Luật đấu giá tài sản 2016 số 01/2016/QH14

THE
NATIONAL ASSEMBLY
——-

THE
SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
—————

No.
01/2016/QH14

Hanoi,
November 17, 2016

 

LAW

ON PROPERTY AUCTION

Pursuant to the Constitution
of the Socialist Republic Vietnam;

The National Assembly
promulgates the Law on Property Auction.

Chapter I

GENERAL PROVISIONS

Article 1. Scope
of regulation

This Law prescribes principles,
order and procedures for property auction; auctioneers and property auction
organizations; remuneration for auction services and property auction expenses;
handling of violations, cancellation of property auction results and
compensations for damage; and the state management of property auction.

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1. Auctioneers,
property auction organizations and property auction councils.

2. The wholly
state-owned organization established by the Government to settle non-
performing loans of credit institutions.

3. Auctioned property
sellers, bidders, winning bidders and auctioned property buyers.

4. Other individuals
and organizations involved in property auction activities.

Article
3. Application of the Law on Property
Auction and provisions on property auction order and procedures of other laws

1. In case there is a
difference between the provisions on property auction order and procedures of
this Law and of other laws, those of this Law shall prevail, except the case
specified in Clause 2 of this Article.

2. The auction of
securities shall be carried out in accordance with the law on securities; the
auction of state property located overseas shall be carried out in accordance
with the law on management and use of state property.

Article
4. Property to be auctioned

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

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b/ Property over which
ownership by the entire people is established in accordance with law;

c/ Property being land
use rights as defined by the land law;

d/ Collateral as
defined by the law on secured transactions;

dd/ Property for judgment enforcement as defined by the law on
enforcement of civil judgments;

e/ Property being
exhibits or means used in administrative violations which are forfeited into
the public funds, property distrained to secure the execution of administrative
sanctioning decisions in accordance with the law on handling of administrative
violations;

g/ Property being
national reserve goods as defined by the law on national reserves;

h/ Fixed assets of
enterprises as defined by the law on management and use of state capital
invested in production and business at enterprises;

i/ Property of
enterprises and cooperatives declared bankrupt in accordance with the law on
bankruptcy;

k/ Property being road
infrastructure facilities and the right to collect charges for use of road
infrastructure facilities in accordance with the law on management, use and
operation of road infrastructure facilities;

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m/ Property being the
right to use or own planted production forests in accordance with the law on
forest protection and development;

n/ Property being the
right to use radio frequencies in accordance with the law on radio frequencies;

o/ Property being non-performing
loans and collateral for such non-performing loans of the wholly state-owned
organization established by the Government to settle non-performing loans of
credit institutions in accordance with law;

p/ Other property required
by law to be sold through auction.

2. Property owned by
individuals and organizations which will be sold through auction of their own
free will according to the order and procedures prescribed in this Law.

Article
5. Interpretation of terms

In this Law, the terms
and expressions below shall be construed as follows:

1. Bid increment means
the minimum amount by which a bid will be raised each time the current highest
bid is outdone in case of ascending-price auction. A bid increment shall be
decided and notified in writing by the auctioned property seller to the
property auction organization upon each auction session.

2. Property auction
means a method of selling property involving two or more bidders according to
the order and procedures prescribed in this Law, except the case specified in
Article 49 of this Law.

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4. Bid decrement means
the minimum amount by which the next bid must fall from the current highest bid
in case of descending-price auction. A bid decrement shall be decided and
notified in writing by the auctioned property seller to the property auction
organization upon each auction session.

5. Auctioned property
seller means an individual or organization that owns a property item to be
auctioned or a person authorized by a property owner to sell a property item
through auction or person having the right to put a property item for auction
under an agreement or in accordance with law.

6. Auctioned property
buyer means a winning bidder that enters into a contract for purchase and sale
of an auctioned property item or has property auction results approved by a
competent agency.

7. Bidder means an
individual or organization qualified for participating in an auction to buy the
auctioned property in accordance with this Law and other relevant regulations.

8. Winning bidder
means an individual or organization that makes the highest bid compared to the
reserve price or a bid equal to the reserve price if no bid higher than the
reserve price is made in case of ascending-price auction; or an individual or
organization that accepts the reserve price or decreased price in case of
descending-price auction.

9. Descending-price
auction means a method of auction in which the auctioneer lowers the asking
price until a bidder willing to accept the auctioneer-set price is called.

10. Ascending-price
auction means a method of auction in which bidders make their bids in an
ascending order until the highest bidder is called.

11. Auctioned property
means a property allowed to be traded in accordance with law.

12. Property auction
organizations include property auction service centers and property auction
businesses.

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1. Compliance with
law.

2. Assurance of
independence, honesty, publicity, transparency, equality and objectivity.

3. Protection of
lawful rights and interests of auctioned property sellers, bidders, winning
bidders, auctioned property buyers, property auction organizations and
auctioneers.

4. Auctions shall be
conducted by auctioneers, except those conducted by property auction councils.

Article
7. Protection of lawful rights and
interests of bona fide auctioned property sellers, bidders, winning bidders and
auctioned property buyers

1. Competent state
agencies shall, within the ambit of their tasks and powers, guarantee the
exercise of lawful rights and interests of bona fide auctioned property
sellers, bidders, winning bidders and auctioned property buyers.

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

The settlement of a
dispute over the ownership of an auctioned property item, a complaint or
lawsuit about the legal validity of a successful auction, and the cancellation
of property auction results prescribed in Clauses 2, 3 and 4, Article 72 of
this Law shall be effected according to summary procedures prescribed by the
civil procedure law.

3. In case there is a
judgment or decision of a competent state agency on partial modification or
whole cancellation of decisions related to a property item before such property
is put for auction but the property auction order and procedures still comply
with this Law, such property shall still be under the ownership by the bona
fide buyer, except where the property auction results are cancelled under Article
72 of this Law.

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1. The reserve price
of an auctioned property item shall be determined before:

a/ The signing of a
property auction service contract;

b/ A property auction council
is formed, unless otherwise provided by law;

c/ The wholly
state-owned organization established by the Government to settle non-
performing loans of credit institutions conducts by itself the auction.

2. The reserve price
of an auctioned property item shall be determined as follows:

a/ For the types of
auctioned property specified in Clause 1, Article 4 of this Law, their reserve
prices shall be determined under the relevant regulations applicable to such
types of property;

b/ For the types of
auctioned property specified in Clause 2, Article 4 of this Law, their reserve
prices shall be determined by their sellers or by property auction
organizations or other individuals or organizations as authorized by their
sellers.

3. An auctioned
property item shall be appraised in accordance with law or at the request of
bidders and with the consent of its seller. The appraisal order and procedures
must comply with the relevant regulations applicable to relevant types of
property. In case of appraisal upon request, the requester shall pay appraisal
expenses.

Article
9. Prohibited acts

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a/ Letting other
individuals or organizations use their auction practice certificates;

b/ Taking advantage of
their capacity as auctioneers to act for the self-seeking purpose;

c/ Colluding or being
in cahoots with auctioned property sellers, bidders, price assessment
organizations, auctioned property appraisal organizations and other individuals
or organizations to falsify information about auctioned property, suppress
prices, falsify auction dossiers or property auction results;

d/ Illegally
preventing individuals and organizations from participating in auctions;

dd/ Violating the
professional code of ethics of auctioneers;

e/ Committing other
prohibited acts prescribed by relevant laws.

2. Property auction
organizations are prohibited to commit the following acts:

a/ Letting other
organizations use their names or operation registration certificates for
auction practice;

b/ Colluding or being
in cahoots with auctioned property sellers, bidders, price assessment
organizations, auctioned property appraisal organizations and other individuals
or organizations to falsify information about auctioned property, suppress
prices, falsify auction dossiers or property auction results;

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d/ Disclosing
information about registered bidders for the self-seeking purpose;

dd/ Receiving from
auctioned property sellers any money amount, property or benefit other than
auction service remuneration or property auction expenses as prescribed by law
or other service charges related to auctioned property as agreed upon;

e/ Committing other
prohibited acts as prescribed by relevant laws.

3. Property auction
councils are prohibited to commit the acts prescribed at Points b, c, d and e,
Clause 2 of this Article.

4. Auctioned property
sellers are prohibited to commit the following acts:

a/ Colluding or being
in cahoots with auctioneers, property auction organizations, and other
individuals or organizations to falsify information about auctioned property,
suppress prices, falsify auction dossiers or property auction results;

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

c/ Committing other
prohibited acts as prescribed by relevant laws.

5. Bidders, winning
bidders and other individuals and organizations are prohibited to commit the
following acts:

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

c/ Obstructing
property auction activities; disturbing or causing disorder at an auction;

d/ Intimidating or
forcing auctioneers or other bidders to falsify property auction results;

dd/ Committing other
prohibited acts as prescribed by relevant laws.

