The Ministry of Justice is conducting research and adjusting the Law on Asset Auctions, which is expected to be submitted to the National Assembly for comments during the October 2023 session. The Law’s adjustments focus on increasing the responsibility of those involved. auction participants and those who are auctioning assets, as well as the agencies involved in organizing the auction. The goal of this adjustment is to ensure openness, transparency and minimize negative behaviors.

On the afternoon of October 19, when asked about the Ministry of Justice’s opinion on the practice of abandoning deposits after winning an auction with a large amount of money, Ms. Dang Kim Hoa, Deputy Director of the Department of Judicial Support, explained that The nature of auction activities is to maximize asset value. Therefore, in principle, an auction is considered successful if the asset value achieved is as high as possible.

Ms. Dang Kim Hoa said that according to Resolution 73 of the National Assembly on testing license plate auctions, it is stipulated that auction participants must deposit an amount of money in advance before participating in the auction, with an amount equal to the price. The starting price for a license plate is 40 million VND. This was done to limit deposit abandonment, and in the Asset Auction Law, many binding measures were applied, such as non-refund of the deposit if the participant did not pay the full amount or failure to comply with auction-related obligations. In addition, those who violate administrative fines will be accompanied by the results of the auction.

Ms. Dang Kim Hoa emphasized that it can be said that the current Law has very strict and detailed regulations. In the future, the Ministry is considering adjusting the Law on Asset Auctions and is expected to submit it to the National Assembly for comments during the October 2023 session. This adjustment will focus on increasing the responsibility of auction participants and those auctioning assets, as well as of the agencies involved in organizing the auction to ensure that the auction takes place smoothly. openly, transparently and minimize negative impacts on society.

According to current regulations of Vietnam Auction Partnership Company, auction participants must pay application fees and deposits before registering to participate within 3 days. For each license plate, auction participants must pay 40 million VND in deposit and 100,000 VND in application documents to participate in the auction. The auction duration for each license plate is 60 minutes.

The winning bidder must pay the entire auction winning amount within 15 days from the date of announcement of the result. This amount will be deducted from the down payment amount and does not include the vehicle registration fee.

If the winning bidder does not pay enough money within the specified time period, the auction results will be canceled and the license plate will be re-auctioned. The deposit amount of 40 million VND will not be refunded and will be paid into the national budget.

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