Law Amending and Supplementing Certain Articles of the Auction Law No. 37/2024/QH15

LAW

Provincial People's Committees set specific pricesAMENDMENTS AND SUPPLEMENTS TO CERTAIN ARTICLES OF THE LAW ON AUCTIONING ASSETS

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On the basis of the Constitution of the Socialist Republic of Vietnam;

The National Assembly enacts this Law to amend and supplement certain articles of the Auctioning Assets Law Auction giingArticle rights number 01/2016/QH14 which has been amended and supplemented by certain articles according to Law No. 16/2023/QH15.

Article 1. Amending and supplementing certain articles of the Auctioning Assets Law

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

"2. Auctions for securities shall be conducted in accordance with the laws on securities; auctions for state assets of Vietnamese agencies abroad shall be conducted in accordance with the laws on the management and use of state assets; auctions for vehicle license plates shall be conducted in accordance with the laws on road traffic order and safety."

2. Amending and supplementing Clause 4 as follows:

"Article 4. Auctioned assets

1. Assets that must be auctioned under the law include:

a) Land use rights as prescribed by the laws on land;

b) Mineral exploitation rights as prescribed by the laws on minerals;

c) Radio frequency usage rights as prescribed by the laws on radio frequencies;

d) Usage rights for codes, telecommunications numbers, and national domain names ".vn" as prescribed by the laws on telecommunications;

đ) Forest usage rights and forest leasing rights as prescribed by the laws on forestry;

e) Fixed assets of enterprises as prescribed by the laws on the management and use of state capital invested in production and business activities at enterprises;

g) National reserve assets as prescribed by the laws on national reserves;

h) State assets at agencies, organizations, units, infrastructure assets, assets established with full public ownership, and assets of projects funded by state capital as prescribed by the laws on the management and use of state assets;

i) Execution assets as prescribed by the laws on civil enforcement;

k) Security assets as prescribed by the laws on security measures for the performance of obligations;

l) Seized assets to secure the execution of administrative penalty decisions as prescribed by the laws on administrative violations;

m) Assets of cooperatives and cooperative unions that have gone bankrupt as prescribed by the laws on cooperatives and bankruptcy;

n) Assets of enterprises that have gone bankrupt as prescribed by the laws on bankruptcy;

o) Bad debts and security assets of bad debt claims of organizations wholly owned by the State with a 100% capital contribution established by the State Bank of Vietnam to handle bad debts of credit institutions as prescribed by the laws;

p) Other assets that must be auctioned as prescribed by the laws.

2. Assets not falling within the cases stipulated in Clause 1 of this Article but voluntarily chosen for auction by individuals and organizations."

3. Amending and supplementing certain clauses of Article 5 as follows:

a) Amend and supplement Clause 1 and Clause 2 as follows:

"1. Bid increment is the difference between the first bid price and the starting price or between subsequent bids and the immediately preceding bid.

2. Auctioning assets is a form of bidding where two or more participants accept prices according to the principles, procedures, and formalities prescribed in this Law, except for the cases stipulated in Article 49 of this Law.";

b) Amend and supplement Clause 7 as follows:

"7. Participants in auctions are individuals and organizations participating in auctions to purchase auctioned assets in accordance with this Law and other relevant laws.";

c) Supplementing Clause 13 and Clause 14 after Clause 12 as follows:

"13. The National Auction Asset Gateway is an information technology system built, managed, and operated by the state management agency for auctions to unify the management of auction asset information and conduct online auctions in compliance with the requirements of this Law and other relevant laws.

14. Working days are from Monday to Friday and make-up working days as prescribed, excluding holidays, Tet holidays, and make-up rest days as prescribed.";

4. Amend and supplement Clause 2 of Article 7 as follows:

"2. In case a third party disputes the ownership of auctioned assets, the ownership still belongs to the buyer who legally acquires the auctioned assets. The resolution of disputes over the ownership of auctioned assets, lawsuits regarding the legal effect of successful auctions, and the cancellation of auction results as stipulated in Clauses 2 and 3 of Article 72 of this Law shall be carried out according to the expedited procedures of the Civil Procedure Law.";

5. Amending and supplementing certain points and clauses of Article 9 as follows:

a) Amend and supplement Point c Clause 1 as follows:

"c) Creating false lists of participants registering for auctions; creating false or fake documents to participate in auction activities; colluding or coordinating with the owner of auctioned assets, auction participants, appraisal organizations, asset inspection organizations, or other individuals and organizations to distort asset information, invitation documents, participation documents, suppressing bids, inflating bids, or distorting auction results;"

b) Supplementing Point đ1 after Point đ Clause 1 as follows:

"đ1) Disclosing information about participants registering for auctions;"

c) Amend and supplement Point b Clause 2 as follows:

"b) Creating false lists of participants registering for auctions; creating false or fake documents to participate in auction activities; colluding or coordinating with the owner of auctioned assets, auction participants, appraisal organizations, asset inspection organizations, or other individuals and organizations to distort asset information, invitation documents, participation documents, suppressing bids, inflating bids, or distorting auction results;"

d) Amending and supplementing Point d; supplementing Points d1 and d2 after Point d Clause 2 as follows:

"d) Disclosing information about participants registering for auctions; d1) Falsifying documents or intentionally providing false information to distort participation documents for selecting auction service providers; d2) Using the advance payment of auction participants for any other purpose;"

đ) Amending and supplementing Point a and Point b; supplementing Point b1 after Point b Clause 4 as follows:

"a) Colluding or coordinating with auction officers, auction service providers, or other individuals and organizations to distort asset information, invitation documents, participation documents, suppressing bids, inflating bids, or distorting auction results;

b) Accepting any money, property, or benefits from auction officers, auction service providers, or auction participants to distort the selection results of auction service providers or auction results; b1) Restricting individuals or organizations from participating in auctions contrary to the law;"

e) Amend and supplement Point b Clause 5 as follows:

"b) Colluding with auctioneers, organizations engaged in auctioning assets, persons with assets for auction, other participants in auctions, individuals, or organizations to suppress prices, inflate prices, or distort the results of asset auctions;"

g) Supplement Points d1, d2, and d3 after Point d Clause 5 as follows:

"d1) Accepting authorization from another participant in the auction to participate in the auction of an asset in which the person themselves is also a participant; accepting authorization from two or more participants in the auction to participate in the auction of the same asset;

d2) Participating in the auction session when their spouse, brother, sister, or younger brother is also a participant in the auction of that asset;

d3) Participating in the auction session when the parent company, subsidiary, or enterprises in which individuals, organizations, or groups of individuals and organizations have the ability to control the operations of the enterprise according to the law on enterprises are also participants in the auction of that asset;"

6. Amend and supplement Clause 2 and Clause 3 Article 10 as follows:

"2. Hold a bachelor's degree or higher in one of the following fields: law, economics, business administration, accounting, auditing, finance, banking;

3. Complete the vocational training course in auctioning as prescribed in Article 11 of this Law;"

7. Amend and supplement Clause 1 Article 11 as follows:

"1. Persons meeting the criteria prescribed in Clauses 1 and 2 Article 10 of this Law are eligible to participate in the vocational training course in auctioning."