Chapter
II

AUCTIONEERS,
PROPERTY AUCTION ORGANIZATIONS

Section
1. AUCTIONEERS

Article
10. Criteria for auctioneers

An auctioneer must
fully satisfy the following criteria:

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2. Possessing a
university or postgraduate degree in law, economics, accounting, finance or
banking;

3. Having graduated
from an auction training course prescribed in Article 11 of this Law, except
where he/she is exempted from such a course under Article 12 of this Law;

4. Having passed the
examination of auction practice internship results.

Article 11. Auction training

1. A person who fully
satisfies the criteria prescribed in Clauses 1 and 2, Article 10 of this Law
and has worked in the trained field for at least 3 years may join an auction
training course.

2. The duration of an
auction training course is 6 months. A person who completes such a course shall
be granted an auction training certificate by the auction training institution.

Article 12. Persons exempt from auction training

1. Lawyers, public
notaries, bailiff, property management officers or arbiters who have practiced
their profession for at least 2 years.

2. Judges, procurators
or executors.

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1. Persons possessing
an auction training certificate and persons exempt from auction training may be
admitted as interns in property auction organizations.

2. The duration of
auction practice internship is 6 months and shall be counted from the date a
property auction organization notifies the list of its auction practice interns
to the provincial-level Justice Department of the locality where it is located.

3. A property auction
organization shall assign auctioneers to instruct auction practice interns.
Instructing auctioneers shall guide, supervise, and take responsibility for,
jobs performed by interns.

Auction practice
interns may receive practice skills instructions and perform jobs related to
property auction as assigned by their instructing auctioneers and take
responsibility before their instructing auctioneers for such jobs. Auction
practice interns may not conduct an auction.

4. Persons who have
completed their internship duration prescribed in Clause 2 of this Article may
take the 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 professional code of ethics of
auctioneers.

5. The examination of
auction practice internship results shall be held by the Auction Practice
Internship Result Examination Council formed by the Ministry of Justice. The
Council is composed of a representative of the Ministry of Justice as its
chairperson, and representatives of related agencies and organizations and a
number of auctioneers as its members.

Article
14. Grant of auction practice certificates

1. A person who fully
satisfies the criteria prescribed in Article 10 of this Law shall send a dossier
of application for an auction practice certificate to the Ministry of Justice
and pay a charge prescribed by law. Such a dossier must comprise:

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b/ A certified copy or
a copy enclosed with the original of the applicant’s university or postgraduate
degree in law, economics, accounting, finance or banking;

c/ A certified copy or
a copy enclosed with the original of the applicant’s auction training
certificate;

d/ A written
certification that the applicant has passed the auction practice internship
result examination;

dd/ A judicial record
card;

e/ A color photo sized
3 cm x 4 cm.

2. Within 15 days
after receiving a complete and valid dossier, the Minister of Justice shall decide
to grant an auction practice certificate. In case of refusal to grant such
certificate, he/she shall state the reason in writing. Persons whose
applications for auction practice certificates are rejected may file complaints
or initiate lawsuits in accordance with law.

3. An auction practice
certificate holder shall be granted an auctioneer card by the provincial-level
Justice Department at the request of the property auction organization where
he/she practices. His/her auctioneer card shall be revoked when he/she has
his/her auction practice certificate revoked under Article 16 of this Law.

The Government shall
prescribe in detail the grant and revocation of auctioneer cards.

Article
15. Persons ineligible for grant of
auction practice certificates

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2. Career officers or
soldiers, national defense workers or public employees in agencies or units of
the People’s Army; operational officers or non-commissioned officers, professional
or technical officers or non-commissioned officers in agencies or units of the
People’s Public Security; cadres, civil servants or public employees, except
civil servants or public employees to be granted auction practice certificates
to work for property auction service centers.

3. Those who have lost
civil act capacity or have civil act capacity restricted or have problems in
cognition or behavior control.

4. Those who are
examined for penal liability; have been convicted under legally effective
judgments; had been convicted but have not yet had their criminal records
remitted; or have been convicted for the crime of swindling for appropriating
property or corruption, even when their criminal records have been remitted.

5. Those who are
subject to the administrative handling measure of being consigned to a
compulsory detoxification establishment or compulsory education establishment
in accordance with the law on handling of administrative violations.

Article
16. Revocation of auction practice certificates

1. The holder of an
auction practice certificate will have such certificate revoked in the
following cases:

a/ One of the cases
specified in Article 15 of this Law;

b/ He/she has failed
to practice auction under Clause 1, Article 18 of this Law for 2 years after
being granted the certificate, except where 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 prescribed at Point b or c, Clause 1,
Article 9 of this Law;

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dd/ He/she is declared
missing or dead.

2. The revocation of
an auction practice certificate shall be carried out according to the following
order and procedures:

a/ Within 20 days
after receiving information that the auction practice certificate holder falls
into one of the cases subject to certificate revocation specified in Clause 1
of this Article, the provincial-level Justice Department of the locality where
the organization in which he/she practices is located or where he/she
permanently resides in case he/she has not yet commenced practice shall conduct
the verification of information;

b/ Within 7 working
days after obtaining a ground to believe that the auction practice certificate
holder falls into one of the cases subject to certificate revocation, the
provincial-level Justice Department shall request in writing the Ministry of
Justice to revoke his/her auction practice certificate and relevant papers;

c/ Within 15 days after
receiving a written request of the provincial-level Justice Department, the
Minister of Justice shall issue a decision to revoke the auction practice
certificate. Such decision shall be sent to the certificate holder,
organization where he/she practices and provincial-level Justice Department
requesting the revocation. In case there are insufficient grounds for
certificate revocation, the Ministry of Justice shall notify such in writing to
related agencies, organizations and individuals.

Article
17. Re-grant of auction practice
certificates

1. A person whose
auction practice certificate is revoked under Point a, Clause 1, Article 16 of
this Law may be considered for re-grant of such certificate when fully satisfying
the criteria prescribed in Article 10 of this Law and the reason for
certificate revocation no longer exists.

2. A person whose
auction practice certificate is revoked under Point b, Clause 1, Article 16 of
this Law may be considered for re-grant of such certificate one year after
his/her certificate is revoked.

3. A person whose
auction practice certificate is revoked under Point d, Clause 1, Article 16 of
this Law may be considered for re-grant of such certificate when he/she so
requests.

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5. A person whose
auction practice certificate is revoked may not be re-granted such certificate
in the following cases:

a/ His/her auction
practice certificate is revoked under Point c, Clause 1, Article 16 of this
Law;

b/ He/she is convicted
of the crime of swindling for appropriating property or corruption, even when
his/her criminal records have been remitted.

6. A person whose
auction practice certificate is revoked under Clause 1 of this Article shall
send a dossier of request for re-grant of such certificate to the Ministry of
Justice and pay a charge prescribed by law. Such a dossier must comprise:

a/ A written request
for re-grant of the auction practice certificate;

b/ Documents proving
that the reason for revocation of the auction practice certificate no longer
exists;

c/ A color photo sized 3 cm x 4 cm.

7. A person whose
auction practice certificate is revoked under Clause 2 or 3 of this Article or
falls into the case specified in Clause 4 of this Article shall send a dossier
of request for re- grant of such certificate to the Ministry of Justice and pay
a charge in accordance with law. Such a dossier must comprise the documents
specified at Points a and c, Clause 6 of this Article.

8. Within 10 working
days after receiving a complete and valid dossier, the Minister of Justice
shall decide to re-grant an auction practice certificate. In case of refusal to
re-grant such certificate, he/she shall notify in writing the reason. A person
whose request for re-grant of an auction practice certificate is rejected may
file a complaint or initiate a lawsuit in accordance with law.

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1. Auctioneers may
practice in:

a/ Property auction
service centers;

b/ Property auction
businesses;

c/ The wholly
state-owned organization established by the Government to settle non-
performing loans of credit institutions.

2. The practice by
auctioneers specified at Point a, Clause 1 of this Article must comply with
this Law, the law on cadres and civil servants and the law on public employees.

3. The practice by
auctioneers specified at Point b, Clause 1 of this Article may be carried out
through establishing, participating in the establishment of, or working under
labor contracts in, property auction businesses. An auctioneer may establish,
or participate in the establishment of, or sign a labor contract with, only one
property auction business in accordance with this Law and other relevant
regulations.

4. The practice by
auctioneers specified at Point c, Clause 1 of this Article must comply with
this Law and the labor law.

