auction practicing organizations.

4. Expenses for use of the National Property Auction Portal and expenses for hiring online auction websites to organize online auctions shall be included in the property auction expenses as specified in Clause 2, Article 66 of this Law.

5. The Government shall specify requirements and conditions for the National Property Auction Portal and requirements and conditions for, and appraisal and approval of, online auction websites; and responsibilities of agencies, organizations and individuals in the establishment, management, operation and use of the National Property Auction Portal and online auction websites.

Article 43b. Procedures for online auctions

1. Property auction practicing organizations, property auction councils, and the organization with 100% charter capital owned by the State which is established by the State Bank of Vietnam to deal with non-performing loans of credit institutions shall carry out the procedures for online auctions under this Article, Articles 33 thru 39, Article 43a, Articles 44 thru 54, and Chapter IV, of this Law.

2. Property auction practicing organizations, property auction councils, and the organization with 100% charter capital owned by the State which is established by the State Bank of Vietnam to deal with non-performing loans of credit institutions shall post the rules of auctions, and publicly announce auctions on the National Property Auction Portal or online auction websites.

3. Bidders shall register for participation in the auctions, submit dossiers for participation in auctions, and offer bids on the National Property Auction Portal or online auction websites; make advance payment according to regulations; and view the auctioned property online or directly according to the rules of the auctions.

4. Property auction practicing organizations shall assign auctioneers to conduct online auctions. Property auction councils and the organization with 100% charter capital owned by the State which is established by the State Bank of Vietnam to deal with non-performing loans of credit institutions shall assign their members to conduct online auctions.

5. The results of online auctions shall be publicly posted on the National Property Auction Portal or online auction websites and sent to the email addresses of bidders.

6. The Government shall detail this Article.”.

29. To add Clause 2a below Clause 2, Article 46 as follows:

“2a. Within 7 working days after receiving an auction dossier as specified in Clause 2, Article 45 of this Law, the auctioned property seller and the winning bidder shall conclude a contract on purchase and sale of the auctioned property, unless otherwise provided by law.”.

30. To amend and supplement a number of points and clauses of Article 47 as follows:

a/ To add Points dd1, dd2 and dd3 below Point dd, Clause 1 as follows:

“dd1/ To decide whether or not to apply bid increments to the auction. In case of deciding to apply a bid increment, the to-be-applied bid increment is the fixed difference or the difference with minimum and maximum levels or the minimum difference;

dd2/ To request the property auction practicing organization or auctioneer to suspend, stop or cancel the auction or auction session in accordance with the law on enforcement of civil judgments in case of auction of property for judgment enforcement;

dd3/ To reach agreement with the property auction practicing organization on the application of one, several or all provisions of this Law regarding the order and procedures for property auction for the auctioned property as specified in Clause 2, Article 4 of this Law;”;

b/ To amend and supplement Point d; and add Point d1, d2, d3, d4 and d5 below Point d, Clause 2 as follows:

“d/ To report to competent agencies on the selection of the property auction practicing organization and the supervision of the process of organizing auction in the case of auction of property specified in Clause 1, Article 4 of this Law;

d1/ To determine the reserve price and bid decrement of the auctioned property in accordance with law applicable to such type of property;

d2/ To refrain from providing information on a bidder to other bidders in the process of verifying and approving the conditions for participating in the auction until the end of the auction;

d3/ To pay property auction expenses and auction service prices to the property auction practicing organization according to the contract on property auction services;

d4/ To coordinate with the property auction practicing organization in organizing a display for bidders to view the auctioned property in accordance with Article 36 of this Law;

d5/ To notify in writing the property auction practicing organization of the application of bid increments at auction rounds and include such in the contract on property auction services in case of deciding to apply bid increments;”.