8. Amend and supplement some clauses of Article 13 as follows:

a) Amend and supplement Clause 1 as follows:

"1. Persons holding a certificate of graduation from vocational training in auctioning shall undergo probationary practice in auctioning at an organization engaged in auctioning activities.";

b) Amend and supplement Clause 4 as follows:

"4. Persons completing the probationary period as prescribed in Clause 2 of this Article must submit a written report on the results of the probationary practice, accompanied by comments from the supervising auctioneer and confirmation from the organization engaged in auctioning activities, to the Department of Justice where they registered for the probationary practice; they are entitled to participate in the examination of the results of the probationary practice in auctioning.

The examination of the results of the probationary practice in auctioning includes professional skills in auctioning, laws on auctioning, related laws, and the Code of Ethics for Auctioneers."

9. Amend and supplement some points and clauses of Article 14 as follows:

a) Amending and supplementing Point b Clause 1 as follows:

"b) A certified copy or a copy accompanied by the original for comparison of a bachelor's degree or higher in one of the following fields: law, economics, business administration, accounting, auditing, finance, banking;"

b) Add Clause 2a after Clause 2 as follows:

"2a. During the review of the application for the Auction Practice Certificate, the competent authority issuing the Auction Practice Certificate has the right to request the agency issuing the Criminal Record Certificate No. 2 of the applicant for the Auction Practice Certificate to provide it according to the procedures and formalities stipulated by the law on criminal records."

10. Amend and supplement Clause 4 Article 15 as follows:

"4. Being pursued for criminal responsibility; having been convicted and the judgment has taken legal effect; having been convicted but not yet rehabilitated; having been convicted of the crime of violating regulations on public sale, the crime of fraudulently appropriating property, or corruption-related crimes, even if the conviction has been rehabilitated."

11. Amend and supplement Point b and Point c Clause 1 Article 16 as follows:

"b) Not engaging in auctioning activities as prescribed in Clause 1 Article 18 of this Law for a continuous period of two years, except in cases of force majeure;

c) Being administratively punished under the law on administrative violations for violating the provisions of Points b, c, or d1 Clause 1 Article 9 of this Law;"

12. Amend and supplement Point b Clause 5 Article 17 as follows:

"b) Having been convicted of the crime of violating regulations on public sale, the crime of fraudulently appropriating property, or corruption-related crimes, even if the conviction has been rehabilitated."

13. Amend and supplement some points and clauses of Article 19 as follows:

a) Amending and supplementing Point b Clause 1 as follows:

"b) Directly managing the auction session; handling situations arising during the auction session in accordance with the principles prescribed in Article 6 of this Law;"

b) Supplement Point d1 after Point d Clause 2 as follows:

"d1) Participate in professional development in auctioning as prescribed;"

14. Amend and supplement some points and clauses of Article 24 as follows:

a) Amend and supplement Point a and supplement Point a1 after Point a Clause 1 as follows:

"a) Providing auction services;

a1) Agreeing with the owner of the auctioned asset on the application of one, several, or all provisions regarding the procedure and process of auctioning as prescribed in this Law for the asset specified in Clause 2 Article 4 of this Law;"

b) Supplement Point i1 and Point i2 after Point i Clause 1 as follows:

"i1) Collecting, managing, and using fees for participating in the auction as prescribed by law;

i2) Being able to collaborate with other organizations engaged in auctioning activities to organize the auctioning of assets as specified in Clause 2 Article 4 of this Law;"

c) Amend and supplement Point a Clause 2 as follows:

"a) Conducting the auction of assets in accordance with the principles, procedures, and processes prescribed in this Law, except in the case prescribed in Point a1 Clause 1 of this Article, and being responsible for the results of the auction;"

15. Amend and supplement Clause 1 Article 25 as follows:

"1. The person establishing the enterprise that meets the conditions prescribed in Article 23 of this Law shall submit a set of registration application documents for auctioning activities to the Department of Justice at the location where the enterprise is headquartered and pay the fee as prescribed by law. The documents include:

a) Application for registration;

b) Articles of Association of the enterprise for a partnership auction company;

c) A certified copy or a copy accompanied by the original for comparison of the Auction Practice Certificate of the private auction company owner, the Auction Practice Certificate of the partner in a partnership auction company, or the General Director or Director of a joint-stock auction company;"

16. Amend and supplement Clause 1 and supplement Clause 1a after Clause 1 Article 26 as follows:

"1. In the case where an auction company changes its name, address of headquarters within the province or centrally-administered city, branch, representative office, legal representative of the enterprise, or list of practicing auctioneers in the company, the following procedures shall be followed:

a) Within ten working days from the date of the decision to change, the auction company shall submit a change application to the Department of Justice where the company is registered for activities;

b) Within five working days from the date of receipt of the request for change, the Department of Justice decides to change the registered activity content and reissue the Business Registration Certificate for the auction company; in case of refusal, it must notify the reason in writing. The auction company refused to change the registered activity content has the right to lodge complaints or initiate lawsuits in accordance with the provisions of the law.

1a. In the case where an auction company changes its head office address from one province or centrally-administered city to another province or centrally-administered city, it shall be carried out as follows:

a) Within ten working days from the date of decision to change, the auction company sends a notice of change of head office address to the Department of Justice where the company registers its activities and submits a request for change along with a certified copy, an electronically certified copy, or a copy accompanied by the original for comparison of the Business Registration Certificate issued to the company to the Department of Justice where the new head office is located;

b) Within five working days from the date of receipt of complete and valid documents, the Department of Justice where the new head office of the auction company is located issues the Business Registration Certificate to the company; notifies the Department of Justice where the old head office was located and provides information on the registered activity content of the company as stipulated in Article 27 of this Law; in case of refusal, it must notify the reason in writing. The auction company refused issuance of the Business Registration Certificate has the right to lodge complaints or initiate lawsuits in accordance with the provisions of the law.

From the date the auction company is issued the Business Registration Certificate by the Department of Justice where the new head office is located, the Business Registration Certificate issued by the Department of Justice where the old head office was located ceases to have legal effect. The Department of Justice where the old head office was located issues a decision to cancel the issued Business Registration Certificate and publishes it on the Department's electronic portal within three working days from the date of receipt of the notification of issuance of the Business Registration Certificate for the company by the Department of Justice where the new head office is located;

c) An auction company that is issued a Business Registration Certificate is responsible for publishing the registered activity content of the company as stipulated in Article 28 of this Law."

17. Amend and supplement Clause 1 of Article 28 as follows:

"1. Within thirty days from the date of issuance of the Business Registration Certificate, the auction company must publish the registered activity content on the National Auction Property Portal regarding the following main contents:

a) Name of the auction company;

b) Head office address of the auction company, branch offices, representative offices;

c) Number, date of issuance, and place of registration of the Business Registration Certificate;

d) Name and number of the Auction Practitioner Certificate of the owner of a private auction company; name and number of the Auction Practitioner Certificate of the general partner or managing director of a limited liability auction company."