Article
19. Rights and obligations of auctioneers

1. Auctioneers have the
following rights:

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b/ To directly conduct
auctions;

c/ To deprive bidders
who commit the acts prescribed in Clause 5, Article 9 of this Law of their
right to participate in an auction;

d/ To stop an auction
when detecting an act of collusion, suppressing prices or disturbing or causing
disorder at the auction, and to notify such to the property auction
organization;

dd/ To conduct
auctions under contracts between the property auction council and property
auction organizations where they practice in case such auctions are held by the
council or by the wholly state-owned organization established by the Government
to settle non-performing loans of credit institutions;

e/ To instruct and
supervise the internship of auction practice interns; g/ Other rights provided
by law.

2. Auctioneers have
the following obligations:

a/ To comply with the
property auction principles, order and procedures prescribed in this Law;

b/ To comply with the professional
code of ethics of auctioneers; c/ To take responsibility before law and
property auction organizations for auctions they conduct;

d/ To take
responsibility for jobs performed by auction practice interns whom they
instruct under Clause 3, Article 13 of this Law;

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Article
20. Insurance for professional liability
of auctioneers

1. Auctioneers may
participate in professional liability insurance through property auction
organizations or the wholly state-owned organization established by the
Government to settle non-performing loans of credit institutions.

2. Property auction
organizations or the wholly state-owned organization established by the
Government to settle non-performing loans of credit institutions shall purchase
insurance for professional liability of their auctioneers.

Article
21. Socio-professional organization of
auctioneers

1. The
socio-professional organization of auctioneers is a self-managed organization
established to protect lawful rights and interests of auctioneers; provide
auctioneers with refresher courses in legal knowledge and practice skills;
supervise the observance of the professional code of ethics by auctioneers; and
perform other tasks prescribed by the law on associations and its charter.

2. The establishment,
organizational structure, functions, tasks and powers of the socio-professional
organization of auctioneers must comply with the law on associations and this
Law.

Section
2. PROPERTY AUCTION ORGANIZATIONS

Article
22. Property auction service centers

1. Property auction
service centers shall be established under decisions of provincial- level
People’s Committees.

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Article 23. Property auction businesses

1. Property auction businesses
shall be established and organized and operate as private businesses or
partnerships in accordance with this Law and other relevant laws.

2. The name of a
private auction business shall be given by its owner while the name of an
auction partnership may be chosen by its members as agreed upon in accordance
with the Law on Enterprises but must include the phrase “private auction
business” or “auction partnership”.

3. Conditions for
registration of operation of a property auction business:

a/ A private auction
business has its owner being an auctioneer who is concurrently its director. An
auction partnership has at least one general partner being an auctioneer and
its general director or director being an auctioneer;

b/ It has an office,
physical foundations and equipment necessary for property auction activities.

4. The activities
relating to the establishment, organization, operation and termination of
operation of property auction businesses not prescribed in this Law must comply
with the law on enterprises.

Article
24. Rights and obligations of property
auction organizations

1. Property auction
organizations have the following rights:

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b/ To recruit
auctioneers to work for them in accordance with law;

c/ To request
auctioned property sellers to provide sufficient and accurate information and
papers related to the auctioned property;

d/ To receive auction
service remuneration and property auction expenses under property auction service
contracts;

dd/ To appoint
auctioneers to conduct auctions;

e/ To provide the
service of carrying out the procedures for transferring the property ownership,
use and management rights and other services related to the auctioned property
as agreed upon;

g/ To determine
reserve prices of to be-auctioned property prescribed in Clause 2, Article 4 of
this Law as authorized by property sellers;

h/ To assign auctioneers to instruct auction practice interns;

i/ To unilaterally terminate
or cancel property auction service contracts or request the court to declare
property auction service contracts null and void in accordance with the civil
law and this Law;

k/ Other rights
provided by law.

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a/ To conduct property
auction according to the principles, order and procedures prescribed in this
Law and take responsibility for property auction results;

b/ To promulgate a
rule of auction under Article 34 of this Law and other relevant laws;

c/ To organize
auctions continuously at the notified time and venues, except where it is
impossible to do so due to force majeure events;

d/ To request
auctioned property sellers to hand over property and relevant title deeds to
auctioned property buyers. In case they are authorized by auctioned property
sellers to preserve or manage auctioned property, to hand over such property
and relevant title deeds to buyers;

dd/ To pay
compensations for damage caused during the property auction in accordance with
law;

e/ To perform
obligations under property auction service contracts;

g/ To keep books to
monitor auctioned property and auction registers;

h/ To request
provincial-level Justice Departments of localities where they are located to
grant or revoke auctioneer cards;

i/ To purchase insurance for professional liability of their
auctioneers under Article 20 of this Law;

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l/ To report to provincial-level Justice Departments of
localities where they are located on their organization and operation on an
annual basis or upon request. Businesses that have branches shall also report
to provincial-level Justice Departments of localities where their branches
register operation;

m/ To fulfill
examination and inspection requests of competent state agencies, n/ Other
obligations prescribed by law.

Article
25. Registration of operation of property
auction businesses

1. A business that
satisfies the conditions prescribed in Article 23 of this Law shall send a
dossier of request for registration of property auction operation to the
provincial-level Justice Department of the locality where it is located and pay
a charge prescribed by law. Such a dossier must comprise:

a/ A written request
for operation registration:

b/ The business
charter, for an auction partnership;

c/ A certified copy or
a copy enclosed with the original of the auction practice certificate of the
private auction business’s owner, or the auction practice certificate of the
general partner, general director or director of the auction partnership;

d/ Papers proving the
existence of the business’s office and written commitments to ensure physical
foundations and equipment necessary for the property auction operation.

2. Within 10 working
days after receiving a complete and valid dossier, the provincial- level
Justice Department shall grant an operation registration certificate to the
requesting property auction business. In case of refusal to grant a
certificate, it shall notify in writing the reason. The business that has its
request for grant of an operation registration certificate rejected may file a
complaint or initiate a lawsuit in accordance with law.

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Article
26. Change in operation registration
contents and re-grant of operation registration certificates of property
auction businesses

1. In case a property
auction business changes its operation registration contents on its name,
address of its head office, branch or representative office or its at-law
representative:

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

b/ Within 5 working days
after receiving a written request for the change, the provincial- level Justice
Department shall decide on the change in operation registration contents for
the property auction business. In case of rejection of the request, it shall
notify in writing the reason. The business that has its request for the change
in operation registration contents rejected may file a complaint or initiate a
lawsuit in accordance with law.

2. In case it has
decided to change operation registration contents of a property auction
business but later detects that information declared in the dossier of request
for the change is untruthful, the provincial-level Justice Department shall
issue a notice of the business’s violation and cancel the changes previously
made in operation registration contents, and at the same time notify such to a
competent agency for handling in accordance with law.

3. In case a property
auction business requests re-grant of its operation registration certificate
which is lost, torn, burnt or otherwise destroyed:

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

b/ Within 7 working
days after receiving the written request, the provincial-level Justice
Department shall re-grant the operation registration certificate to the
business. In case of rejection of the request, it shall notify in writing the
reason. The business that has its request for re-grant of operation registration
certificate rejected may file a complaint or initiate a lawsuit in accordance
with law.

Article
27. Provision of information on operation
registration contents of property auction businesses

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Article
28. Publication of operation registration
contents of property auction businesses

1. Within 30 days
after being granted an operation registration certificate, a property auction
business shall publish on three consecutive issues of a central daily or a
daily of the locality where it has made the operation registration the
following principal contents:

a/ Its name;

b/ Addresses of its
head office, branches and representative offices;

c/ Serial number and
date of grant of its operation registration certificate, and place of operation
registration;

d/ Full name and
serial number of the auction practice certificate of its owner; full names and
serial numbers of auction practice certificates of general partners and general
director or director of the auction partnership.

2. In case of a change
in its operation registration contents, a property auction business shall
publicize such change under Clause 1 of this Article.

Article
29. Branches of property auction
businesses

1. A branch of a
property auction business may be established in or outside the province or
centrally run city where such business has made its operation registration. The
property auction business shall take responsibility for operation of its
branches and appoint an auctioneer to act as the head of the branch.

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(028) 3930 3279

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0906 22 99 66

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a/ A written request
for branch operation registration;

b/ The branch
establishment decision;

c/ A certified copy or
a copy enclosed with the original of the operation registration certificate of
the business;

d/ A certified copy or
a copy enclosed with the original of the auction practice certificate of the
branch head;

dd/ Papers proving the
existence of the branch office.

3. Within 7 working
days after receiving a complete and valid dossier, the provincial- level
Justice Department shall grant an operation registration certificate to the
branch. In case of refusal to grant such certificate, it shall notify in
writing the reason. The business that has its request for branch operation
registration rejected may file a complaint or initiate a lawsuit in accordance
with law.

4. A branch shall
commence its operation from the date it is granted an operation registration
certificate. Within 7 working days after being granted a branch operation
registration certificate, a business shall send a written notice enclosed with
a copy of the branch operation registration certificate to the provincial-level
Justice Department of the locality w here it has made its operation
registration.