31. To amend and supplement a number of clauses of Article 49 as follows:

a/ To amend and supplement Clause 1 as follows:

“1. In case only one bidder registers for participation in auction, one bidder participates in auction, one bidder offers bids or one bidder accepts the set bid, an auction shall be conducted as follows:

a/ In case of an ascending-price auction, when the time limit for registration for participation in the auction has expired but only one bidder registers for participation in the auction, or more than one bidder registers for participation in the auction but only one bidder participates in the auction session, or more than one bidder participates in the auction session but only one bidder offers valid bids, or more than one bidder offers bids but only one bidder offers the highest bid which is at least equal to the reserve price, the property shall be sold to such bidder;

b/ In case of a descending-price auction, if only one bidder registers for participation in the auction, or more than one bidder registers for participation in the auction but only one bidder participates in the auction session and accepts the reserve price or accepts the decreased price, the property shall be sold to such bidder.”;

b/ To add Clause 2a below Clause 2 as follows:

“2a. The property auction specified in Clause 1 of this Article is not applicable to property items that are not subject to auction under regulations applicable to such types of property items in case only one bidder registers for participation in the auction, one bidder participates in the auction, or one bidder offers bids.”.

32. To amend and supplement Clause 1, Article 50 as follows:

“1. At an ascending-price auction session in the form of oral auction, the form of directly casting bid tickets at the auction session, or the form of online auction, if the bidder who has offered the highest bid withdraws such bid before the auctioneer declares the winning bidder, the auction session still proceeds with the offering of bids starting again from the bid offered by the preceding bidder.”.

33. To amend and supplement a number of points of Clause 1, Article 52 as follows:

a/ To add Point a1 below Point a as follows:

“a1/ All bidders who have registered for participation in the auction but do not participate in the auction session;”;

b/ To amend and supplement Point g as follows:

“g/ Only one bidder registers for participation in the auction though the time limit for registration has expired or more than one bidder registers for participation in the auction but only one bidder participates in the auction session or more than one bidder participates in the auction session but only one bidder offers bids, or more than one bidder offers bids but only one bidder offers valid bids, in the case of property auction specified in Clause 2a, Article 49 of this Law.”.

34. To amend and supplement Clause 2, Article 53 as follows:

“2. The auction according to the fast-track procedures specified in Clause 1 of this Article is not applicable to property items being land use rights in case of land allocation or land lease for implementation of investment projects, auction of the mining rights, the rights to use radio frequencies, and other property items in accordance with relevant laws.”.

35. To amend and supplement Article 54 as follows:

“Article 54. Retention of dossiers

1. The auctioned property seller, the property auction practicing organization, and the person competent to decide to form the property auction council shall retain auction dossiers and documents in accordance with the law on archives for at least 5 years from the date an auction ends, except the cases specified in Clause 2 of this Article.

2. Individuals and organizations that voluntarily select auction as specified in Clause 2, Article 4 of this Law shall decide to retain auction dossiers and documents in accordance with the law on archives.”.

36. To add Clause 6, Article 56 as follows:

“6. The Minister of Justice shall detail this Article.”.

37. To amend and supplement a number of clauses of Article 57 as follows:

a/ To amend and supplement Clause 1 and add Clause 1a below Clause 1 as follows:

“1. In addition to the provisions on public display of information on property auction specified in Clauses 1 and 2, Article 35 of this Law, for movable property with a reserve price of fifty million Vietnam dong or more and immovable property, the property auction practicing organization shall publicize information on the auction twice on the National Property Auction Portal with the interval lasting for at least 2 days and at least once on a central- or provincial-level printed newspaper or television of the locality where the auctioned property is located, except the case in which the venue for organizing the auction session is changed after the deadline for receiving dossiers and making advance payment as specified in Clause 2, Article 37 of this Law.

In case of changing one of to-be-disclosed information details on property auction as specified in Clause 4 of this Article or suspending the organization of auction before the deadline for receiving dossiers for participation in the auction and making advance payment, the property auction practicing organization shall publicly display the changed contents within the time limit specified in Clause 1, Article 35 of this Law and publicize the changed contents within the time limit specified in Clause 3 of this Article.

1a. In addition to publicizing information on the National Property Auction Portal and the central- or provincial-level printed newspaper or television of the locality where the auctioned property is located as specified in Clause 1 of this Article, the property auction practicing organization shall publicize the auction of property in other mass media at the request of the auctioned property seller.”;

b/ To amend and supplement Clauses 2 and 3 as follows:

“2. In case of auction according to the fast-track procedures as specified in Clause 1, Article 53 of this Law, in addition to publicly displaying information on property auction specified in Clause 1a, Article 35 of this Law, the property auction practicing organization shall publicize information on the National Property Auction Portal.