18. Supplement Clauses 5, 6, and 7 after Clause 4 of Article 29 as follows:

"5. In the case where a branch of an auction company changes its head office address within the same province or centrally-administered city or changes the Branch Manager, it shall be carried out as follows:

a) Within ten working days from the date of decision to change, the auction company submits a request for change to the Department of Justice where the branch registers its activities; in case of changing the Branch Manager, it also submits a certified copy, an electronically certified copy, or a copy accompanied by the original for comparison of the Auction Practitioner Certificate of the Branch Manager;

b) Within five working days from the date of receipt of the request for change, the Department of Justice decides to change the registered activity content and reissues the Business Registration Certificate for the branch of the auction company; in case of refusal, it must notify the reason in writing. The auction company refused to change the registered activity content for the branch has the right to lodge complaints or initiate lawsuits in accordance with the provisions of the law.

6. In the case where a branch of an auction company changes its head office address from one province or centrally-administered city to another province or centrally-administered city, it shall be carried out as follows:

a) Within ten working days from the date of decision to change, the auction company sends a notice of change of head office address of the branch to the Department of Justice where the branch registers its activities and submits a request for change of head office address along with a certified copy, an electronically certified copy, or a copy accompanied by the original for comparison of the Business Registration Certificate issued to the branch;

b) Within five working days from the date of receipt of complete and valid documents, the Department of Justice where the new head office of the branch is located issues the Business Registration Certificate to the branch; notifies the Department of Justice where the old head office was located; in case of refusal, it must notify the reason in writing. The auction company refused issuance of the Business Registration Certificate for the branch has the right to lodge complaints or initiate lawsuits in accordance with the provisions of the law.

From the date the branch is issued the Business Registration Certificate by the Department of Justice where the new head office is located, the Business Registration Certificate issued by the Department of Justice where the old head office was located ceases to have legal effect. The Department of Justice where the old head office was located issues a decision to cancel the issued Business Registration Certificate and publishes it on the Department's electronic portal within three working days from the date of receipt of the notification of issuance of the Business Registration Certificate for the branch by the Department of Justice where the new head office is located.

7. In the case where an auction company requests to reissue the Business Registration Certificate of the branch due to loss, damage, fire, or other destruction, it shall be carried out as follows:

a) The auction company submits a request for reissuance of the Business Registration Certificate to the Department of Justice where the branch registers its activities;

b) Within seven working days from the date of receipt of the request, the Department of Justice reissues the Business Registration Certificate to the branch; in case of refusal, it must notify the reason in writing. The auction company refused reissuance of the Business Registration Certificate for the branch has the right to lodge complaints or initiate lawsuits in accordance with the provisions of the law.

19. Amend and supplement some points and clauses of Article 32 as follows:

a) Add point d1 after point d of Clause 1 as follows:

"d1) At the proposal of the competent authority;"

b) Add point đ after point d of Clause 2 as follows:

"đ) In the case provided for in point d1 of Clause 1 of this Article, the revocation of the Certificate of Business Registration of the auction company shall be carried out in accordance with the regulations of the Government."

20. Amend and supplement some points and clauses of Article 34 as follows:

a) Amend and supplement Point a Clause 2 as follows:

"a) The name of the asset or the list of assets, lot of assets or individual asset, quantity, quality of the auctioned asset; location of the auctioned asset; documents on ownership rights and usage rights over the auctioned asset;"

b) Amend and supplement Point c Clause 2 as follows:

"c) Date and time of commencement and expiration of the sale of bidding invitation documents; date and time of commencement and expiration of receipt of bidding participation documents; location of sale of bidding invitation documents and receipt of bidding participation documents;"

c) Amend and supplement Point d Clause 2 as follows:

"đ) Cost of purchasing bidding invitation documents, deposit; date and time of commencement and expiration of submission of deposit;"

d) Add points k, l, and m after point i of Clause 2 as follows:

"k) Bid increment, application of bid increment at each round of auction in cases where the auction has bid increments and rounds; valid bid price, invalid bid price in cases of direct oral bidding during the auction session or online bidding; valid bid form, invalid bid form in cases of direct ballot bidding during the auction session or indirect ballot bidding;"

l) Provisions on recording the bid form, deadline for submitting the bid form, procedures and formalities for sealing and opening the sealed envelope in cases of indirect ballot bidding;

m) Bid price of each type of asset being land use rights and assets attached to land in cases where the person having land use rights is not simultaneously the owner of the attached assets."

đ) Amend and supplement Clause 3 as follows:

"3. Auction companies must post the Auction Rules at their office premises, at the location of the auction session, and publicly announce the Auction Rules on the National Auction Asset Portal simultaneously with the public announcement of the auction as stipulated in Article 57 of this Law."

21. Amend and supplement some points and clauses of Article 35 as follows:

a) Amend and supplement Clause 1 and add Clause 1a after Clause 1 as follows:

"1. Auction companies must post information about the auction of assets as follows:

a) For movable assets, the auction company must continuously post the information specified in Clause 2 of this Article at its own office premises, the office premises of the asset owner, display location (if any), and the location of the auction session at least seven working days before the auction session opening day;

b) For immovable assets, the auction company must continuously post the information specified in Clause 2 of this Article at its own office premises, the office premises of the asset owner, the location of the auction session, and the People's Committee of the commune where the immovable asset is located at least fifteen days before the auction session opening day.

In cases of auctioning land use rights for land allocation or lease for investment projects or mineral exploitation rights, the auction company must continuously post the information specified in Clause 2 of this Article at its own office premises, the office premises of the asset owner, and the location of the auction session at least thirty days before the auction session opening day.

1a. In cases of simplified auction procedures as stipulated in Article 53 of this Law, the auction company must post the auction information at the locations specified in Clause 1 of this Article, and the posting period shall be as follows:

a) For movable assets, the continuous posting period shall be at least three working days before the auction session opening day;

b) For immovable assets, the continuous posting period shall be at least five working days before the auction session opening day."

b) Amending and supplementing Point b Clause 2 as follows:

"b) The contents prescribed in points a, b, c, d, đ, e, g, h, k, and l of Clause 2 of Article 34 of this Law."

c) Amending and supplementing Clause 3 as follows:

"3. Auction companies must retain documents and images of the posted auction information as specified in Clauses 1 and 2 of this Article in the auction file. In cases of posting at the People's Committee of the commune where the immovable asset is located, the auction company must retain documents and images of the posting or establish a document with confirmation of the posting and termination of the posting by the People's Committee of the commune."

22. Amend and supplement Article 36 and Article 37 as follows:

"Article 36. Viewing Auction Assets

1. Auction companies must cooperate with the asset owners to organize for bidders to view the assets directly or samples of the assets, documents on ownership rights and usage rights over the assets, and related documents (if any). The name of the asset owner and information about the asset must be clearly marked on the asset or sample.