Article
30. Representative offices of property
auction businesses

1. A representative
office of a property auction business may be established in or outside the
province or centrally run city where such business has made its operation
registration. Representative offices may not conduct property auctions.

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Article
31. Termination of operation of property
auction businesses

1. A property auction
business shall terminate its operation in the following cases:

a/ It is dissolved;

b/ It is consolidated
or merged with another business;

c/ It falls bankrupt;

d/ It has its operation
registration certificate revoked under Clause 1, Article 32 of this Law.

2. Within 7 working
days after a property auction business terminates its operation, the
provincial-level Justice Department shall notify such in writing to the tax
office, statistics office and planning and investment office of the locality
where the business is located; and publish on its portal information on
termination of operation of the business.

Article
32. Revocation of operation registration
certificates of property auction businesses

1. A property auction
business shall have its operation registration certificate revoked in the
following cases:

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0906 22 99 66

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b/ Contents declared
in its operation registration dossier are untruthful;

c/ It has ceased its
operation for one year without notifying such to the provincial-level Justice
Department of the locality where it has made operation registration;

d/ It has been
administratively sanctioned for failure to send reports under Point I, Clause
2, Article 24 of this Law and relapses into violation; dd/ Another case as
decided by the court.

2. The revocation of
the operation registration certificate of a property auction business shall be
carried out according to the following order and procedures:

a/ For the case
specified at Point a, Clause 1 of this Article, the provincial-level Justice
Department shall request in writing the property auction business to satisfy
the conditions prescribed in Clause 3, Article 23 of this Law within 30 days
after being requested. Upon the expiration of the above time limit, if the
property auction business still fails to satisfy the conditions prescribed in
Clause 3, Article 23 of this Law, the provincial-level Justice Department shall
issue a decision to revoke the operation registration certificate of the
business;

b/ For the case
specified at Point b, Clause 1 of this Article, the provincial-level Justice
Department shall issue a notice on violation of the business and decide to
revoke the operation registration certificate of the business;

c/ For the case
specified at Point c, Clause 1 of this Article, the provincial-level Justice
Department shall send a written notice to the at-law representative of the
business, requesting him/her to come to the office of the provincial-level
Justice Department to make explanation. After 10 working days from the date of
expiration of the time limit stated in the notice, if the requested
representative fails to come to the office of the provincial-level Justice
Department, it shall issue a decision to revoke the operation registration
certificate of the business;

d/ For the case
specified at Point d, Clause 1 of this Article, the provincial-level Justice
Department shall issue a decision to revoke the operation registration
certificate of the business.

3. Provincial-level
Justice Departments of the localities where property auction businesses have
made their operation registration shall publish on their portals information on
the revocation of operation registration certificates of such businesses; and
notify the revocation in writing to tax offices, statistics offices and
planning and investment offices of the localities where the businesses have
made their operation registration and report it to the Ministry of Justice.

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ORDER AND
PROCEDURES FOR PROPERTY AUCTION

Article 33. Property auction service contract

1. A property seller
shall sign a property auction service contract with a property auction
organization to conduct property auction. Such a contract shall be made in
writing and must comply with the civil law and this Law.

2. When signing the
property auction service contract, the property seller shall provide the
property auction organization with documents of title to prove his/her right to
own, use or sell property in accordance with law and take responsibility before
law for such documents.

3. The property
auction organization shall check information on the right to sell property
provided by the property seller, and is not responsible for the value and
quality of the auctioned property unless this organization fails to adequately
and accurately provide bidders with necessary information on the value and
quality of the auctioned property under the property auction service contract.

4. Rights and
obligations of the property auction organization and property seller must
comply with the property auction service contract, this Law, civil law, and
other relevant laws.

5. The property seller
or property auction organization may unilaterally terminate the performance of
the property auction service contract in accordance with the civil law before
the property auction organization receives the bidder’s dossier for
participation in auction, unless otherwise prescribed by law.

6. The property seller
may cancel the property auction service contract when having one of the
following grounds:

a/ The auction is held
by an organization without the property auction function or conducted by an
individual other than an auctioneer, unless it is held by a property auction
council;

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c/ The property auction
organization commits one of the following acts: failing to publicly display
information on property auction; failing to disclose information on property
auction; improperly implementing regulations on the sale of auction dossiers or
organizations registering for participation in auction; or impeding or
restricting bidders from registering for participation in auction;

d/ The property
auction organization colludes or is in cahoots with bidders during the auction,
thus falsifying information on the auctioned property, auction dossier or
property auction results;

dd/ The property
auction organization holds an auction at variance with regulations on auction
forms and methods according to the rules of the auction, thus falsifying the property
auction results.

Article
34. Rules of an auction

1. A property auction
organization shall issue rules to be applicable to each auction before the date
of public display of information on property auction.

2. Rules of an auction
must have the following principal contents:

a/ Name of property or
list of property items, quantity and quality of the auctioned property; place
where the auctioned property is located; and documents of title proving the
ownership or use right over the auctioned property;

b/ Time and venue for
checking the auctioned property;

c/ Time and venue for
selling auction dossiers;

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dd/ Money amount paid
for buying auction dossiers, and advance payment;

e/ Time, venue,
conditions and method of registration for participation in auction;

g/ Time and venue for
holding the auction;

h/ Form and method of
auction;

i/ Cases of deprival of the right to participate in auction,
and cases ineligible for refund of advance payment.

3. A property auction
organization shall publicize the rules of an auction.

Article
35. Public display of information on
property auction

1. A property auction
organization shall publicly display information on property auction at:

a/ Its head office,
place where the property is displayed (if any) and place where the auction is
to be held at least 7 working days before the auction opens, for movable
property;

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2. To-be-displayed
principal information details include:

a/ Names and addresses
or the property auction organization and property seller;

b/ The contents
prescribed at Points a, b, c, d, dd, e, g and h, Clause 2, Article 34 of this
Law.

3. The property
auction organization shall keep documents and images on public display of
information on property auction as prescribed 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 property is located, the property auction organization shall keep
documents and images on such display or have such display certified in writing
by the commune-level People’s Committee.

4. In addition to
public display of information on property auction prescribed in Clauses 1 and 2
of this Article, the property auction organization shall disclose information
on property auction under Article 57 of this Law at the request of the property
seller.

Article
36. Checking of auctioned property

1. From the date of
public display of information on property auction to the date an auction opens,
a property auction organization shall permit bidders to check property or
property samples for at least 2 consecutive days. The name of the property
seller and information on property shall be shown on property or property
samples.

2. From the date of
public display of information on property auction to the date an auction opens,
for the auctioned property being property rights or property subject to
ownership or use right registration, the property auction organization shall
permit bidders to check documents of title and relevant documents for at least
2 consecutive days.

Article 37. Venue of auction

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Article 38. Registration for participation in auction

1. An individual or
organization shall register for participation in an auction by submitting a
valid auction dossier and making an advance payment to a property auction
organization in accordance with this Law and other relevant laws. A bidder must
satisfy the law-prescribed conditions, if any, for participation in an auction,
and may authorize in writing another person to participate in the auction on
the bidder’s behalf.

2. A property auction
organization shall sell auction dossiers and receive them within working hours
continuously from the date of public display of information on property auction
to the date which is 2 days earlier than the date an auction opens.

3. In addition to the
conditions for registration for participation in an auction prescribed in this
Law and other relevant laws, the property seller or property auction
organization may not set out any other requirements or conditions on bidders.

4. The following
persons may not register for participation in an auction:

a/ A person having no
civil act capacity, person having lost his/her civil act capacity or having
his/her civil act capacity restricted, person having difficulties in cognition
or behavior control, or person having no cognition or behavior control ability
at the time of registration for participation in auction;

b/ A person working in
the property auction organization that conducts the auction; parent, spouse,
child or blood sibling of the auctioneer; person directly engaged in property
appraisal or valuation; or parent, spouse, child or blood sibling of the person
directly engaged in property appraisal or valuation;

c/ A person authorized
by the property owner to realize property, person entitled to decide on the
sale of property, person signing the property auction service contract, or
person entitled to decide on the sale of others’ property in accordance with
law;

d/ A parent, spouse,
child or blood sibling of the person defined at Point c of this Clause;

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Article
39. Advance payment and handling thereof

1. A bidder shall make
an advance payment, which shall be agreed upon by the property auction
organization and property seller and must be between five percent and twenty
percent of the reserve price of the auctioned property.

The advance payment
shall be deposited into a separate payment account opened by the property
auction organization at a commercial bank or foreign bank branch in Vietnam. If
the advance payment is valued at under five million Vietnam dong, a bidder may
make it directly to the property auction organization. The bidder and property
auction organization may reach agreement on substitution of bank guarantee for
advance payment.