3. The duration of publicization specified in Clause 1 of this Article must be at least 7 working days, for movable property, or 15 days, for immovable property, before the date an auction session opens. The publicization specified in Clause 2 of this Article shall be made simultaneously with the public display of information on property auction specified in Clause 1a, Article 35 of this Law.”.

38. To amend and supplement Article 59 as follows:

“Article 59. Offering bids and accepting set prices in auction of the rights to use radio frequencies

1. Offering bids and accepting set prices in auction of the rights to use radio frequencies shall be carried out by the following methods:

a/ Offering bids under Clause 2, Article 42 of this Law;

b/ Offering bids and accepting set prices according in two stages, including the stage of determining the quantity of winning frequency bands and the stage of determining the locations of winning frequency bands;

c/ Offering bids according to the quantity of frequency bands registered for purchase for which it is allowed to change the frequency bands with offered bids at auction rounds.

2. Auctioned property sellers shall base themselves on the frequency bands and the quantity of frequency bands put for auction to choose the methods of offering bids and accepting set prices specified in Clause 1 of this Article.

3. The Government shall detail Points b and c, Clause 1, and Clause 2, of this Article.”.

39. To amend and supplement Point a, Clause 2, Article 62 as follows:

“a/ The obligations specified at Points a, b, c and d, Clause 2, Article 24 of this Law;”.

40. To add Clause 3 below Clause 2, Article 66 as follows:

“3. The proceeds from the sale of dossiers of invitation for participation in auction belong to property auction practicing organizations. The collection, management and use of the proceeds from the sale of dossiers of invitation for participation in auction must comply with law.”.

41. To amend and supplement Article 70 as follows:

“Article 70. Handling of violations committed by bidders, winning bidders or related individuals and organizations

1. Bidders, winning bidders or related individuals and organizations that commit one of the acts specified in Clause 5, Article 9, or violates other provisions, of this Law shall, depending on the nature and severity of their violations, be disciplined, administratively sanctioned or examined for penal liability and, if causing damage, pay compensation in accordance with law.

2. For winning bidders of land use rights in case of land allocation or land lease for implementation of investment projects or winning bidders of the mining rights that breach the obligation to pay the winning bid price, leading to the cancellation of the decision on recognition of auction results, they shall, depending on the nature and severity of their violation, be prohibited from participating in the auction for that type of property for between 6 months and 5 years.

3. The agency competent to approve the auction winning results of land use rights in case of land allocation or land lease for implementation of investment projects or the auction winning results of the mining rights is the agency competent to decide on prohibition of participation in the auction as specified in Clause 2 of this Article.

4. The decision on prohibition of participation in the auction shall be sent to the organization or individual handled for its/his/her violation and related agencies and organizations, and concurrently to the Ministry of Justice, and posted on the National Property Auction Portal.

5. The Government shall detail Clauses 2, 3 and 4 of this Article.”.

42. To amend and supplement Clause 4, Article 72 as follows:

“4. Under the decision of the person competent to sanction administrative violations upon the occurrence of one of the grounds specified in Clause 6, Article 33 of this Law or in case the auctioned property seller, the bidder, the winning bidder, the property auction practicing organization and the auctioneer commit an act of colluding or being in cahoots with one another for suppressing prices during the auction, thus falsifying information on the auctioned property or dossiers for participation in auction or property auction results.”.

43. To amend and supplement Article 73 as follows:

“Article 73. Legal consequences of cancellation of property auction results

1. In case of cancellation of property auction results under Clause 2, 3 and 4, Article 72 of this Law, the parties shall restore the original state of, and return to one another, the received property or pay cash if they are unable to return the property in kind. The party causing damage shall pay compensation in accordance with law.

2. The cancellation of property auction results specified in Clauses 3 and 4, Article 72 of this Law is as follows:

a/ The agency competent to approve property auction results shall cancel the decision on approval of property auction results. The order and procedures for cancellation of decisions on approval of property auction results must comply with relevant laws;

b/ The auctioned property seller shall cancel the conclusion of the contract on purchase and sale of the auctioned property or cancel the contract on purchase and sale of the auctioned property or request the court to cancel the contract on purchase and sale of the auctioned property or declare such contract null and void in accordance with law.”.