In cases where the auctioned asset is a property right, the auction company must cooperate with the asset owner to organize for bidders to view documents on ownership rights and usage rights over the asset and related documents (if any).

2. Auction companies must cooperate with the asset owners to organize for bidders to view the auctioned assets during regular working hours, for at least three consecutive working days from the posting of the auction information until the day before the auction session opening."

Article 37. Location for Auction Session

1. The person with the auctioned property and the auction service organization shall agree to select the location for organizing the auction session as follows:

a) A location within the province or centrally governed city where the auction service organization has its headquarters, the person with the auctioned property has their headquarters, or the movable property is located;

b) A location within the province or centrally governed city where the immovable property is located; in cases where the immovable property is located in different provinces or centrally governed cities, the person with the auctioned property and the auction service organization shall choose a location within one of the provinces or centrally governed cities where the immovable property is located, the person with the auctioned property has their headquarters, or the auction service organization has its headquarters.

2. In cases where, after the deadline for submitting participation registration forms and depositing the bid bond according to the Auction Regulations, the selected location does not meet the conditions for organizing the auction session, the auction service organization shall take the following actions:

a) Reach a written agreement with the person with the auctioned property to change the location for organizing the auction session but must be within the district, county, town, or city under the province or centrally governed city that was publicly announced;

b) Notify in writing the participants who meet the conditions about the location for organizing the auction session. Such notification must be made at least one working day before the date of the auction session as determined in the Auction Regulations.

23. Amend and supplement Clause 2; add Clauses 2a, 2b, 2c, 2d, and 2đ after Clause 2 of Article 38 as follows:

"2. The auction service organization shall sell the invitation to participate in the auction and accept participation registration forms at its headquarters during regular business hours continuously from the date of publicizing the auction of the property until two working days before the opening of the auction session, except in cases provided for in Clause 2b and Clause 2c of this Article. The auction service organization shall notify those who do not meet the conditions for participating in the auction at least one working day before the opening of the auction session.

In cases of auctions conducted through simplified procedures as stipulated in Article 53 of this Law, the auction service organization shall sell the invitation to participate in the auction and accept participation registration forms at its headquarters during regular business hours continuously from the date of publicizing the auction of the property until one working day before the opening of the auction session.

2a. The invitation to participate in the auction includes:

a) Registration form for participation in the auction;

b) Auction regulations;

c) Bidding sheet in cases of indirect bidding by ballot;

d) Documents related to the auctioned property.

2b. In cases of auctioning land use rights for land allocation or lease for investment projects or mineral exploitation rights, the auction service organization shall sell the invitation to participate in the auction and accept participation registration forms at its headquarters during regular business hours continuously from the date of publicizing the auction of the property until fifteen days before the opening of the auction session.

Participants in the auction shall submit two sealed sets of registration forms to the auction service organization. Within one working day after the deadline for submission of registration forms, the auction service organization shall send one sealed set of registration forms of each participant to the person with the auctioned property. The person with the auctioned property, based on the applicable laws regarding the type of auctioned property, shall be responsible for reviewing the conditions of the participants and notify the auction service organization of the list of participants meeting the requirements and conditions for participation, and those not meeting the requirements and conditions for participation at least five working days before the opening of the auction session.

The auction service organization shall notify each participant in writing about whether they meet the requirements and conditions for participation at least three working days before the opening of the auction session.

2c. In cases where the auction service organization's headquarters are located in a different province or centrally governed city from the province or centrally governed city where the auctioned property is located, in addition to selling the invitation to participate in the auction and accepting participation registration forms at its headquarters, the auction service organization may also sell the invitation to participate in the auction and accept participation registration forms at the headquarters of the person with the auctioned property or another agreed location within the province or centrally governed city where the auctioned property is located according to the timeframes specified in Clause 2 and Clause 2b of this Article.

2d. In addition to the sale and acceptance of participation registration forms as stipulated in Clauses 2, 2b, and 2c of this Article, the auction service organization and the person with the auctioned property may agree to sell the invitation to participate in the auction and accept participation registration forms at other locations or through online methods on the website of the person with the auctioned property, the auction service organization, or the National Property Auction Portal.

2đ. Participation registration forms include:

a) Registration form for participation in the auction;

b) Documents proving compliance with the requirements and conditions for participation in the auction or a written confirmation from the competent authority certifying compliance with the requirements and conditions for participation in the auction in cases where the law specifies such requirements and conditions.

24. Amend and supplement some Points and Clauses of Article 39 as follows:

a) Amend and supplement Clause 1; add Clause 1a and Clause 1b after Clause 1 as follows:

"1. Participants in the auction must deposit a bid bond. The bid bond shall be deposited into a separate settlement account opened by the auction service organization at a commercial bank or a foreign bank branch in Vietnam.

Participants in the auction, the person with the auctioned property, and the auction service organization may agree to replace the bid bond with a bank guarantee.

In the case of auctioning the right to use land for the purpose of transferring land or leasing land to implement investment projects, or auctioning the right to use radio frequency spectrum, the person with the property to be auctioned requests that the account of the organization conducting the asset auction be frozen with respect to the deposit amount according to the provisions of the laws on credit institutions.

1a. The deposit amount shall be agreed upon between the organization conducting the asset auction and the person with the property to be auctioned, but it must be at least five percent and at most twenty percent of the initial value of the auctioned asset, except in the cases provided for in Clause 1b of this Article and the following cases:

a) In the case of auctioning the right to exploit mineral resources where the initial value cannot be determined in monetary terms, the deposit amount shall be determined according to the provisions of the law on minerals; for the auction of the right to exploit mineral resources where the initial value can be determined in monetary terms, the deposit amount must be at least ten percent and at most twenty percent of the initial value;

b) In the case of auctioning the right to use land for the purpose of transferring land or leasing land to implement investment projects, the deposit amount must be at least ten percent and at most twenty percent of the initial value;

c) In the case of auctioning the right to lease assets where the initial value is determined based on the annual rental rate, the deposit amount must be at least five percent and at most twenty percent of the initial value multiplied by the lease term.

1b. In the case of auctioning the right to use radio frequency spectrum, the deposit amount shall be agreed upon between the organization conducting the asset auction and the person with the property to be auctioned and shall be determined as follows:

a) In the case of bidding as prescribed in Point a, Clause 1, Article 59 of this Law, the deposit amount must be at least five percent and at most twenty percent of the initial value of the frequency band being auctioned;

b) In the case of bidding, accepting the price as prescribed in Point b, Clause 1, Article 59 of this Law, the deposit amount must be at least five percent and at most twenty percent of the initial value of one frequency band multiplied by the number of frequency bands registered for purchase;

c) In the case of bidding as prescribed in Point c, Clause 1, Article 59 of this Law, the deposit amount must be at least five percent and at most twenty percent of the initial value of the frequency band with the highest initial value among the frequency bands put up for auction multiplied by the number of frequency bands registered for purchase.";

b) Amend and supplement Clauses 2, 3, 4, and 5 as follows:

"2. Participants in the auction pay the deposit to the organization conducting the asset auction from the day of publicizing the auction information until two working days before the opening of the auction session.