2. The property
auction organization may only collect an advance payment from a bidder within 3
working days before the date an auction opens, unless otherwise agreed upon by
this organization and bidder but the collection must be earlier than the date
the auction opens. The property auction organization may not use the bidder’s
advance payment for any other purpose.

3. The bidder may
refuse to participate in an auction and be refunded the advance payment in case
of a change in the reserve price, quantity or quality of property with information
thereon already displayed or disclosed, and may receive any interest on such
advance payment.

4. In case the bidder
does not win the auction the property auction organization shall refund the
advance payment and pay an interest thereon (if any) within 3 working days
after the date the auction ends or within another time limit agreed upon by the
parties, except the case specified in Clause 6 of this Article.

5. If the bidder wins
the auction, the advance payment and interest thereon (if any) shall be
converted into a deposit to secure the performance of a transaction 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
deposit shall be handled in accordance with the civil law and other relevant
laws.

6. The bidder is not
entitled to advance payment refund in the following cases:

a/ He/she has made the
advance payment but fails to participate in the auction or price announcement
session not due to a force majeure event;

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c/ He/she refuses to
sign the auction minutes under Clause 3, Article 44 of this Law;

d/ He/she withdraws
the offered bid or accepted price under Article 50 of this Law;

dd/ He/she rejects the
auction winning result under Article 51 of this Law.

7. In addition to the
cases specified in Clause 6 of this Article, the property auction organization
may not specify any other cases where the bidder is not entitled to advance
payment refund in the rules of an auction.

8. The advance payment
prescribed in Clause 6 of this Article belongs to the property seller. In case
the property seller is a state agency, the advance payment, after subtracting
property auction expenses, shall be remitted into the state budget in
accordance with law.

Article 40. Auction forms and methods

1. A property auction
organization shall reach agreement with a property seller on selecting one of
the following auction forms:

a/ Oral auction;

b/ Casting bid tickets
directly at an auction;

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d/ Online auction.

2. Auction methods
include:

a/ Ascending-price
auction;

b/ Descending-price auction.

3. Auction forms and
methods shall be stated in the rules of an auction and notified to bidders.

4. The Government
shall detail Point d, Clause 1 of this Article.

Article
41. Oral auction

1. An auctioneer shall
conduct an oral auction in the following order:

a/ Introducing
himself/herself and his/her assistant; publicizing a list of bidders and taking
the roll call for identifying bidders;

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c/ Introducing every
auctioned property item;

d/ Repeating the
reserve price, in case such price is publicized;

dd/ Notifying bid increment/decrement and
the maximum interval between times of bid offer and price setting;

e/ Delivering bid
tickets to bidders;

g/ Guiding methods of
offering bids and accepting set prices, and answering questions raised by
bidders;

h/ Conducting the
offer of bids and acceptance of set prices under Clauses 2 and 3 of this
Article.

2. The offer of bids
in case of ascending-price auction is prescribed as follows:

a/ The auctioneer
requests bidders to offer bids;

b/ Bidders offer bids.
A bid offered must at least equal the reserve price, in case such price is
publicized. A bidder shall offer a bid higher than that offered by the
preceding bidder;

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d/ The auctioneer
declares the bidder who has offered the highest bid to be the winning bidder
after having repeated three times the highest bid which is higher than the
reserve price while no one else offers a higher bid.

3. The acceptance of
set prices in case of descending-price auction is prescribed as follows:

a/ The auctioneer sets
a price for bidders to accept. A person who accepts the reserve price is the
winning bidder;

b/ The auctioneer
announces a bid decrement and continues conducting the auction if no one
accepts the reserve price or decreased price. A person who accepts the
decreased price is the winning bidder;

c/ If two or more
persons accept the reserve price or decreased price, the auctioneer shall hold
a lot draw for selecting the winning bidder.

Article
42. Auction in form of directly casting
bid tickets

1. The auctioneer
shall conduct an auction in the form of casting bid tickets directly at the
auction in the following order:

a/ Performing the jobs
specified at Points a, b, c, d, dd, e and g, Clause 1, Article 41 of this Law;

b/ Repeating requirements for a valid bid ticket, and time for
ticket writing;

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2. The offer of bids
in case of ascending-price auction is prescribed as follows:

a/ Each of bidders is
delivered a bid offer ticket for him/her to write a bid he/she wants to offer.
Upon the expiration of the time limit for writing in the ticket, the auctioneer
asks the bidders to submit their bid tickets or to cast them into the ticket
box; counts the number of tickets delivered and number of tickets collected;
announces each bid and the highest bid under the supervision of at least one
bidder;

b/ The auctioneer
announces the highest bid in such round of auction and asks the bidders to
continue offering bids for the subsequent round. The reserve price for the
subsequent round of auction is the highest bid offered in the preceding round;

c/ The auction
finishes when no one offers a bid. The auctioneer declares the person who has
offered the highest bid to be the winning bidder;

d/ If two or more
persons offer the same highest bid, the auctioneer holds another auction among
these persons for selecting the winning bidder. If one of these persons rejects
holding another auction or none of them offers a higher bid, the auctioneer
holds a lot draw to select the winning bidder.

3. The acceptance of
set prices in case of descending-price auction is prescribed as follows:

a/ Every bidder shall
be delivered a price acceptance ticket for him/her to write the auctioneer-set
reserve price he/she accepts. Upon the expiration of the time limit for ticket
writing, the auctioneer shall ask the bidders to submit their bid tickets or to
cast them into the ticket box; and counts the number of tickets delivered and
number of tickets collected;

b/ The auctioneer
shall announce the price acceptance by each bidder under supervision of at
least one bidder;

c/ The auctioneer
shall declare the person who accepts the reserve price to be the winning
bidder. If no one accepts the reserve price, the auctioneer shall announce a
bid decrement and conduct the casting of bid tickets with the decreased price;

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4. The property seller
and property auction organization shall reach agreement on the method of
casting bid tickets and number of auction rounds prescribed in Clauses 2 and 3
of this Article.

Article
43. Auction in form of delivering sealed
bid tickets

1. When registering
for participation in an auction, a bidder shall be delivered a bid offer ticket
and provided with guidance on the method of writing in the ticket, deadline for
submitting the ticket, and time of the price announcement session. The property
auction organization shall introduce to the bidders each item of auctioned
property, repeat the reserve price in case such price is publicized, answer
questions raised by the bidders, and perform other jobs as stated in the rules
of the auction.

2. A bidder’s bid
offer ticket shall be put into an envelop made of a security material and bear
the signature of the bidder at edges of the ticket-containing envelope. This
ticket shall be sent by post or submitted directly to the property auction
organization for being cast into the ticket box. The ticket box shall be sealed
up right after the deadline for ticket receipt.

3. At the session for
announcing bids offered by bidders, the auctioneer introduces himself/herself
and his/her assistant; reads out the rules of the auction; announces the list
of bidders and takes the roll call for identifying bidders; and announces the
number of tickets delivered and number of tickets collected.

The conducting
auctioneer shall invite at least one bidder to supervise the intactness of the
ticket box. If no opinion is given on the supervision result, the auctioneer
shall break the seal of the ticket box.

The auctioneer shall
invite at least one bidder to supervise the intactness of every bid offer
ticket; tear open every ticket, announce the number of valid tickets and number
of invalid tickets, every bid offer ticket and ticket with the highest bid, and
announce the person who has offered the highest bid to be the winning bidder.

4. If two or more
persons offer the highest bid, right at the bid announcement session, the
auctioneer shall hold another auction for these persons in order to select the
winning bidder. The auctioneer shall decide to hold an oral auction or an
auction by directly casting bid tickets. If one of these persons rejects
holding another auction or none of them offers a higher bid, the auctioneer
shall hold a lot draw for selecting the winning bidder.

Article
44. Auction minutes

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2. Developments of the
auction shall be recorded in an auction minutes, which shall be made at the
auction and signed by the auctioneer, minutes maker, winning bidder, property
seller, and representatives of bidders. For an auction conducted by a property
auction council, its minutes must also bear the signature of the council’s chairperson.

3. The winning bidder
who refuses to sign the auction minutes shall be regarded as having refused to
conclude a contract on purchase and sale of the auctioned property or to buy
the auctioned property, for property of which auction result is subject to
approval by a competent agency.

4. The auction minutes
must bear a seal of the property auction organization; for an auction conducted
by a property auction council, its minutes must bear a seal of the competent
person who has decided to form the council.

Article
45. Transfer of auction dossiers

1. Within 1 working
day after an auction ends, the property auction organization shall record the
property auction results in the Property Auction Register and notify such
results in writing to the property seller. For an auction conducted by a
property auction council, within 1 working day after the auction ends, the
council shall notify in writing the property auction results to the competent
person who has decided to form the council.