44. To amend and supplement a number of points of Clause 2, Article 77 as follows:

a/ To amend and supplement Point d as follows:

“d/ To set a framework program on auction training courses and auction training institutions; programs, contents and organization of further training courses for auctioneers; and auction practice internship and testing of auction practice internship results;”;

b/ To amend Point e and Point g as follows:

“e/ To establish, manage, and guide the use of, the National Property Auction Portal meeting requirements on confidentiality and information security; to assign the specialized agency or attached unit to organize the operation of the Portal;

g/ To conduct examination and inspection, and handle violations in the organization of property auction activities; and the organization and operation of the auctioneers’ socio-professional organization according to its competence;”;

c/ To add Point il below Point i as follows:

“il/ To assume the prime responsibility for, and coordinate with related ministries and sectors in, specifying expenses for display of notices on selection of property auction practicing organizations, expenses for publicization of information on property auction on the National Property Auction Portal, expenses for the use of the National Property Auction Portal, and other related expenses in accordance with law;”.

45. To replace or annul words and phrases in a number of points and clauses as follows:

a/ To replace the phrase “dossiers of property auction organizations for participation in auction organization” specified in Clause 3, Article 56 with the phrase “dossiers for participation in selection of property auction practicing organizations”;

b/ To replace the phrase “property auction organizations” specified in Article 1; Clause 1, Article 2; Clauses 4 and 12, Article 5; Clause 3, Article 6; Point b, Clause 2, Article 8; Clause 2, Article 9; the title of Chapter II; Clauses 2 and 3, Article 13; Points d and dd, Clause 1, and Point c, Clause 2, Article 19; Article 20; the title of Section 2, Chapter II; Article 24; Article 33; Clause 1, Article 34; Point a, Clause 2, and Clause 4, Article 35; Clauses 1 and 3, and Point b, Clause 4, Article 38; Clause 7, Article 39; Clause 1, Article 40; Clause 4, Article 42; Clause 4, Article 44; Article 45; Clause 2, Article 46; Point c, Clause 1, Article 47; Clauses 2 and 3, Article 52; Clause 1, Article 53; Article 56; Point a, Clause 4, and Clause 5, Article 57; Point b, Clause 1, and Clause 3, Article 60; Clause 2, Article 64; Clauses 1 and 2, Article 66; Article 67; the title of, and Clause 2, Article 69; Clause 1, Article 72; and Point d, Clause 1, Article 79 with the phrase “property auction practicing organizations”;

c/ To replace the phrase “the Government” specified in Clause 2, Article 2; Point c, Clause 1, Article 8; Point c, Clause 1, Article 18; Point dd, Clause 1, Article 19; Article 20; Article 64; Clauses 1, 2 and 3, Article 65; and the title of and Clause 2, Article 69 with the phrase “the State Bank of Vietnam”

d/ To replace the phrase “sold through auction” specified in the title of Chapter IV; the title of Article 55; and Clause 1, Article 60 with the word “auctioned”;

dd/ To replace the phrase “put for auction” specified in Clause 5, Article 5; Point g, Clause 1, Article 24; and Clause 2, Article 64 with the word “auctioned”;

e/ To replace the phrase “the specialized property auction website” specified in Clause 1, Article 56 with the phrase “the National Property Auction Portal”;

g/ To replace the phrase “dossiers of registration for participation in auction” specified at Point c, Clause 6, Article 33; and Point b, Clause 3, Article 65 with the phrase “dossiers of invitation for participation in auction”;

 h/ To replace the phrase “auction dossiers” specified at Point a, Clause 3, Article 65 with the phrase “dossiers of invitation for participation in auction, dossiers for participation in auction”; and replace the phrase “auction dossiers” specified at Point d, Clause 2, Article 78 with the phrase “dossiers of invitation for participation in auction”;

i/ To replace the phrase “dossiers for registration for participation in auction organizations” specified at Point dd, Clause 2, Article 56 with the phrase “dossiers for participation in selection of property auction practicing organizations”;

k/ To replace the phrase “participate in an auction” specified at Point c, Clause 2, and Point a, Clause 5, Article 9; Point a, Clause 6, Article 39; Clause 4, Article 50; Point a, Clause 1, Article 62; and Point b, Clause 3, Article 65 with the phrase “participate in an auction session”.