In the case of simplified auction procedures as prescribed in Article 53 of this Law, participants in the auction pay the deposit to the organization conducting the asset auction within the period from the day of publicizing the auction information until one working day before the opening of the auction session.

In the case of auctioning the right to use land for the purpose of transferring land or leasing land to implement investment projects, or auctioning the right to exploit mineral resources, participants in the auction who meet the requirements and conditions for participating in the auction as announced by the organization conducting the asset auction pursuant to Point 2b, Clause 38 of this Law shall pay the deposit to the organization conducting the asset auction no later than one working day before the opening of the auction session.

3. Participants in the auction have the right to refuse to participate in the auction and reclaim the deposit in the event of changes in the initial value, quantity, quality of the asset, time, location of organizing the auction session, form of auction, or method of auction as publicly announced.

4. Within three working days from the end of the auction session or within another agreed period, the organization conducting the asset auction has the responsibility to return the deposit and pay interest (if any) to participants in the auction who refuse to participate in the auction as stipulated in Clause 3 of this Article, participants in the auction who have paid the deposit but do not meet the requirements and conditions for participation as announced by the organization conducting the asset auction, or participants in the auction who did not win the auction, except in the cases provided for in Clause 6 of this Article.

5. If the participant wins the auction, the deposit and interest (if any) will be converted into a deposit to ensure the performance of the contract or the implementation of the asset purchase contract or the obligation to purchase the auctioned asset after approval by the competent authority. The organization conducting the asset auction has the responsibility to transfer the deposit to the person with the property to be auctioned within three working days from the end of the auction session, except as otherwise provided by law.

The handling of the deposit is carried out in accordance with the provisions of civil law and other relevant laws.".

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

"d) The auctioneer announces the person who bid the highest price as the winner of the auction after repeating the highest bid three times without receiving a higher bid.".

26. Amend and supplement some points of Clause 2, Article 42 as follows:

Amend and supplement point a as follows:

"a) Participants in the auction are given a bid sheet, on which they write down the price they wish to bid. After the time for filling out the sheets, participants in the auction directly place their sheets in the ballot box; the auctioneer counts and announces the number of sheets issued, the number of sheets received, the number of valid sheets, the number of invalid sheets, the bid price of each bid sheet, the highest bid price, under the supervision of at least one participant in the auction; in the case of auctioning the right to use land for residential purposes for individuals, it is only necessary to announce the highest bid price under the supervision of at least one participant in the auction;"

b) Amend and supplement Point d as follows:

"d) In the case where two or more people bid the same highest price, the auctioneer organizes further bidding among those who bid the highest price to select the winner of the auction. If among those with the highest bid there is someone who continues to bid, the auctioneer gives them a bid sheet; the auctioneer announces that person as the winner if they bid higher. If all those with the highest bid do not agree to continue bidding, the auctioneer organizes a draw to select the winner of the auction."

27. Amend and supplement Article 43 as follows:

"Article 43. Auction by Indirect Voting

1. The bidding price ballots of auction participants must be placed in sealed envelopes with the bidder's signature on all edges of the envelope containing the ballot. The bidding price ballots may be sent through postal service or submitted to the auction business organization to be placed in the ballot box. The ballot box must be sealed immediately upon the expiration of the deadline for receiving ballots.

The deadline for receiving bidding price ballots from auction participants shall be determined by the auction business organization in the Auction Regulations but must be at least two working days before the auction session opening date. The price announcement session shall be considered as the auction session.

2. At the session announcing the bids made by participants, the auctioneer shall conduct the auction session in the following sequence:

a) Implement the provisions set out in points a, b, c, d, and e of Clause 1 of Article 41 of this Law;

b) Remind the requirements for valid bidding price ballots and invalid bidding price ballots;

c) Invite the owner of the auctioned property and at least one auction participant to supervise the integrity of the ballot box. If there are no other opinions regarding the supervision results, the auctioneer will proceed to unseal the ballot box;

d) Invite the owner of the auctioned property and at least one auction participant to supervise the integrity of each envelope containing the bidding price ballots;

đ) Unseal each envelope containing the bidding price ballots, except those containing ballots from participants who did not attend the price announcement session, announce the number of valid ballots, the number of invalid ballots, the bid price of each bidding price ballot, and the highest bid price under the supervision of the owner of the auctioned property and at least one auction participant; in the case of auctioning land use rights for residential purposes, only the highest bid price needs to be announced under the supervision of the owner of the auctioned property and at least one auction participant;

e) Announce the person with the highest bidding price ballot as the successful bidder.

3. In the event that two or more persons bid the same highest price, immediately after announcing the highest bidding price ballots for the property, the auctioneer shall organize a further auction among those who bid the same highest price to select the successful bidder. The auctioneer decides on the form of direct oral auction or direct voting auction. If among those with the highest bid price, there is someone continuing to bid, the auctioneer organizes for that person to bid; the auctioneer announces that person as the successful bidder if they have a higher bid price. If all those with the highest bid price refuse to continue bidding, the auctioneer shall organize a draw to select the successful bidder."

28. Add new Articles 43a and 43b after Article 43 as follows:

"Article 43a. Online Auction

1. The online auction shall be conducted through the National Auction Property Portal or an online auction information website.

2. The construction, management, and operation of the National Auction Property Portal and the online auction information website shall be carried out in accordance with the laws on information and communication, laws on electronic commerce, and laws on auction of property.

The funding for the construction, management, operation, maintenance, and upgrading of the National Auction Property Portal shall be sourced from the state budget and other sources as prescribed by law.

3. Auction business organizations, Auction Councils, and organizations wholly owned by the State with charter capital established by the State Bank of Vietnam to handle non-performing loans of credit institutions shall organize online auctions through the use of the National Auction Property Portal or their own online auction information websites, or by renting or using the online auction information website of another auction business organization.

4. The costs of using the National Auction Property Portal and the costs of renting an online auction information website for organizing an auction in the form of an online auction shall be included in the auction property costs specified in Clause 2 of Article 66 of this Law.

5. The Government shall provide detailed regulations on the requirements and conditions for the National Auction Property Portal and the requirements, conditions, and procedures for assessing and approving online auction information websites; the responsibilities of agencies, organizations, and individuals in constructing, managing, operating, and using the National Auction Property Portal and online auction information websites."

Article 43b. Procedures for online auctioning

1. Auction enterprises, Auction Councils, organizations wholly owned by the State established by the State Bank of Vietnam to handle bad debts of credit institutions shall implement the procedures for online auctioning as stipulated herein, Articles 33 to 39, Article 43a, Articles 44 to 54, and Chapter IV of this Law.

2. Auction enterprises, Auction Councils, organizations wholly owned by the State established by the State Bank of Vietnam to handle bad debts of credit institutions shall publish the Auction Regulations, publicly announce the auction on the National Auction Property Portal or online auction information page.

3. Participants in the auction shall register to participate in the auction, submit participation application documents, bid online through the National Auction Property Portal or online auction information page; pay the required deposit as prescribed; view the auctioned property online or directly according to the Auction Regulations.