2. Within 3 working
days after the auction ends, the property auction organization or property
auction council shall transfer the property auction results, property auction
minutes and list of winning bidders to the property seller for signing a
contract on purchase and sale of the auctioned property or to a competent
agency for approving the property auction results, and shall complete relevant
procedures, unless otherwise provided by law.

Article
46. Contracts on purchase and sale of
auctioned property, approval of property auction results

1. Property auction
results serve as a basis for the parties to sign a contract on purchase and
sale of the auctioned property or for a competent agency to approve.

2. A contract on
purchase and sale of the auctioned property shall be signed between the
property seller and winning bidder or between the property seller, winning
bidder and property auction organization if so agreed upon by the parties,
unless otherwise provided by law. This contract must comply with the civil law.

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4. The order,
procedures and competence for approval of property auction results must comply
with relevant laws.

Article
47. Rights and obligations of the property
seller

1. The property seller
has the following rights:

a/ To supervise the
process of holding an auction;

b/ To participate in
the auction;

c/ To request the
property auction organization to stop the auction when having grounds to
believe that this organization commits a violation prescribed at Point b or c,
Clause 2, Article 9 of this Law;

d/ To request the
auctioneer to stop the auction when having grounds to believe that the
auctioneer commits a violation prescribed at Point c. Clause 1, Article 9 of
this Law or that a bidder commits a violation prescribed at Point b, c or d,
Clause 5, Article 9 of this Law;

dd/ To unilaterally
terminate or cancel the property auction service contract or contract on
purchase and sale of the auctioned property or request the court to declare
such contract to be null and void in accordance with this Law and civil law;

e/ Other rights as
provided by law.

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a/ To take
responsibility for the auctioned property;

b/ To sign a contract
on purchase and sale of the auctioned property or submit property auction
results to a competent agency for approval;

c/ To hand the
auctioned property and documents of title related to such property to the
property buyer as agreed upon in the contract on purchase and sale of the
auctioned property or as prescribed by law;

d/ To report to a
competent agency on the selection of a property auction organization,
developments of the auction and property auction results, in case of auction of
state property;

dd/ Other obligations
as prescribed by law.

Article
48. Rights and obligations of the winning
bidder

1. The winning bidder
has the following rights:

a/ To request the
property seller to sign a contract on purchase and sale of the auctioned
property or submit property auction results to a competent agency for approval
in accordance with law;

b/ To receive, and
have ownership over, the auctioned property in accordance with law;

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d/ Other rights as
agreed upon in the contract on purchase and sale of the auctioned property and
as prescribed by law.

2. The winning bidder
has the following obligations:

a/ To sign the auction
minutes and contract on purchase and sale of the auctioned property;

b/ To make full
payment for the auctioned property to the property seller as agreed upon in the
contract on purchase and sale of the auctioned property or as prescribed by
relevant law;

c/ Other obligations
as agreed upon in the contract on purchase and sale of the auctioned property
and as prescribed by law.

Article
49. Auction in case only one person
registers for participation in auction, one person participates in auction, one
person offers bids or one person accepts the set price

1. An auction in case only
one person registers for participation in auction, one bidder participates in
auction, one person offers bids or one person accepts the set price shall be
conducted only after the first auction fails, specifically as follows:

a/ In case of an
ascending-price auction, when the time limit for registration for participation
in auction has expired but only one person registers for participation in the
auction, or more than one person registers for participation in the auction but
only one person participates in the auction, or more than one person
participates in the auction but only one person offers bids, or more than one
person offers bids but only one person offers the highest bid which is at least
equal to the reserve price, the property shall be sold to this person if so
consented in writing by the property seller;

b/ In case of a
descending-price auction, if only one person registers for participation in the
auction, or more than one person registers for participation in the auction but
only one person participates in the auction and accepts the reserve price or
decreased price, the property shall be sold to this person if so consented in
writing by the property seller.

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3. An auction minutes
must, in addition to the contents prescribed in Clauses 2 and 4, Article 44 of
this Law, state that only one person has participated in the auction or only
one person offered bids or accepted the valid set price, and contain the
consent of the property seller.

Article
50. Withdrawal of offered bids or accepted
prices

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

2. When announcing
bids offered by bidders in case of auction by delivering sealed bid tickets, if
the person who has offered the highest bid withdraws such bid before the
auctioneer announces the winning bidder, the auction still proceeds with the
offering of bids starting again from the bid offered by the preceding person.
The auctioneer shall decide on an oral auction or an auction in the form of
directly casting bid tickets.

3. At a
descending-price auction, if the person who has accepted the reserve price or
decreased price withdraws the accepted price before the auctioneer announces
the winning bidder, the auction still proceeds with the offering of bids
starting again from the bid offered by this person.

4. The person who
withdraws the offered bid or accepted price as defined in Clause 1, 2 or 3 of
this Article shall be deprived of his/her right to participate in the auction.

Article
51. Rejection of bid winning results

1. In case of an
ascending-price auction, after the auctioneer declares the winning bidder but
this bidder rejects the bid winning results, the person who has offered the
adjacent lower bid will become the winning bidder if such bid plus the advance
payment at least equals the bid offered by the rejecting bidder and this person
accepts to buy the auctioned property.

If the adjacent lower
bid plus the advance payment is smaller than the bid offered by the rejecting
bidder or if the person who has offered the adjacent lower bid does not accept
to buy the auctioned property, the auction fails.

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Article
52. Failing auction

1. An auction shall be
considered failing in the following cases:

a/ No one registers
for participation in the auction though the time limit for registration has
expired;

b/ At the auction, no
one offers a bid or no one accepts the set price;

c/ The offered highest
bid is lower than the reserve price in case such price is not publicized and an
ascending-price auction is conducted;

d/ The winning bidder
refuses to sign the auction minutes as prescribed in Clause 3, Article 44 of
this Law;

dd/ The person who has
offered a bid withdraws such bid, or the person who has accepted the set price
withdraws such price as prescribed in Article 50 of this Law while no one else
offers another bid;

e/ The case of
rejection of the bid winning results prescribed in Article 51 of this Law;

g/ Only one person
registers for participation in the auction though the time limit for
registration has expired, in case of property auction prescribed in Article 59
of this Law.

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3. Property not sold
at the auction shall be realized in accordance with law or put for another
auction as agreed upon between the property seller and property auction
organization.

Article
53. Auction according to summary
procedures

1. A property auction
organization and property seller shall agree on conducting an auction according
to summary procedures in the following cases:

a/ Auction of property
for judgment enforcement, or property being confiscated exhibits or means used
in commission of administrative violations while the reserve prices of all
property items at an auction are under fifty million Vietnam dong;

b/ Auction to be held after
the second auction fails;

c/ Auction of property
specified in Clause 2, Article 4 of this Law, in case of application of summary
procedures.

2. The time limit for
the property auction organization to publicly display information on property
auction is:

a/ Three working days
before an auction opens, for movable property;

b/ Five working days
before an auction opens, for immovable property.

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Article
54. Keeping of dossiers

1. The property
seller, property auction organization and competent person who has decided to
form the property auction council shall keep auction dossiers for 5 years from
the date an auction finishes.

2. The order and
procedures of dossier keeping must comply with the law on archives.

Chapter
IV

AUCTION OF
PROPERTY REQUIRED BY LAW TO BE SOLD THROUGH AUCTION

Section
1. GENERAL PROVISIONS

Article
55. Order and procedures for auction of
property required by law to be sold through auction

The auction of
property specified in Clause 1, Article 4 of this Law must comply with the
order and procedures prescribed in Chapter III of this Law and this Chapter.

Article
56. Selection of property auction
organizations

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2. A public notice on
the selection of a property auction organization must have the following
principal contents:

a/ Name and address of
the property seller;

b/ Name, quantity and
quality of the auctioned property;

c/ Reserve price of
the auctioned property;

d/ Criteria for
selection of a property auction organization as prescribed in Clause 4 of this
Article;

dd/ Time and place for submission of dossiers for registering
to become a property auction organization.

3. The property seller
shall, based on dossiers for registering to become property auction
organizations and criteria specified in Clause 4 of this Article, select a
property auction organization and take responsibility for such selection.

4. Criteria for a
property auction organization to be selected include:

a/ Having physical
foundations and equipment necessary for property auction;

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c/ Having capacity,
experience and prestige;

d/ Asking for
appropriate auction remuneration and auction expenses;

dd/ Being on the
Ministry of Justice-publicized list of property auction organizations;

e/ Other criteria suitable
to the auctioned property as decided by the property seller.

5. In case the
selection of a property auction organization is subject to bidding as required
by law, this Law and bidding law shall apply.

