Regulations on auction remuneration, property auction expenses in Vietnam

Vietnam law has regulations on auction remuneration, property auction expenses. Let’s find out this issue with Lawyer X through the following situation: “Dear Lawyer! I want to ask what are regulations on auction remuneration and property auction expenses in Vietnam? What are regulations on Handling of violations committed by property sellers? Thank you!”

Auction remuneration and property auction expenses

– 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 2016 Vietnam Law on Property Auction, auction remuneration shall be determined based on service charge brackets set by the Ministry of Finance.

– 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.

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.

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

– 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.

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

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

– 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 2016 Vietnam Law on Property Auction 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.

– 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 2016 Vietnam Law on Property Auction 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.

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 2016 Vietnam Law on Property Auction 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.

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 2016 Vietnam Law on Property Auction 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.

Cancellation of property auction results

Property auction results shall be cancelled in the following cases:

– The cancellation of property auction results is agreed upon between the property seller, property auction organization and winning bidder or the cancellation of the conclusion of the contract on purchase and sale of the auctioned property or cancellation of this contract is agreed upon between the property seller and winning bidder, unless the auction causes damage or affects the interests of the State or lawful rights and interests of individuals and organizations;

– 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 2016 Vietnam Law on Property Auction;

– The property auction service contract is cancelled under Clause 6, Article 33 of 2016 Vietnam Law on Property Auction;

– 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;

– 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 2016 Vietnam Law on Property Auction.

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 2016 Vietnam Law on Property Auction, 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.

Regulations on 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.

Please see more:

• Instructions for exclusive registration of company logos in Vietnam
• Service of changing the legal representative of Vietnamese enterprises

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