4. Auction enterprises shall assign auction officers to manage the online auction session. The Auction Councils, organizations wholly owned by the State established by the State Bank of Vietnam to handle bad debts of credit institutions shall assign members to manage the online auction session.

5. The results of the online auction shall be publicly posted on the National Auction Property Portal or online auction information page and sent to the email address of the participants in the auction.

6. The Government shall provide detailed regulations for this Article.

29. Supplement Clause 2a following Clause 2 of Article 46 as follows:

"2a. Within seven working days from the date of receipt of the auction dossier as prescribed in Clause 2 of Article 45 of this Law, the owner of the auctioned property and the successful bidder shall sign the purchase and sale contract for the auctioned property, except where otherwise provided by law."

30. Amend and supplement some points and clauses of Article 47 as follows:

a) Supplement Points d1, d2, and d3 following Point d of Clause 1 as follows:

"d1) Decide on the application of bidding increments or not applying bidding increments for the auction. In case of deciding to apply bidding increments, the increment shall be determined as a fixed difference, a minimum and maximum difference, or a minimum difference;

d2) Require the auction enterprise, auction officer to temporarily suspend, stop, or cancel the auction or auction session in accordance with the law on civil enforcement proceedings when auctioning enforcement assets;

d3) Agree with the auction enterprise on the application of one, several, or all provisions on auction procedures and formalities of this Law for the property specified in Clause 2 of Article 4 of this Law;"

b) Amend and supplement Point d; supplement Points d1, d2, d3, d4, and d5 following Point d of Clause 2 as follows:

"d) Report to the competent authority on the selection of the auction enterprise and the supervision of the organization and implementation of the auction in cases of auctions specified in Clause 1 of Article 4 of this Law;

d1) Determine the starting price and reduction rate of the auctioned property in accordance with the applicable laws for that type of auctioned property;

d2) Not to provide information about participating bidders to other bidders during the verification and review process of participation conditions until the end of the auction;

d3) Pay the auction costs and service fees for the auction enterprise according to the auction service contract;

d4) Coordinate with the auction enterprise to organize for participants to view the auctioned property in accordance with Article 36 of this Law;

d5) Notify in writing the application of bidding increments at each round of bidding to the auction enterprise and specify it in the auction service contract if deciding to apply bidding increments;"

31. Amend and supplement some clauses of Article 49 as follows:

a) Amend and supplement Clause 1 as follows:

"1. The auction of property in cases where only one person registers to participate in the auction, participates in the auction, bids, or accepts the price shall be carried out as follows:

a) In the case of an upward bidding auction method, if after the registration period has ended there is only one person registered to participate in the auction, or there are multiple registrations but only one person attends the auction session, or there are multiple attendees but only one valid bid, or there are multiple bids but only one highest bid equal to or above the starting price, then the property will be sold to that person;

b) In the case of a downward bidding auction method, if there is only one person registered to participate in the auction, or there are multiple registrations but only one person attends the auction session and accepts the starting price or subsequent reduced prices, then the property will be sold to that person."

b) Add Clause 2a after Clause 2 as follows:

"2a. The auction of property as stipulated in Clause 1 of this Article does not apply to property for which the law provides that auctions are not conducted in cases where only one person registers to participate in the auction, participates in the auction, or bids."

32. Amend and supplement Clause 1 of Article 50 as follows:

"1. At an upward bidding auction session conducted through direct oral bidding or direct voting bidding at the auction session or online bidding, if the highest bidder withdraws their bid before the auction officer announces the successful bidder, the auction session shall continue and start from the next highest bid."

33. Amend and supplement some points of Clause 1 of Article 52 as follows:

a) Supplement Point a1 following Point a as follows:

"a1) All those who have registered to participate in the auction but did not attend the auction session."

b) Amend and supplement Point g as follows:

"g) Đã hết thời hạn đăng ký mà chỉ có một người đăng ký tham gia đấu giá hoặc có nhiều người đăng ký tham gia đấu giá nhưng chỉ có một người tham dự phiên đấu giá hoặc có nhiều người tham dự phiên đấu giá nhưng chỉ có một người trả giá hoặc có nhiều người trả giá nhưng chỉ có một người trả giá hợp lệ trong trường hợp đấu giá tài sản quy định tại khoản 2a Điều 49 của Luật này."

34. Sửa đổi, bổ sung khoản 2 Điều 53 như sau:

"2. Việc đấu giá theo thủ tục rút gọn quy định tại khoản 1 Điều này không áp dụng đối với tài sản là quyền sử dụng đất đối với trường hợp giao đất, cho thuê đất để thực hiện dự án đầu tư, quyền khai thác khoáng sản, quyền sử dụng tần số vô tuyến điện và tài sản khác theo quy định của luật có liên quan."

35. Sửa đổi, bổ sung Điều 54 như sau:

"Điều 54. Lưu trữ hồ sơ

1. Người có tài sản đấu giá, tổ chức hành nghề đấu giá tài sản, người có thẩm quyền quyết định thành lập Hội đồng đấu giá tài sản thực hiện việc lưu trữ hồ sơ, tài liệu đấu giá theo quy định của pháp luật về lưu trữ trong thời hạn tối thiểu là 05 năm kể từ ngày kết thúc cuộc đấu giá, trừ trường hợp quy định tại khoản 2 Điều này.

2. Cá nhân, tổ chức tự nguyện lựa chọn đấu giá theo quy định tại khoản 2 Điều 4 của Luật này quyết định việc lưu trữ hồ sơ, tài liệu đấu giá theo quy định của pháp luật về lưu trữ."

36. Bổ sung khoản 6 Điều 56 như sau:

"6. Bộ trưởng Bộ Tư pháp quy định chi tiết Điều này."

37. Sửa đổi, bổ sung một số khoản của Điều 57 như sau:

a) Amend and supplement Clause 1 and add Clause 1a after Clause 1 as follows:

"1. Ngoài quy định về niêm yết việc đấu giá tài sản quy định tại khoản 1 và khoản 2 Điều 35 của Luật này, đối với tài sản là động sản có giá khởi điểm từ năm mươi triệu đồng trở lên và bất động sản thì tổ chức hành nghề đấu giá tài sản phải thông báo công khai hai lần trên Cổng Đấu giá tài sản quốc gia, mỗi lần cách nhau ít nhất 02 ngày và ít nhất một lần trên báo in hoặc báo hình của trung ương hoặc tỉnh, thành phố trực thuộc Trung ương nơi có tài sản đấu giá, trừ trường hợp thay đổi địa điểm tổ chức phiên đấu giá sau khi đã hết hạn tiếp nhận hồ sơ và nộp tiền đặt trước quy định tại khoản 2 Điều 37 của Luật này.

