People who abandon land and mineral auctions are banned from auctions for up to 5 years.

Deposit abandonment can result in a penalty of 6 months to 5 years.

Accordingly, the Law amending and supplementing a number of articles of the Law on Property Auction has added provisions on auctions of securities, public assets and vehicle license plates.

Specifically, the auction of securities is carried out in accordance with the provisions of the law on securities.

The National Assembly voted to pass the Law amending and supplementing a number of articles of the Law on Property Auction; voted to pass the Law on National Defense Industry, Security and Industrial Mobilization.

The auction of public assets of Vietnamese agencies abroad is carried out in accordance with the provisions of law on management and use of public assets.

The auction of license plates is conducted in accordance with the provisions of law on road traffic order and safety.

The Law stipulates: If the winner of an auction for land use rights in the case of land allocation or lease to implement an investment project or mineral exploitation rights violates the obligation to pay the auction winning price, leading to the decision to recognize the auction result being canceled, then depending on the nature and severity of the violation, he/she will be banned from participating in the auction for that type of property for a period of 6 months to 5 years.

Why are only those who deposit to bid for land use rights and mineral exploitation rights banned?

Previously, Chairman of the National Assembly Economic Committee Vu Hong Thanh presented a report explaining, accepting and revising the draft Law amending and supplementing a number of articles of the Law on Property Auction.

According to Mr. Thanh, regarding auctioned assets, there are opinions suggesting that the auction of vehicle license plates must follow the process and procedures for asset auctions of the Law on Asset Auction; and suggesting the addition of regulations on carbon credit auctions.

The National Assembly Standing Committee found that regarding the auction of vehicle license plates, the draft Law amends and supplements Clause 2, Article 3 of the current Law in the direction that "the auction of vehicle license plates is carried out in accordance with the provisions of law on road traffic order and safety".

Such regulations are intended to ensure compliance with the specific nature of vehicle license plate auctions as well as consistency with the draft Law on Road Traffic Order and Safety, which is being submitted to the National Assembly for consideration and approval.

Chairman of the National Assembly's Economic Committee Vu Hong Thanh presented a report explaining, accepting and revising the draft Law amending and supplementing a number of articles of the Law on Property Auction.

Regarding the regulations on handling violations against auction winners who do not pay the auction winning money, the National Assembly Standing Committee clarified: "The Draft Law only stipulates sanctions for cases where auction winners of land use rights and mineral exploitation rights violate the obligation to pay the auction winning money because these are two special types of assets with great value, greatly affecting the real estate market, securities, construction material prices..."

Therefore, the addition of a regulation prohibiting auction winners of these assets from participating in auctions within a certain period of time depending on the nature and severity of the violation is aimed at preventing negative behaviors that disrupt the market, preventing the situation of abandoning deposits or inflating asset values ​​for profit in asset auctions.

Regarding the rights and obligations of the person whose property is to be auctioned, the Standing Committee of the National Assembly found that the Law on Property Auction only regulates the order and procedures for property auction, while the decision to auction the property in lots or for each independent property is up to the person whose property is to be auctioned according to the provisions of specialized laws.

In response to delegates' opinions, to enhance clarity and transparency, the draft Law has been revised to amend and supplement provisions on auction regulations.

Accordingly, for each auction, the property auction organization will issue auction regulations before the date of listing the property auction, which must clearly identify whether the property will be auctioned in lots or separated into independent properties.

At the same time, the auction regulations must be publicly announced on the National Asset Auction Portal, ensuring clarity and transparency so that all subjects can access information about the auction, thereby deciding whether to register to participate in the auction or not.

Source: https://www.baogiaothong.vn/chinh-thuc-nguoi-bo-coc-dau-gia-dat-khoang-san-bi-cam-dau-gia-den-5-nam-192240627144119315.htm