Article 57. Disclosure of information on property auction

1. In addition to the
provisions on public display of information on property auction in Clauses 1,2
and 3, Article 35 of this Law, for movable property with a reserve price of at
least fifty million Vietnam dong and immovable property, a property auction
organization shall disclose information on the auction at least twice on a
central- or provincial-level printed newspaper or television of the locality
where the auctioned property is located and on the specialized auction website;
the interval between times of publicization must be at least 2 working days.

2. In case of auction
according to summary procedures under Point b, Clause 1, Article 53 of this
Law, the property auction organization shall disclose information on the
auction once on a central- or provincial-level printed newspaper or television
of the locality where the auctioned property is located.

3. The second
disclosure shall be made for at least 7 working days, for movable property, or
15 days, for immovable property, before the date an auction opens. The
disclosure mentioned in Clause 2 of this Article shall be made simultaneously
with the public display of information on property auction prescribed in Clause
2, Article 53 of this Law.

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a/ Names and addresses
of the property auction organization and property seller;

b/ Time and place of
auction;

c/ Name of property
and place where the auctioned property is located;

d/ Reserve price of
the auctioned property in case such price is publicized, and advance payment;

dd/ Time, place,
conditions and method of registration for participation in auction.

5. The property
auction organization shall keep documents and images on disclosure prescribed in
Clauses 1 and 2 of this Article in auction dossiers.

Article
58. Publicization of reserve prices,
method of auction

1. A property seller
shall publicize the reserve price of the property.

2. The auction of
property shall be conducted only in the form of ascending-price auction.

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The auction of
property in case only one person registers for participation in auction, one
person participates in auction or one person offers bids as prescribed in
Article 49 of this Law shall not apply to the following property items:

1. State property as
defined in the law on management and use of state property;

2. Land use rights
upon land allocation with land use levy or land lease by the State in
accordance the land law;

3. Other property
items not eligible for auction as prescribed by law in case only one person
registers for participation in auction, one person participates in auction or
one person offers bids.

Section
2. PROPERTY AUCTION COUNCILS

Article
60. Formation of a property auction
council

1. The owner of a
property item required by law to be sold through auction shall decide to form a
property auction council for auctioning property in the following cases:

a/ It is prescribed by
law that the auction shall be conducted by the property auction council;

b/ It is impossible to
select a property auction organization under Article 56 of this Law.

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3. The property
auction council must be composed of at least 3 members; the council’s
chairperson is the property seller or his/her/its authorized person; and the
council’s members include representatives of the same-level finance and justice
agencies and related agencies and organizations as prescribed by law. The
council may sign a contract with a property auction organization to appoint the
auctioneer to conduct the auction.

Article
61. Operation principles of the property
auction council

1. An auction
conducted by the property auction council must be attended by at least
two-thirds of the council’s members.

2. The property auction
council shall work on the principles of centralism, collective discussion, and
decision by majority votes through showing hands or casting secret ballots. If
the numbers of hands shown for and against or numbers of ballots for and
against are equal, the council’s chairperson may make a final decision.

3. The property
auction council automatically disbands when the auction ends and the auction
dossier is transferred under Article 45 of this Law.

Article
62. Rights and obligations of the property
auction council

1. The property
auction council has the following rights:

a/ To deprive of the
right to participate in an auction of, and make a record for handling, a bidder
who commits an act of causing disorder at the auction, colludes or is in
cahoots with others for price suppression or commits other acts affecting the
objectivity and truthfulness of the auction;

b/ To stop the auction and report to the competent person who
has decided to form the council for handling violations of the regulations on
auction order and procedures or when detecting that the auctioneer colludes or
is in cahoots with others for price suppression or commits other acts affecting
the objectivity and truthfulness of the auction;

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d/ To select a form of
auction specified in Clause 1, Article 40 of this Law for property auction;

dd/ Other rights as
provided by law.

2. The property
auction council has the following obligations:

a/ The obligations
prescribed at Points b and d. Clause 2, Article 24 of this Law;

b/ To issue the
operation regulation of the council;

c/ To organize and
conduct an auction according to the operation regulation of the council, rules
of the auction and relevant laws;

d/ To take
responsibility for the auction results before law and the competent person who
has decided to form the council;

dd/ To settle
complaints and denunciations during the auction; to receive and settle
according to its competence or propose the competent person who has decided to
form the council to settle complaints filed after the auction; to pay damages
in accordance with law;

e/ To report on the
property auction results to the competent person who has decided to form the
council;

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Article
63. Tasks and powers of the chairperson
and members of the property auction council

1. The chairperson of
the property auction council has the following tasks and powers:

a/ To organize the
exercise of the rights and performance of the obligations of the council under
Article 62 of this Law;

b/ To preside over
meetings of the council; to assign tasks to each member of the council;

c/ To conduct an
auction or assign a member of the council or an auctioneer to conduct the
auction under the operation regulation of the council;

d/ Other tasks and
powers as stated in the operation regulation of the council and relevant laws.

2. Members of the
property auction council shall perform the tasks assigned by the council’s
chairperson and take responsibility before the council’s chairperson.

Section
3. AUCTION OF NON-PERFORMING LOANS AND COLLATERAL OF NON-PERFORMING LOANS

Article
64. Auction of non-performing loans and
collateral of non-performing loans

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2. For non-performing
loans and collateral of non-performing loans put for auction in accordance with
law, the wholly state-owned organization established by the Government for
handling non-performing loans of credit institutions shall sign a property auction
service contract with a property auction organization or shall auction property
by itself. The property auction must comply with the order and procedures
prescribed in this Law.

Article
65. Rights and obligations of the wholly
state-owned organization established by the Government for handling
non-performing loans of credit institutions in property auction activities

1. The wholly
state-owned organization established by the Government for handling
non-performing loans of credit institutions has the following rights:

a/ To sign labor
contracts with auctioneers practicing at the organization;

b/ To assign an
auctioneer to conduct an auction;

c/ To hold an auction
at its head office, the place where the auctioned property is located or
another place as appropriate for the auction;

d/ Other rights as
provided by the law on property auction.

2. The wholly
state-owned organization established by the Government for handling
non-performing loans of credit institutions has the following obligations:

a/ To conduct an
auction according to the principles, order and procedures prescribed in this
Law and take responsibility for the property auction results;

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c/ To hand the
auctioned property and relevant documents of title to the property buyer;

d/ To obtain the
written consent of the property seller in accordance with law, in case of
auction of property specified in Article 49 of this Law;

dd/ To take
responsibility for the value and quality of the auctioned property, in case it
conducts the auction by itself;

e/ To pay compensation
for damage it has caused during auction in accordance with law;

g/ To keep a book for
monitoring the auctioned property and an auction register; h/ To request the
provincial-level Justice Department of the locality where it is headquartered
to grant auctioneer cards to auctioneers practicing at the organization;

i/ To pay occupational
liability insurance premiums for its auctioneers under Article 20 of this Law;

k/ To report to the
Ministry of Justice on the list of its practicing auctioneers on an annual
basis or upon request;

l/ To report to the Ministry of Justice and the State Bank
of Vietnam on property auction activities on a biannual or an annual basis or
upon request;

m/ To fulfill
competent state agencies’ requests on examination and inspection of property
auction activities;

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3. The wholly
state-owned organization established by the Government for handling
non-performing loans of credit institutions is prohibited to commit the
following acts:

a/ Colluding or being
in cahoots with bidders, price assessment organizations, organizations
appraising the auctioned property or other organizations or individuals to
falsify information on auctioned property, auction dossiers or property auction
results;

b/ Impeding or causing difficulties to bidders in buying
auction dossiers, registering for participation in auction, participating in
auction or delivering and receiving the auctioned property;

c/ Receiving any money
amount, property or profit from bidders in addition to auction expenses and
other service charges relating to the auctioned property as prescribed by law;

d/ Other prohibited
acts under relevant laws.

4. The Government
shall detail:

a/ The assessment of
reserve prices of non-performing loans and collateral of non- performing loans;

b/ The establishment
of a council for auction of high-value non-performing loans and collateral of
non-performing loans.

Chapter
V

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Article
66. Auction remuneration and property
auction expenses

1. Auction
remuneration and property auction expenses shall be agreed upon by the property
seller and property auction organization in the property auction service
contract. In case of auction of property mentioned in Clause 1, Article 4 of
this Law, auction remuneration shall be determined based on service charge
brackets set by the Ministry of Finance.

2. Property auction
expenses include the expense for public display and notification of information
and other actual reasonable expenses for property auction as agreed upon by the
property seller and property auction organization.

Article
67. Charges for the service of carrying
out the procedures for transfer of rights to own, use and manage, and for other
services relating to, auctioned property

An individual or
organization that asks for and is provided by a property auction organization
with the service of carrying out the procedures for transfer of the rights to
own, use and manage, and for other services relating to, the auctioned property
shall pay a service charge to the property auction organization as agreed by
the parties.