Trường hợp thay đổi một trong các nội dung thông báo công khai đấu giá quy định tại khoản 4 Điều này hoặc tạm dừng việc tổ chức đấu giá mà chưa hết thời hạn tiếp nhận hồ sơ tham gia đấu giá, tiền đặt trước thì tổ chức hành nghề đấu giá tài sản phải niêm yết nội dung thay đổi theo đúng thời gian quy định tại khoản 1 Điều 35 của Luật này và thông báo công khai nội dung thay đổi theo đúng thời gian quy định tại khoản 3 Điều này.

1a. Ngoài việc thông báo công khai trên Cổng Đấu giá tài sản quốc gia và báo in hoặc báo hình của trung ương hoặc tỉnh, thành phố trực thuộc Trung ương nơi có tài sản đấu giá quy định tại khoản 1 Điều này, tổ chức hành nghề đấu giá tài sản thông báo công khai việc đấu giá tài sản trên các phương tiện thông tin đại chúng khác theo yêu cầu của người có tài sản đấu giá;"

b) Sửa đổi, bổ sung khoản 2 và khoản 3 như sau:

"2. Trường hợp đấu giá theo thủ tục rút gọn quy định tại khoản 1 Điều 53 của Luật này thì ngoài quy định về niêm yết việc đấu giá tài sản quy định tại khoản 1a Điều 35 của Luật này, tổ chức hành nghề đấu giá tài sản thông báo công khai trên Cổng Đấu giá tài sản quốc gia.

3. Thời gian thông báo công khai quy định tại khoản 1 Điều này ít nhất là 07 ngày làm việc đối với tài sản là động sản, 15 ngày đối với tài sản là bất động sản trước ngày mở phiên đấu giá. Việc thông báo công khai quy định tại khoản 2 Điều này được thực hiện đồng thời với việc niêm yết đấu giá tài sản quy định tại khoản 1a Điều 35 của Luật này."

38. Sửa đổi, bổ sung Điều 59 như sau:

"Điều 59. Trả giá, chấp nhận giá trong đấu giá quyền sử dụng tần số vô tuyến điện

1. Việc trả giá, chấp nhận giá trong đấu giá quyền sử dụng tần số vô tuyến điện được thực hiện theo các cách thức sau đây:

a) Trả giá theo quy định tại khoản 2 Điều 42 của Luật này;

b) Trả giá, chấp nhận giá theo hai giai đoạn gồm giai đoạn xác định số lượng khối băng tần trúng đấu giá và giai đoạn xác định vị trí khối băng tần trúng đấu giá;

c) Trả giá theo số lượng các khối băng tần đăng ký mua và được thay đổi khối băng tần trả giá tại các vòng đấu giá.

2. Người có tài sản đấu giá căn cứ vào băng tần, số lượng khối băng tần đưa ra đấu giá để lựa chọn cách thức trả giá, chấp nhận giá quy định tại khoản 1 Điều này.

3. Chính phủ quy định chi tiết điểm b, điểm c khoản 1 và khoản 2 Điều này."

39. Sửa đổi, bổ sung điểm a khoản 2 Điều 62 như sau:

"a) Nghĩa vụ quy định tại các điểm a, b, c và d khoản 2 Điều 24 của Luật này;"

40. Bổ sung khoản 3 vào sau khoản 2 Điều 66 như sau:

"3. Tiền bán hồ sơ mời tham gia đấu giá thuộc về tổ chức hành nghề đấu giá tài sản. Việc thu, quản lý và sử dụng tiền bán hồ sơ mời tham gia đấu giá được thực hiện theo quy định của pháp luật."

41. Sửa đổi, bổ sung Điều 70 như sau:

"Điều 70. Xử lý vi phạm đối với người tham gia đấu giá, người trúng đấu giá, cá nhân, tổ chức có liên quan

1. Người tham gia đấu giá, người trúng đấu giá, cá nhân, tổ chức có liên quan có hành vi vi phạm quy định tại khoản 5 Điều 9 hoặc quy định khác của Luật này, tùy theo tính chất, mức độ vi phạm thì bị xử lý kỷ luật, xử phạt vi phạm hành chính hoặc bị truy cứu trách nhiệm hình sự, nếu gây thiệt hại thì phải bồi thường theo quy định của pháp luật.

2. Người trúng đấu giá quyền sử dụng đất đối với trường hợp giao đất, cho thuê đất để thực hiện dự án đầu tư, quyền khai thác khoáng sản vi phạm nghĩa vụ thanh toán tiền trúng đấu giá dẫn đến quyết định công nhận kết quả đấu giá bị hủy, tùy theo tính chất, mức độ vi phạm thì bị cấm tham gia đấu giá đối với loại tài sản đó trong thời hạn từ 06 tháng đến 05 năm.

3. Cơ quan có thẩm quyền phê duyệt kết quả trúng đấu giá quyền sử dụng đất đối với trường hợp giao đất, cho thuê đất để thực hiện dự án đầu tư, quyền khai thác khoáng sản là cơ quan có thẩm quyền quyết định cấm tham gia đấu giá quy định tại khoản 2 Điều này."

4. The decision to prohibit participation in auction must be sent to individuals and organizations subject to handling and relevant agencies and organizations; simultaneously sent to the Ministry of Justice and published on the National Auction Property Portal.

5. The Government shall provide detailed regulations for Clauses 2, 3, and 4 of this Article.

42. Amend and supplement Clause 4 of Article 72 as follows:

"4. In accordance with the decision of the competent authority imposing administrative penalties when there is one of the grounds prescribed in Clause 6 of Article 33 of this Law or in cases where the person with auctioned property, participant in the auction, successful bidder, organization engaged in auctioning property, auctioneer has colluded, connived, or suppressed prices during the auction process leading to distortion of information about the auctioned property or bidding documents or the results of the auction."

43. Amend and supplement Article 73 as follows:

"Article 73. Legal consequences when canceling the results of the auction of property

1. In cases where the results of the auction of property are canceled according to Clauses 2, 3, and 4 of Article 72 of this Law, the parties shall restore the initial status, return to each other the property received, if it cannot be returned in kind then it must be returned in cash. The party causing damage must compensate according to the provisions of the law.

2. In cases where the results of the auction of property are canceled according to Clauses 3 and 4 of Article 72 of this Law shall be carried out as follows:

a) The competent authority approving the results of the auction of property shall carry out the cancellation of the decision approving the results of the auction of property. The procedure and formalities for canceling the decision approving the results of the auction of property shall be implemented in accordance with the relevant laws;

b) The person with auctioned property shall terminate the contract for the sale of auctioned property, terminate the contract for the sale of auctioned property, or request the Court to terminate or declare the contract for the sale of auctioned property void in accordance with the provisions of the law."