l/ To replace the phrase “conduct auctions” specified at Point dd, Clause 1, Article 19; Point a, Clause 6, Article 33; Point b, Clause 4, Article 38; Clause 2, Article 44; and Article 51 with the phrase “conduct auction sessions”;

m/ To replace the phrase “at the auction” specified in Clause 2, Article 44; and Article 51 with the phrase “at the auction session”;

n/ To replace the phrase “To hold an auction” specified at Point c, Clause 1, Article 65 with the phrase “To hold an auction session”;

o/ To replace the phrase “Auctions shall be conducted by auctioneers” specified in Clause 4, Article 6 with the phrase “Auction sessions shall be conducted by auctioneers”;

p/ To replace the phrase “Developments of the auction” specified in Clause 2, Article 44 with the phrase “Developments of the auction session”;

q/ To replace the word “auction” specified at Point c, Clause 5, Article 9; Clause 3, Article 13; Points c and d, Clause 1, and Point c, Clause 2, Article 19; Point dd, Clause 1, and Point c, Clause 2, Article 24; Point g, Clause 2, Article 34; Points a and b, Clause 1, Article 40; the title of and the beginning sentence of Clause 1, Article 41; the title of, Clause 1, and Point c, Clause 2, Article 42; Points b and d, Clause 1, Article 47; Clause 2, Article 49; Clauses 2 and 3, Article 50; Points b and c, Clause 1, Article 52; Clause 3, Article 60; Clause 1, Article 61; Points a and b, Clause 1, Article 62; Point c, Clause 1, Article 63; and Point b, Clause 1, Article 65 with the phrase “auction session”;

r/ To replace the phrase “hom phieu” specified at Point a, Clause 3, Article 42 with the phrase “thung phieu” (ticket box).

46. To annul a number of the following points, clauses and articles:

a/ To annul Article 12;

b/ To annul Points c, d, dd, Clause 1, and Clause 3, Article 14;

c/ To annul Point h, Clause 1, Article 24;

d/ To annul Point dd, Clause 2, Article 29;

dd/ To annul Point 4, Article 40;

e/ To annul Clause 3, Article 49;

g/ To annul Clause 3, Article 53;

h/ To annul Point d, Clause 4, Article 56;

i/ To annul Point h, Clause 2, Article 65;

k/ To annul Clause 5, Article 72;

l/ To annul Article 76;

m/ To annul Point c, Clause 1, Article 79.

Article 2. Effect

This Law takes effect on January 1, 2025, except the cases specified in Article 3 of this Law.

Article 3. Transitional provisions

1. For auctioned property sellers that have notified the selection of property auction practicing organizations before the effective date of this Law but have yet to obtain results on selection of property auction practicing organizations, they may continue the selection of property auction practicing organizations in accordance with Law No. 01/2016/QH14 on Property Auction, which has a number of articles amended and supplemented under Law No. 16/2023/QH15.

2. For auctioned property sellers and property auction practicing organizations that have concluded property auction service contracts before the effective date of this Law, the auction may continue to be organized in accordance with Law No. 01/2016/QH14 on Property Auction, which has a number of articles amended and supplemented under Law No. 16/2023/QH15.

3. For persons exempt from auction training who are in the probation period of auction practice or have completed the probation period of auction practice in accordance with Law No. 01/2016/QH14 on Property Auction, which has a number of articles amended and supplemented under Law No. 16/2023/QH15, before the effective date of this Law, when they apply for auction practice certificates, the issuance of auction practice certificates may continue to comply with Law No. 01/2016/QH14 on Property Auction, which has a number of articles amended and supplemented under Law No. 16/2023/QH15.

This Law was passed on June 27, 2024, by the 15^th National Assembly of the Socialist Republic of Vietnam at its 7^th session.-

Chairman of the National Assembly
TRAN THANH MAN