Article 68. Management and use of auction remuneration, property
auction expenses, service charges and other revenues

1. The management and
use of auction remuneration, property auction expenses, service charges and other
revenues of property auction service centers must comply with the financial
regulations applicable to public non-business units having revenues.

2. The management and
use of auction remuneration, property auction expenses, service charges and
other revenues of property auction enterprises must comply with law.

Chapter
VI

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Article
69. Handling of violations committed by
auctioneers, property auction organizations, property auction councils or the
wholly state-owned organization established by the Government for handling
non-performing loans of credit institutions

1. An auctioneer who
commits one of the acts prescribed in Clause 1, Article 9, or violates the
provisions of Clause 2, Article 19 or other provisions, of this Law shall,
depending on the nature and severity of his/her violation, be disciplined,
administratively sanctioned or examined for penal liability and, if causing damage, pay
damages in accordance with law.

2. A property auction
organization, a property auction council or the wholly state-owned organization
established by the Government for handling non-performing loans of credit
institutions that commits one of the acts prescribed in Clause 2 or 3, Article 9,
violates the provisions of Clause 2, Article 24, commits one of the acts
prescribed in Clause 3, Article 65, or violates other provisions, of this Law
shall, depending on the nature and severity of its violation, be disciplined,
administratively sanctioned or examined for penal liability and, if causing
damage, pay damages in accordance with law.

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

A bidder, winning
bidder or related person or organization that commits one of the acts
prescribed in Clause 5, Article 9, or violates other provisions, of this Law
shall, depending on the nature and severity of his/her/its violation, be
disciplined, administratively sanctioned or examined for penal liability and,
if causing damage, pay compensation in accordance with law.

Article
71. Handling of violations committed by
property sellers

A property seller that
commits one of the acts prescribed in Clause 4, Article 9, or violates the
provisions of Clause 2, Article 47 or other provisions, of this Law shall,
depending on the nature and severity of its/his/her violation, be disciplined,
administratively sanctioned or examined for penal liability and, if causing
damage, pay compensation in accordance with law.

Article
72. Cancellation of property auction
results

Property auction
results shall be cancelled in the following cases:

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2. The property
auction service contract or contract on purchase and sale of the auctioned
property is declared null and void by the court under the civil law in case the
winning bidder commits the act prescribed at Point b, Clause 5, Article 9 of
this Law;

3. The property
auction service contract is cancelled under Clause 6, Article 33 of this Law;

4. The property
seller, bidder, winning bidder, property auction organization or auctioneer
commits an act of collusion or price suppression during the auction, thus
falsifying information on the auctioned property or auction dossier or property
auction results;

5. As decided by the
person with administrative sanctioning competence in case of auction of state
property when there is one of the grounds specified in Clause 6, Article 33 of
this Law.

Article
73. Legal consequences of cancellation of
property auction results

In case of
cancellation of property auction results under Clause 2, 3,4 or 5, 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 at fault that causes damage shall pay compensation
in accordance with law.

Article 74. Dispute settlement

For a dispute between
the parties to a property auction service contract or contract on purchase and
sale of the auctioned property, these parties may conduct a negotiation or conciliation
or request a competent agency to settle the dispute in accordance with law.

Article
75. Filing of complaints or lawsuits about
property auction conducted by a property auction council

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2. The person competent
to form a property auction council shall settle a complaint within 30 days
after receiving it.

3. Upon the expiration
of the time limit prescribed in Clause 2 of this Article, if his/her/its
complaint remains unsettled or if disagreeing with the complaint settlement
decision of the person competent to form a property auction council, the
bidder, winning bidder or person with related rights and obligations may file a
lawsuit at court in accordance with law.

Article
76. Filing of denunciations about property
auction activities

1. A citizen may file
a denunciation with a competent agency, organization or person about a
violation of the property auction regulations in accordance with law.

2. The settlement of
denunciations in property auction activities must comply with the law on
denunciations.

Chapter
VII

STATE
MANAGEMENT OF PROPERTY AUCTION

Article
77. Responsibilities of the Government for
state management of property auction

1. The Government
shall perform the unified state management of property auction.

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a/ To submit to
competent state agencies for promulgation or promulgate according to its
competence legal documents on property auction organization and operation and
policies and strategies on development of auction profession;

b/ To issue, or assign
socio-professional organizations of auctioneers to issue, the code of
professional ethics of auctioneers;

c/ To issue, manage,
and guide the use of, forms applicable in property auction activities, books
for monitoring auctioned property and property auction registers;

d/ To set a framework
program on auction training courses and auction training institutions; and
auction practice internship and examination of auction practice internship
results;

dd/ To grant, revoke
and re-grant auction practice certificates;

e/ To develop and manage
a specialized property auction website; to guide and organize the publicization
of information on this website;

g/ To conduct examination and inspection, and handle
violations in the organization and operation of property auction organizations
and auction activities carried out by the wholly state-owned organization
established by the Government for handling non-performing loans of credit
institutions; and the organization and operation of auctioneers’
socio-professional organizations according to its competence;

h/ To summarize and
report on property auction organization and operation;

i/ To carry out
international cooperation in property auction;

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Article
78. Responsibilities of ministries and
ministerial-level agencies

1. Ministries and
ministerial-level agencies shall, within the ambit of their tasks and powers,
coordinate with the Ministry of Justice in performing the state management of
property auction activities.

2. Responsibilities of
the Ministry of Finance:

a/ To guide financial
regulations in property auction activities;

b/ To provide the
determination of reserve prices of auctioned property under its competence in
accordance with law;

c/ To prescribe the
collection, remittance, management and use of charges for appraisal of property
auction practice criteria, operation registration conditions for property
auction enterprises, grant of auction practice certificates and operation
registration certificates of property auction enterprises;

d/ To provide the
collection, payment, management and use of proceeds from the sale of auction
dossiers and bidder-made advance payments which are non-refundable in
accordance with law;

dd/ To set auction remuneration
brackets.

Article
79. Responsibilities of provincial-level
People’s Committees 1. Provincial-level People’s Committees shall perform the
state management of property auction activities in localities, having the
following tasks and powers:

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b/ To organize the
registration of operation of property auction enterprises and their branches;

c/ To decide on the appointment
and relief from office of heads of property auction service centers;

d/ To ensure payrolls,
physical foundations and working conditions for property auction service
centers in accordance with regulations on public non-business units with
revenues: to support the maintenance of security and order for auctions at the
request of property auction organizations;

dd/ To consider and
approve a scheme on autonomy mechanism applicable to property auction service
centers, a scheme on transformation of property auction service centers into
enterprises in case it is unnecessary to maintain these centers, and a scheme
on dissolution of property auction service centers in case it is impossible to
transform these centers into enterprises after reaching agreement with the
Ministry of Justice;

e/ To conduct examination and inspection, and handle
violations in property auction organization and operation in localities under
their competence;

g/ To annually report
on property auction organization and operation in localities to the Ministry of
Justice;

h/ To perform other
tasks and exercise other powers in accordance with law.

2. Provincial-level
Justice Departments shall assist provincial-level People’s Committees in
performing the state management of property auction activities in localities.

Chapter VIII

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Article 80. Transitional provisions

1. Auction practice
certificates granted under the Government’s Decree No. 17/2010/ND-CP of March
4, 2010, on property auction, remain valid.

2. Within 2 years
after this Law takes effect, property auction enterprises established before
the effective date of this Law that wish to continue property auction
activities must satisfy the conditions prescribed in Clause 3, Article 23 of
this Law and shall register their operation with provincial-level Justice
Departments under Article 25 of this Law. If failing to satisfy the conditions
prescribed in Clause 3, Article 23, and failing to register their operation
under Article 25, of this Law, these enterprises shall terminate property
auction activities.

The Government shall
provide detailed regulations on operation registration for property auction
enterprises prescribed in this Clause.

3. For property
auction under property auction contracts signed before the effective date of
this Law, if public display or publicization of information on property auction
has not yet been made, the order and procedures for public display or
publicization of information on, and organization of, property auction must
comply with this Law.

For an auction to be
conducted by a property auction council as required by law, if this council has
been formed but public display or publicization of information on property
auction has not yet been made, the council shall apply the auction order and
procedures and other relevant provisions of this Law for conducting the
auction.

4. The collection,
remittance, management and use of property auction charges and charges for
participation in property auction, and financial regulations applicable to property
auction activities must comply with the law on property auction service
charges, charges for participation in property auction and financial
regulations applicable to property auction activities until July 1, 2017.

Article
81. Effect

1. This Law takes
effect on July 1, 2017, except the provisions of Clause 2 of this Article.

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This Law was passed on
November 17, 2016, by the XIVth National Assembly of the Socialist Republic
of Vietnam at its 2nd session.

 

 

CHAIRWOMAN
OF THE NATIONAL ASSEMBLY

Nguyen Thi Kim Ngan