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Monday, June 17, 2024

Penalties proposed for auction winners  who back out

By An Nhien

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Individuals or entities who win auctions for land use rights and mineral exploitation rights but fail to submit deposits will face bans from participating in similar property auctions for a period of six months to five years. This sanction has been incorporated into the latest draft of the amended Property Auction Law. The conference of full-time deputies of the National Assembly convened from March 26 to 28, 2024, to review eight legal drafts slated for presentation to the legislature in the upcoming May session, among which is the draft of the amended Property Auction Law. A key point in this draft is an imperative need for sanctions against auction winners who back out despite losing their deposits. This practice, increasingly prevalent in recent times, particularly in auctions for land use rights, has rendered the auction process farcical and could have detrimental consequences. In instances where deposits are dropped following auction wins without valid justification, experts and National Assembly (NA) deputies commonly advocate for raising deposit levels and imposing sanctions to bolster deterrence for investors. However, during deliberations on the draft of the amended Property Auction Law at the conference of full-time NA deputies, the standing board of the NA Economic […]
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