44. Amend and supplement some points of Clause 2 of Article 77 as follows:

a) Amend and supplement Point d as follows:

"d) Prescribe the framework program of the vocational training course for auctioning, the training institution for auctioning; the program, content, and organization of professional training for auctioneers; the probationary period and examination of the probationary practice results;"

b) Amend Point e and Point g as follows:

"e) Build, manage, and guide the use of the National Auction Property Portal to meet requirements for confidentiality and information security; assign tasks for operation to specialized agencies and units under the implementing organization;

g) Inspect, audit, and handle violations related to the organization and activities of auctions; organize and operate the social-professional organization of auctioneers within their jurisdiction;"

c) Supplement Point i1 after Point i as follows:

"i1) Chair and coordinate with relevant ministries and sectors to prescribe costs for announcing the selection of organizations engaged in auctioning property, publicizing auction announcements on the National Auction Property Portal, using the National Auction Property Portal, and other related costs in accordance with the law;"

45. Replace and delete certain terms and phrases at the following points and clauses:

a) Replace the phrase "the bidding organization's participation file in organizing the auction" with "the file for participating in the selection of organizations engaged in auctioning property" in Clause 3 of Article 56;

b) Replace the phrase "auction organization" with "organization engaged in auctioning property" in Article 1; Clause 1 of Article 2; Clause 4 and Clause 12 of Article 5; Clause 3 of Article 6; Point b of Clause 2 of Article 8; Clause 2 of Article 9; Title Chapter II; Clause 2 and Clause 3 of Article 13; Point d, Point đ of Clause 1 and Point c of Clause 2 of Article 19; Article 20; Title Section 2 Chapter II; Article 24; Article 33; Clause 1 of Article 34; Point a of Clause 2 and Clause 4 of Article 35; Clause 1, Clause 3 and Point b of Clause 4 of Article 38; Clause 7 of Article 39; Clause 1 of Article 40; Clause 4 of Article 42; Clause 4 of Article 44; Article 45; Clause 2 of Article 46; Point c of Clause 1 of Article 47; Clause 2 and Clause 3 of Article 52; Clause 1 of Article 53; Article 56; Point a of Clause 4 and Clause 5 of Article 57; Point b of Clause 1 and Clause 3 of Article 60; Clause 2 of Article 64; Clause 1 and Clause 2 of Article 66; Article 67; Title and Clause 2 of Article 69; Clause 1 of Article 72; Point d of Clause 1 of Article 79;

c) Replace the phrase "Government" with "State Bank of Vietnam" in: Clause 2 of Article 2; Point c of Clause 1 of Article 8; Point c of Clause 1 of Article 18; Point đ of Clause 1 of Article 19; Article 20; Article 64; Clauses 1, 2 and 3 of Article 65; Title and Clause 2 of Article 69;

d) Replace the phrase "sale through auction" with "auction" in Title Chapter IV; Article 55; Clause 1 of Article 60;

đ) Replace the phrase "auction sale" with "auction" in Clause 5 of Article 5; Point g of Clause 1 of Article 24; Clause 2 of Article 64;

e) Replace the phrase "specialized website on auctioning property" with "National Auction Property Portal" in Clause 1 of Article 56;

g) Replace the phrase "registration file for participating in auction" with "invitation file for participating in auction" in Point c of Clause 6 of Article 33; Point b of Clause 3 of Article 65;

h) Replace the phrase "auction file" with "invitation file for participating in auction, participation file in auction" in Point a of Clause 3 of Article 65; the phrase "auction file" with "invitation file for participating in auction" in Point d of Clause 2 of Article 78;

i) Replace the phrase "registration file for participating in organizing the auction" with "participation file in selecting organizations engaged in auctioning property" in Point đ of Clause 2 of Article 56;

k) Replace the phrase "participate in the auction" with "attend the auction session" in Point c of Clause 2 and Point a of Clause 5 of Article 9; Point a of Clause 6 of Article 39; Clause 4 of Article 50; Point a of Clause 1 of Article 62; Point b of Clause 3 of Article 65;

l) Replace the phrase "conduct the auction" with "conduct the auction session" in Point đ of Clause 1 of Article 19; Point a of Clause 6 of Article 33; Point b of Clause 4 of Article 38; Clause 2 of Article 44; Article 51;

m) Replace the phrase "at the auction" with "at the auction session" in Clause 2 of Article 44; Article 51;

n) Replace the phrase "organize the auction" with "organize the auction session" in Point c of Clause 1 of Article 65;

o) Replace the phrase "The auction must be conducted by the auctioneer" with "The auction session must be conducted by the auctioneer" in Clause 4 of Article 6;

p) Replace the phrase "The course of the auction" with "The course of the auction session" in Clause 2 of Article 44;

q) Replace the phrase "auction event" with "auction session" at point c, Clause 5, Article 9; Clause 3, Article 13; point c and point d, Clause 1, and point c, Clause 2, Article 19; point đ, Clause 1, and point c, Clause 2, Article 24; point g, Clause 2, Article 34; point a and point b, Clause 1, Article 40; the name of Article and the reference to Clause 1, Article 41; the name of Article, Clause 1, and point c, Clause 2, Article 42; point b and point d, Clause 1, Article 47; Clause 2, Article 49; Clause 2 and Clause 3, Article 50; point b and point c, Clause 1, Article 52; Clause 3, Article 60; Clause 1, Article 61; point a and point b, Clause 1, Article 62; point c, Clause 1, Article 63; point b, Clause 1, Article 65;

r) Replace the phrase "ballot box" with "voting box" at point a, Clause 3, Article 42.

46. Repeal the following points, clauses, and articles:

a) Repeal Article 12;

b) Repeal points c, d, đ, Clause 1, and Clause 3, Article 14;

c) Repeal point h, Clause 2, Article 24;

d) Repeal point đ, Clause 2, Article 29;

đ) Repeal Clause 4, Article 40;

e) Repeal Clause 3, Article 49;

g) Repeal Clause 3, Article 53;

h) Repeal point d, Clause 4, Article 56;

i) Repeal point h, Clause 2, Article 65;

k) Repeal Clause 5, Article 72;

l) Repeal Article 76;

m) Repeal point c, Clause 1, Article 79.

Article 2. Effective Date

This Law shall take effect from January 1, 2025, except as provided for in Article 3 of this Law.

Article 3. Transitional Provisions

1. In cases where the owner of the auctioned property has announced the selection of an auction service provider before this Law takes effect but has not yet obtained the results of the selection, the owner of the auctioned property shall continue to implement the selection process according to the provisions of the Auction Law No. 01/2016/QH14, which has been amended and supplemented by Law No. 16/2023/QH15.

2. In cases where the owner of the auctioned property and the auction service provider have signed an auction service contract before this Law takes effect, the organization of the auction shall continue to be implemented according to the provisions of the Auction Law No. 01/2016/QH14, which has been amended and supplemented by Law No. 16/2023/QH15.

3. In cases where individuals exempted from auction training are undergoing practical training or have completed the required period of practical training under the Auction Law No. 01/2016/QH14, which has been amended and supplemented by Law No. 16/2023/QH15, before this Law takes effect, when applying for issuance of the Professional Certificate for Auction Practice, the issuance of the Professional Certificate for Auction Practice shall continue to be implemented according to the provisions of the Auction Law No. 01/2016/QH14, which has been amended and supplemented by Law No. 16/2023/QH15.

This Law was adopted by the National Assembly of the Socialist Republic of Vietnam, the 15th term, seventh session on June 27, 2024.