News about auctions

At the Group 3 session, Prime Minister Lê Minh Hưng asked National Assembly deputies to keep contributing to the draft amended Law on Property Auctions, focusing on four issues: the scope of application and selection of auction organizations; participation, bidding and deposits; online auctions and bid increments; and cancellation of auction results and protection of bona fide buyers. For auctions of land-use rights, the process must be linked to the land pricing mechanism under land law. The Prime Minister stressed that the most important goal is controlling prices of social housing, rental housing and housing for policy beneficiaries and low-income people, preventing abnormal and unreasonable price spikes. The high-end segment can develop according to market demand, while related laws must be harmonized.